Earnings call transcript Q2 2023

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Operator

Welcome to the CareCloud, Inc.

Second Quarter 2023 Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session.

I will now turn the call over to your host, Kim Blanche, CareCloud's General Counsel. Ms. begin. may you Blanche,

Kimberly Blanche

President Welcome today's CareCloud's our call Hadi Executive Executive everyone. our Larry conference Financial Chief Founder quarter call. Chairman; Officer. Officer, Chief our On are Chaudhry, Director; to morning, and second Steenvoorden, the XXXX and and Good Mahmud Haq,

available Bill Korn, be Strategy portion Q&A Officer, Chief addition, the of In will our for the call.

conference XXA as the would like of amended. amended certain XXXX and the during guidance Exchange acquisitions. this that financial and meaning and forward-looking Act made to statements are statements, growth facts within Act All statements including, growth, potential operational Section without you I call organic remind begin, performance, for XXXX historical future expected forward-looking we and of of Before regarding Securities Section of statements business and than of of are limitation, outlook the made this expectations call statements as XXE during conference statements other our Securities

statements anticipate, upcoming, identified Forward-looking plan, the or terminology similar may, estimate negative with as and will, may words these believe, expect, terms. such be of sometimes

where differ a discussion the performance Securities factors events. cause in reports with of release reflect refer risks Exchange statements opinions that are press uncertainties, differ promises of are of of statements. these to our undertake materially guarantees Commission, performance presentation, to many and results to our no to are those contemplated we new information actual this from date Forward-looking forward-looking materially obligation forward-looking and statements. subject Please of you which variety or statements more a future these only of actual light forward-looking or and and revise find which from could statements control, These filed could beyond to to comprehensive our future will and cause not and results the these in our as

to Events, News the Second Results download earnings XXXX call visit calendar, may Relations on on by IR presentation. Conference our click Please Investor who telephone, want our and & quarter earnings then you XXXX Call presentation. click dialed download the For into Quarter anyone click second ir.carecloud.com, site,

Finally, we XXXX to refer certain of for press these a release Please second today's to financial call, our non-GAAP measures. on announcing may financial results to GAAP measures non-GAAP refer results. today's quarter reconciliation our performance

I'll turn our to call And CEO, now said, Hadi? with over Hadi that the Chaudhry.

Hadi Chaudhry

our you, Thank and of second thanks call. Kim, you joining XXXX to earnings all for quarter

our joined like space. in, of jump July in take CFO spent different a as Financial as experience a Officer. to health the Larry with he brings us Larry minute I new time I has in areas Steenvoorden, several Before would Chief extensive who to introduce care him

is new Officer. as to the looking will with working forward Strategy transitions to closely Larry as team be to Chief with speed. Our role into his him him working Bill get He quickly up

meaningful several results. will of success have to developments today. by that overview start our We providing quick our will first, I to long-term quarterly a But discuss contribute

mergers, whole, contributed the provide health services, loss year insight customers EBITDA $X.X and period, to a million. the and Larry conversion which back results. million $XX.X these for quarter compares and step revenues due medSR at these wellness adjusted numbers softness slower that on announced. into quarter developments lower EBITDA revenue from previously million in coming as This system in a professional includes areas will details $XX.X ramp than revenue and to million in in at Taking two to looking prior go as the of large revenue further The second year. of few quarter and second to at last were adjusted came the of came in a main a $X there

offering and our well evolving are the and by is and the Wellness necessary performing these could Despite issues in needs Middle We with that offering have our we providers. of which our short-term a focus address our meeting our near-term solution, on challenges, relationship to facing, several growth attention believe taken RCM the the include avenues emerging gaining that actions over is core we tech-enabled what opportunity the more Google, generative the powered of meaningful in AI market be East. long-term,

Cloud more to new making easier goal of the our want on provide partnership and launch I with of essential to recently to clinicians detail Turning doctors it generative for Google product. AI with announced our access information. now the

technology Cloud's search into are and generative CareCloud advanced Google AI working We on solutions. enterprise actively integrating

model data-informed Once physicians will AI launched, the with decisions. assist our personalized treatment

trained advantages major de-identified a information, within solutions. and been train generative nearly models in from this health primarily system financial previously in clinical health haven't that used generative data which used models Current CareCloud medical data practices the years HIPAA This of includes been care collaboration CareCloud's AI and insights valuable with small to be medium-sized Google's data. AI. fashion will compliant XX the have AI One of of for

and Our the AI-generated important gap create partnership industry fill an information comprehensive for us allows our more in to target market.

