CareCloud Beats On Q1 Top and Bottomline; Reiterates FY22 Outlook

CareCloud, Inc MTBC reported first-quarter FY22 revenue growth of 19% year-on-year to $35.3 million beating the consensus of $33.8 million.
Adjusted EPS of $0.23 beat the consensus loss of $(0.27).
CareCloud held $10.1 million in cash and equivalents and generated $3.1 million in operating cash flow.
CareCloud reiterated the FY22 revenue outlook of $152 million - $155 million versus the consensus of $153 million.
The University of Tennessee Health Science Center, College of Dentistry Pathology, chose CareCloud's Revenue Cycle Services and talkEHR to enhance revenues, streamline workflows, and alleviate billing inefficiencies.
CEO A. Hadi Chaudhry said, "Revenue was a record for a first quarter, while we delivered a third consecutive quarter of positive GAAP net income. I am particularly proud of the innovative work performed by our product teams, as we introduced two more digital health solutions – CareCloud Wellness and CareCloud Remote. Wellness is off to a great start in particular, where 75 customers have expressed interest in just the first week of launch."
Price Action: MTBC shares traded lower by 8.46% at $3.57 on the last check Monday.