CareCloud (NASDAQ:CCLD), a leading provider of healthcare technology and generative AI solutions, today announced robust financial results for the fourth quarter and full year ended December 31, 2024.
For the fourth quarter of 2024, CareCloud reported a revenue of $28.2 million, a marginal decrease from $28.4 million in the same period of 2023.
However, the company achieved a remarkable turnaround in profitability, posting a GAAP net income of $3.3 million, compared to a substantial net loss of $43.7 million in Q4 2023.
This translated to a GAAP net income of $0.00 per share, factoring in preferred stock dividends.
Adjusted net income for the quarter reached $3.9 million, or $0.24 per share, while adjusted EBITDA climbed to $7.1 million—representing 25% of revenue—up from $4.1 million in Q4 2023.
For the full year 2024, CareCloud recorded a revenue of $110.8 million, down from $117.1 million in 2023.
Despite the revenue dip, the company’s GAAP net income soared to $7.9 million, a stark contrast to the $48.7 million net loss reported in 2023.
Adjusted net income for the year was $10.5 million, or $0.65 per share, with adjusted EBITDA rising to $24.1 million—an $8.7 million increase from the $15.4 million recorded in 2023.
Looking ahead, CareCloud provided an optimistic outlook for 2025.
The company projects full-year revenue to range between $111 million and $114 million, with adjusted EBITDA expected to reach $26 million to $28 million.