CareCloud, Inc. (NASDAQ:CCLD), a provider of prepackaged software solutions, announced the results of its Annual Meeting of Shareholders held on Monday, June 17, 2024. The Somerset, New Jersey-based company, formerly known as MTBC (NASDAQ:CCLD), Inc. and Medical Transcription Billing, Corp, confirmed the election of four nominees to its Board of Directors and the approval of its named executive officers' compensation.
The election saw A. Hadi Chaudhry, John Daly, Mahmud Haq, and Cameron Munter secure their positions on the Board with a majority of the votes. Specifically, Chaudhry received 7,875,587 votes for and 322,764 withheld; Daly had 7,921,767 votes for and 276,584 withheld; Haq got 7,893,802 votes for and 304,549 withheld; and Munter received 7,442,847 votes for with 755,504 withheld.
Additionally, the compensation of the company's named executive officers was approved on an advisory basis, with 7,408,190 votes for, 623,892 against, and 166,268 abstaining.
The meeting's outcome was determined by the shareholders of record as of April 18, 2024, where 16,118,492 shares of common stock were outstanding and eligible to vote. The matters put to vote at the Annual Meeting were detailed in the Company’s Proxy Statement filed with the Securities and Exchange Commission on April 19, 2024.
CareCloud, which specializes in healthcare IT solutions, has its common stock and two series of preferred stock listed on the Nasdaq Global Market under the symbols CCLD, CCLDP, and CCLDO respectively.
The company's CEO, A. Hadi Chaudhry, signed off on the report filed today, June 20, 2024, as per the requirements of the Securities Exchange Act of 1934. The information presented in this article is based on the company’s latest SEC filing, reflecting the official results of the shareholder meeting.
In other recent news, CareCloud has been the subject of multiple developments. Benchmark raised the price target on CareCloud's shares to $4.00, reflecting the healthcare technology company's expanding profitability and cash flow. CareCloud's first quarter performance showed an increase in operational cash to $4.1 million, a significant rise from the previous year, and a reduction of its debt by $2 million.
The company is set to resume payment of preferred dividends and has reaffirmed its full-year 2024 revenue and Adjusted EBITDA (AEBITDA) guidance. CareCloud anticipates growth in its Wellness chronic care and remote patient monitoring solutions, and expects an impact from its artificial intelligence products later in the year.
Despite a decline in Q1 2024 revenue compared to the previous year, CareCloud reported a focus on profitability and cash flow improvements. The company identified $22 million in annualized cost savings and reported an adjusted EBITDA of $3.7 million. CareCloud also reaffirmed its 2024 guidance of $118 million to $120 million in revenue and $21 million to $23 million in adjusted EBITDA.
InvestingPro Insights
In light of CareCloud, Inc.'s recent shareholder meeting, a glance at the company's financial health and stock performance offers valuable context. Despite the challenges reflected in a revenue decline of 15.33% over the last twelve months as of Q1 2024, CareCloud has shown a remarkable price total return of 58.82% over the last three months. This rebound is particularly notable given the 27.72% drop in the stock price over the last week.
An InvestingPro Tip highlights that the management of CareCloud has been aggressively buying back shares, which can be a sign of confidence in the company's future prospects. Additionally, analysts predict the company will be profitable this year, a turnaround from the lack of profitability over the last twelve months. Such insights suggest underlying strengths that may not be immediately apparent from the stock's recent volatility.
For investors seeking a deeper dive into CareCloud's potential, there are additional InvestingPro Tips available, offering a comprehensive analysis of the company's financials and market position. By using the coupon code PRONEWS24, readers can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to these valuable insights.
InvestingPro Data also reveals a current market capitalization of $30.47 million and a price/book ratio of 0.74 as of Q1 2024, suggesting that the stock may be trading at a value relative to its book. With a fair value estimation by analysts at $4.5, and the InvestingPro Fair Value at $2.51, investors have a benchmark for assessing the stock's current price of $1.89 against potential value estimates.
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