As of September 30, 2024, CareCloud, Inc. reported total assets of $70.7 million, a decrease from $77.8 million at the end of 2023. Total current assets also fell to $22.7 million from $23.2 million. However, total liabilities decreased significantly from $36.1 million to $24.2 million, leading to an increase in shareholders' equity from $41.7 million to $46.5 million. The accumulated deficit improved from $(74.5 million) to $(69.9 million).

For the third quarter of 2024, CareCloud's net revenue was $28.5 million, down 3% from $29.3 million in Q3 2023. For the nine months ended September 30, 2024, net revenue totaled $82.6 million, a 7% decline from $88.6 million in the same period last year. The decrease in revenue was attributed to a decline in project-based professional services and the loss of revenue from two large accounts that transitioned to new owners in 2022.

Despite the revenue decline, CareCloud achieved operating income of $3.3 million for Q3 2024, compared to an operating loss of $(2.0 million) in Q3 2023. For the nine months ended September 30, 2024, operating income was $5.7 million, a significant improvement from an operating loss of $(3.5 million) in the prior year. Net income for Q3 2024 was $3.1 million, compared to a net loss of $(2.7 million) in Q3 2023, while net income for the nine months was $4.6 million, reversing a net loss of $(5.0 million) in the same period of 2023.

The company implemented a restructuring plan in 2023 aimed at reducing headcount and operating costs, which has contributed to a decrease in total operating expenses from $31.3 million in Q3 2023 to $25.3 million in Q3 2024. This included significant reductions in selling and marketing expenses, which fell by 41% year-over-year.

CareCloud suspended its Preferred Stock dividends in December 2023, saving approximately $1.3 million per month, and subsequently amended the dividend rate in September 2024, reducing it to approximately $1.1 million per month. As of September 30, 2024, the company had approximately $10.6 million in dividends in arrears.

The company reported net cash provided by operating activities of $15.4 million for the nine months ended September 30, 2024, an increase from $11.7 million in the same period of 2023. Cash at the end of the period was $2.8 million, down from $6.4 million a year earlier. CareCloud's restructuring efforts and cost-control measures are expected to continue as it aims to return to profitability.