using solution is AI applications will generative on focus set clinical to coming launch the and CareCloud first months. in The

that This to will that start for physician We patient, to solutions past and plans use create make current our with data personalized a clinical Google's for will the care enabling clinical more generative training specific enable AI by informed patient. patient's our models to decisions data.

of procedures. out-of-pocket medication patient's lab decisions make history will offering them coverage care. health current These give recommendations, informed the symptoms, to to helping each system enable insurance medical their plans also personalized about be diagnosis and will expenses, and orders, tailored Eventually, and the including estimates their patients

just goal this Google health beyond market We AI licensing ecosystem. addition a the generative models Microsoft CareCloud's smart exploring assistant user overarching similar this are plan The Copilot. launch to of different partnership reasonable care to is delivery for and fee charge to with license Cloud for or transform of technology fees, broader through recent

update want on I provide opportunity. you now to an UAE our

I for the the are branch in opportunities Middle opportunities to We am to in explore this we have in market. of that close mentioned the we on capitalize established East. conduct in discussed entity report to license establishment office continuing expansion our we to the to last that completing an previously in business were UAE As we received Dubai UAE. a and successfully pleased quarter,

In May, we Trade Project Med our Hospital Dubai at start June with to building relationships Conference World Center attended the then Precision MENA partners. the Conference and in

the CareCloud We advantage of in with of comprised Council, developing the take the opportunities Gulf talent of to the recruiting best our which for relationships primary uniquely business is aligned market. team business process Cooperation goal are the within this now local development in of is six countries. new

to to our to I also of front, highlight make only We want more easier website. it and the solutions user and marketing this end site for we to that a brands, our enhanced market partners recently navigate. and corporate all by but experience. category include for our updated not customers services, also will make on it revamped the believe optimize entire We

like made I and Next, to update an the provide go-lives. have would on progress customer conversions on new bookings we

annualized we live potential to live have XX% RCM, the last On run have tech-enabled the those an with rate, revenue revenue of potential we of core XX% last compared we recognized booked from XX% clients. gone year our quarter. For

rate from while the solution, longer revenue, to potential our increased the for with we a last Wellness annualized initially is meaningful quarter, XX%. run of In XX% also than have significantly believe in anticipated. with still but the revenue We percentage we of ramp gone this line X% opportunity is live us, taking

in shift paradigm how a checkup of routine illnesses, represented offering a their Wellness into Our manage treat people to illness. getting order proactively them monthly virtual chronic

X% is in has of quarter, with we run but by Lastly, potential the live, second percentage to XX% solution, annualized increased end rate to staffing Force, XX% from new same the driven client as noted going starting revenue, live quarter our augmentation was the we increase of one revenue a gone The the last which have contracts ramp. last of at of quarter. the

total form have out up of that gone In last XX% last we or we revenue recurring us quarter, the gone bookings XX% clients opportunity fashion, the compared with has from XXXX, from the of the live potential in signed quarter. basis, Overall, annualized an in to live recognized some potential revenue those on of second XX% quarter. XX%

Turning to bookings. XXXX

experiencing further of half with first growth a year. as we the we last year-over-year customer in to cost. compared We bookings meaningful signing bookings acquisition are XXXX that increase a have are decline first more our Notably, efficiently half in seen business new

quarter, the services. our medSR core business lines, performing we did during our is innovative In two of some softness well, professional Wellness and in business RCM experience tech-enabled newer summary, but

We accordingly. business in low lines the I those headwinds year, we believe face and past to we have the are adjusted second of we steps that continued look right XXXX As point half. the have our stabilize guidance second to we the those businesses taken that and believe in the half some

will to and I call into turn quarter a guidance. Now deeper the results look annual for second Larry our over Larry?

