CareCloud, Inc. (the “Company” or “CareCloud”) (Nasdaq: MTBC)
(Nasdaq: MTBCP), a leader in cloud-based healthcare technology and
revenue cycle solutions, today announced that Silicon Valley Bank
(NASDAQ: SIVB), the bank of the world's most innovative companies
and their investors, has increased its secured line of credit,
which is currently untapped, to $20 million to support future
growth. The term of the line of credit was also extended by two
years, to October 13, 2023.
“We have had the pleasure of working with the
CareCloud team since 2017 and have witnessed their tremendous
growth over the years,” said Tom Gordon, Managing Director of Life
Science and Healthcare at Silicon Valley Bank. “We have confidence
in the CareCloud business strategy and look forward to supporting
their continued growth.”
“Our strong, virtually debt-free, balance sheet
enabled us to grow our revenues at a 44% compound annual growth
rate and our adjusted EBITDA by 79% since 2017, without diluting
our common shareholders,” said Bill Korn, Chief Financial Officer
of CareCloud. “Today's increase in our credit line further
positions us to continue to close strategic transactions on
favorable terms as we lead the consolidation in our market sector.
We appreciate Silicon Valley Bank's partnership and belief in our
business model.”
CareCloud’s revolving line of credit from
Silicon Valley Bank provides up to $20 million of capital to be
used for growth and general corporate purposes
About Silicon Valley BankFor 35
years, Silicon Valley Bank (SVB) has helped innovative companies
and their investors move bold ideas forward, fast. SVB provides
targeted financial services and expertise through its offices in
innovation centers around the world. With commercial, international
and private banking services, SVB helps address the unique needs of
innovators. Learn more at svb.com.
About CareCloudCareCloud
(Nasdaq: MTBC) (Nasdaq: MTBCP) brings disciplined innovation to the
business of healthcare. Our suite of technology-enabled solutions
helps clients increase financial and operational performance,
streamline clinical workflows and improve the patient experience.
More than 40,000 providers count on CareCloud to help them improve
patient care while reducing administrative burdens and operating
costs. Learn more about our products and services including revenue
cycle management (RCM), practice management (PM), electronic health
records (EHR), business intelligence, telehealth and patient
experience management (PXM) at www.carecloud.com.
For additional information, please visit our
website at www.carecloud.com.
Follow CareCloud on LinkedIn, Twitter and Facebook.
SOURCE CareCloud
Forward Looking Statements
This press release contains various
forward-looking statements within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These statements relate to anticipated future events, future
results of operations or future financial performance. In some
cases, you can identify forward-looking statements by terminology
such as “may,” “might,” “will,” “should,” “intends,” “expects,”
“plans,” “goals,” “projects,” “anticipates,” “believes,”
“estimates,” “predicts,” “potential,” or “continue” or the negative
of these terms or other comparable terminology.
Our operations involve risks and uncertainties,
many of which are outside our control, and any one of which, or a
combination of which, could materially affect our results of
operations and whether the forward-looking statements ultimately
prove to be correct. Forward-looking statements in this press
release include, without limitation, statements reflecting
management's expectations for future financial performance and
operating expenditures, expected growth, profitability and business
outlook, the impact of the Covid-19 pandemic on our financial
performance and business activities, and the expected results from
the integration of our acquisitions.
These forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are only predictions, are uncertain and involve substantial
known and unknown risks, uncertainties and other factors which may
cause our (or our industry’s) actual results, levels of activity or
performance to be materially different from any future results,
levels of activity or performance expressed or implied by these
forward-looking statements. New risks and uncertainties emerge from
time to time, and it is not possible for us to predict all of the
risks and uncertainties that could have an impact on the
forward-looking statements, including without limitation, risks and
uncertainties relating to the Company’s ability to manage growth,
migrate newly acquired customers and retain new and existing
customers, maintain cost-effective global operations, increase
operational efficiency and reduce operating costs, predict and
properly adjust to changes in reimbursement and other industry
regulations and trends, retain the services of key personnel,
develop new technologies, upgrade and adapt legacy and acquired
technologies to work with evolving industry standards, compete with
other companies products and services competitive with ours, and
other important risks and uncertainties referenced and discussed
under the heading titled “Risk Factors” in the Company’s filings
with the Securities and Exchange Commission. In addition, there is
uncertainty about the spread of the Covid-19 virus and the impact
it may have on the Company’s operations, the demand for the
Company’s services, and economic activity in general.
The statements in this press release are made as
of the date of this press release, even if subsequently made
available by the Company on its website or otherwise. The Company
does not assume any obligations to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made.
Company Contact:Bill KornChief Financial
OfficerCareCloudbkorn@carecloud.com
Investor Contact:Matt Kreps, Managing
DirectorDarrow Associates Investor
Relationsmkreps@darrowir.com(214) 597-8200
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