Carecloud Inc Stock Price, News & Analysis

CareCloud (CCLD) held a Special Meeting where shareholders voted to approve an amendment to increase the company's authorized common stock shares from 35 million to 85 million. The meeting saw a record-breaking turnout with 10.8 million shareholders participating, representing 85% of the votes cast in favor of the proposal. Stephen Snyder, Co-Chief Executive Officer, expressed gratitude for the overwhelming shareholder support. Detailed voting results will be filed with the SEC via Form 8-K.

CareCloud (NASDAQ: CCLD) announced that shareholders have tentatively approved a proposal to increase authorized common shares from 35 million to 85 million. The company received approximately 10.4 million votes by proxy in favor of the increase, representing over 80% of total votes submitted - one of the highest levels of positive votes in the company's history. The final vote count will be announced after the Common Stock Shareholder Special Meeting on January 27, 2025.

CareCloud (CCLD) has announced the early resumption of dividend payments for its Series A and Series B Preferred Stock, citing strong financial performance and accelerated free cash flow. The Board declared dividends for January and February 2025, with payments set at $0.18229 per share for both series, payable on February 18 and March 17, 2025.

For Series A Preferred Stock, additional catch-up payments of $0.04688 per share will be included to account for previous months when dividends accumulated at 11%. The Board plans to continue the higher effective rate of 11% for approximately 8 more months before reducing it to 8.75% annually. The current redemption value for Series A shares would be $28.17, while Series B shares would be $28.43 if redeemed today.

CareCloud announced that approximately 94% of the shares represented by proxies submitted to-date for the common stock special meeting scheduled for January 27, 2025 have voted FOR the Board-supported proposal to increase the number of authorized shares. This Proposal aims to provide the Company with greater strategic flexibility. The additional shares will enable CareCloud to pursue future acquisitions, support organic expansion, and facilitate the potential conversion of the Company’s outstanding Series A Preferred Stock into common stock. The increase also supports other corporate objectives to position the Company for long-term growth.

Stephen Snyder, Co-CEO of CareCloud, expressed enthusiasm for the overwhelming shareholder support, highlighting the company's standout performance in 2024 with an in-year appreciation of over 140%. Approval of the Proposal is seen as vital to enhancing shareholder value, providing tools to drive sustained revenue and profitability growth in the coming years. Shareholders are encouraged to submit their proxies before the January 23, 2025, deadline.

This press release summarizes information from the Definitive Proxy Statement and related filings with the U.S. Securities and Exchange Commission (SEC). Shareholders are encouraged to review these documents in their entirety, available on the SEC’s website and at CareCloud’s investor relations page.

CareCloud (NASDAQ: CCLD) announced a strategic leadership realignment effective January 1, 2025, appointing A. Hadi Chaudhry and Stephen Snyder as Co-CEOs, and Crystal Williams as President. The restructuring aims to focus on technology innovation, revenue growth, and client experience enhancement.

The company reported strong performance in 2024, achieving positive GAAP income and a 50% year-over-year increase in adjusted EBITDA. Notable achievements include significant free cash flow growth enabling full repayment of their credit line in the first nine months. The company's common stock has experienced a 300% surge over the past year.

Under the new structure, Chaudhry will lead technology and AI strategies, Snyder will drive acquisitive and organic growth, while Williams will focus on client experience and wallet share expansion.

CareCloud (Nasdaq: CCLD) has announced a proxy solicitation from common stock shareholders to approve an increase in authorized shares from 35 million to 85 million. The proposal aims to support growth initiatives and enable potential conversion of Series A Preferred Stock to Common Stock.

The company's board and executive team, owning over 38% of Common Stock, support this initiative. CareCloud has demonstrated strong performance with a 23% CAGR over the past decade, generated over $10 million in free cash flow, and achieved a 50% year-over-year increase in adjusted EBITDA during the first three quarters of 2024.

A Special Meeting of Common Stock Shareholders is scheduled for January 27, 2025, with a record date of December 3, 2024. Shareholders can vote through e-voting, mail, or by attending the meeting.

CareCloud (CCLD) reported Q3 2024 financial results with GAAP net income of $3.1 million, compared to a net loss of $2.7 million in Q3 2023. Revenue was $28.5 million, down 2.5% year-over-year. The company achieved record free cash flow of $5.4 million, up 405% from Q3 2023. Key highlights include fully paying off their Silicon Valley Bank credit facility, plans to resume preferred stock dividends in March 2025, and increased adjusted EBITDA guidance to $23-$25 million for FY2024. Year-to-date revenue was $82.6 million with adjusted EBITDA of $16.9 million, up 50% from the previous year.

CareCloud (Nasdaq: CCLD) announced the complete payoff of its Silicon Valley Bank credit facility line, achieving a key 2024 objective ahead of schedule. Starting 2024 with a $10 million outstanding balance, the company cleared the debt by Q3 end. Additionally, CareCloud secured reduced borrowing fees and lowered its revolving credit facility limit, resulting in approximately $140,000 in annual savings. The company maintains an unused, available credit facility line of $10 million under the Ninth Loan Modification Agreement dated October 25, 2024.

CareCloud (Nasdaq: CCLD), a healthcare technology and generative AI solutions provider, has scheduled its third quarter 2024 financial results release for November 12, 2024, before market opening. The company will host an investor conference call at 8:30 a.m. Eastern Time the same day. Investors can access the live webcast and presentation slides at ir.carecloud.com/events, or join via audio-only by dialing 201-389-0920. A replay will be available approximately one hour after the call's conclusion.