Larry Steenvoorden

the from the Hadi, on excited and in about that you, have strategy I'm and to runners company market join Thank of appreciate words out, exciting being hello, the those the kind in team. reached focused time I passionate it's and front started motivated and you very a already CareCloud's is everyone. new getting and an seat. the

revenue due is the revenue, compared system million quarter in XXXX. With turn that million that, year-over-year for Revenue me a of large ramp decline conversion mentioned, $XX.X to QX financials. and health as a primarily medSR slower in loss as customers well result let the softness in The of factors to the Hadi two the was to $XX.X from Wellness mergers.

relationships EHR EHR us and could with of to viewed services the after space. that team was The direct cross-selling the acquisition, contract medSR, quarter. RCM leverage out as this, projected. expectation In Regarding in last establish organic Meditech the in because sales, to through be their competitor gap with growth a We more of stopped play this bridged the originally as these vendor CareCloud saw relationships light professional our the they and clients a allowing impact for stronger deliver the opportunities. to started large

materialize. not did this However,

the this us will We to we but track. RCM full approach believe and MediTech-related increase to for the professional light, year, be year. offset enough on decline revenue it is medSR's this not back revenue in get the And services in anticipate still right will

not did forecast The initial The ramp pan Wellness. live out second real area was predicted. as steep as identified in

that data will that have experience revenue. take migrate Now becoming is more to a into is longer and it available, we year clear it of

to our use we able ramp forward, confident population the but are about will patient live opportunity, now data in take Going longer. this are real and this forecasting

invest to $X quarterly in and EBITDA This decline sales XXXX. Adjusted was marketing a for to million margins future of The combination as we and related reflects XX% continue lower drive compares to quarter. growth. margin XX% a $X.X in revenue EBITDA the in QX of and R&D and million

ended offset $X.X was We quarter and by cash capital in financing of $X.X in Cash the with cash by of million operations million. million, activities $X.X net investing $X.X million. used provided working and

the line of with million In drawn quarter addition, the the credit. we same first ended on $XX million second $XX quarter, our as

to guidance. Now turning

As which mentioned few earlier, there expectations. are in from differed results a areas

we our expect deviation projected medSR, an plans approximately on impact from million the For will be $XX basis. annualized

but And and more at for earlier organically, $X it from this its the As rate. more short materializing system have project lastly, real to will approximately accurate planned We mentioned we us expected in detail, customer million I forecast. in health way. be of a $X original approximately revenue the live backfill not contributions of is anticipate data it previously now million mergers was Wellness, help our to discussed conservative

other we discussed care I'd the phase late year company quarter. with a was due which augmentation like signed an was Force, large in Additionally, delayed staffing traded preproduction well-known focusing last the on customer on publicly that health to last contract The update to our service, provide technology priorities.

a led say we are time live to on pleased slower-than-expected we went While X. August line, to this that

be million $XXX all account $XXX and $XX into we of EBITDA now million. expect $XX million of variables, these million adjusted revenue to our annual We will adjusting Taking of to full-year guidance accordingly.

are business business to and deep the we scale second While and dive into undertaken expenses XXXX. the a the of into half spend and for profitability capital have solid, fundamentals the improve accordingly

therapy, Middle in moving solutions prepared RCM be like my strong still use the a that Wellness as and That closing, the our projects AI want as steady the to to which our sight. role physical team, I developing as our see from foundation concludes has grow. remarks. in as very vision I'm such company and this the well core in and opportunity We see solution, opportunity we'll plenty entire the motivated ramp East reiterate of for business forward, the In to

the remarks. his call Mahmud to turn closing over Mahmud? for now I'll

Mahmud Haq

Thank you, Larry.

positioned market. feel Hadi that solutions earlier, in well our are As expressed we the

executing the opportunities short-term are our benefit several on will overcome long-term. are to We that and the challenges, plan there us over

I for all thank employees, to customers and to you. would support they Operator? like CareCloud mission. the our shareholders do Thank

Operator

we and go Cohen gentlemen, session for analysts. Our comes Please you. Ladies from ahead. now will first the Thank begin [Operator question Thalmann. of Ladenburg Jeffrey Instructions] question-and-answer

Jeffery Cohen

Bill. Hey. Good morning. Larry are Hadi, you? How and Hi.

