CareCloud redeems preferred stock with $50 million credit facility

CareCloud Inc. (NASDAQ: CCLD) completed the full redemption of its 8.75% Series B Preferred Stock using proceeds from a $50 million credit facility led by Citizens Bank with participation from Provident Bank, according to a company statement.

The healthcare technology company said the new facility replaces higher-cost preferred equity with lower-cost institutional financing. CareCloud issued its first preferred shares in 2015.

Since 2015, CareCloud has grown revenue from approximately $23 million to an expected $130 million in 2026, completed more than 20 acquisitions, expanded to serve more than 45,000 healthcare providers, and achieved its first full year of positive GAAP net income in 2025, the company reported.

CareCloud expects approximately $30 million in annualized adjusted EBITDA during 2026. The company maintains a $60 million At-The-Market equity facility with Citizens Bank.

"Management intends to utilize the ATM opportunistically only at or above $5.00 per share — the price at which CareCloud completed its initial public offering," Chief Executive Officer Stephen Snyder stated.

The company provides AI and technology-enabled solutions for healthcare organizations across revenue cycle management, practice management, electronic health records, patient experience management, business intelligence and digital health services.

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