Hadi Chaudhry

Jeff. are Good you. morning, How Yes, Thank well. we are very you?

Jeffery Cohen

fine. It's

spending that So on themes that quarter as past buying question any is patterns a about? you're of I some I as talk through Larry, contract. can far over the the in congrats contracts know Force on went of position few organization Larry the the you the up macro time seeing shortfalls and But that or guess

Hadi Chaudhry

to able little further, elaborate it Jeff, please? you Can

Jeffery Cohen

standpoint, seeing North out or are out are any themes that your a as space Just the past utilization there there in from you with as orders macro quarter? far America

Hadi Chaudhry

do advisory consultancy exactly, and it's like the perspective, – driven the not impact. from Not the primarily business but the for overall by other think some we But consultancy any us, I see impact. medSRd businesses,

vendors, that at XX% us, all a about the that are driven. understand, of you share as covers market For it's you there in space. large three, vendor of which Because couple least just

one impact. working thinks we that, other be largest a the not. they if have So be there should will than with that not no, us, But significant

Jeffery Cohen

out utilization as far or specialties specific of as about? Okay. that you call strength specific or to as weakness geographies recently And anything geographical as to talk can any or speak far

Hadi Chaudhry

going for and towards Jeff, Again of to at for AI-based confusion least technological specific upcoming – anything together from people we pieces think the referring the technology of the I have and – any this, right occurrence. as upcoming to more would the be have the to not movement But No. we how the used well. seen and two between these not yet. more next a at the are waiting that based, and towards tools next the seen the I technologies, see value these medicine do such lot and we discussions least preventative the get But say,

Jeffery Cohen

embedded expect that any you out us, quarters? yours and regenerative and with how for lastly coming as rollout Then Thank about as you. offerings of Great. that the commentary Cloud specific or is the on Okay. Google talk far over being partnership play in which months would to

Hadi Chaudhry

come Sure. the give Jeff. just we just And Thanks, how if out zoom partnership of perspective to you, first has all, this together. of

into was in So this I bring Google EHR conventional MTBC conventional able CEO started and providing as of to focus the think them the RCM tools the of meet to and was tech-enabled more primarily was from thought with or CareCloud The billing and and in that how was earlier focus practices and about and to idea you the as previously this we all year how the such started or technology when with was them Cloud. those. – converting known medium XXXX, was medical small if or innovation the our RCM meeting – a

AI Fast years or our say, last clinical forward and level achieve It we our started with years technology these to skilled the technology, data, the have the have and data over exists establishing for what get enough science skill see investing, the where we financial department been we own own to the today. because can now, the people let's by we AI proprietary of how – and never our last can the five of software XX from to set. the of the

the and let's the AI, on or and their the perspective step from whether launched an the AI, product health and if their health ChatGPT generative They about one engine. on the launched it for their Google. think it product about launched their the Google and And the you when on just a – trained AI, So Med-PaLM back talk that trained calling – model, is Vertex which focusing AI model AI, started sector, industry. is which model AI they care then the they're

But side Because when about larger trained a model ones, very we whether the one, for space, it's regulated system the industry. practices. it's it, highly health is smaller Google or someone that on only the else, talk

reach or order simply an small many so not not their to So train in thousands it's data have model, outreach thousands to just out AI of and those – or and possible. then take and practices their

their coming technological, AI. their is basically expertise Google partnership and people, this with technology their the on So generative

to data we the last together, We coming And XX produce are the the people and our and trying with years of product. experts. are in

bigger picture. a that's So

What us EHR we providing which – we if of sort be analogy as work short-term, our the the management I assistant a launch Microsoft use in script, of smart practice accomplish we their Copilot. in the for mentioned, product, of part the as are as in recent trying to of will the the a will –

pilot, copilot, the not plane, it all, it be won't copilot assisting. flying but of is a be a First its the will

product the our making regulatory doctor the requirements the assist HIPAA responsibility patients' the with also still compliant decision doctor, is and mind. suggest sure in leaving and going safety with and doctor. the maker and So would be The to

geographic that to assistant same-specialty, insurance because able have we will gender industries and that – the specific be from mix. So patients the

time. should tests which conducted or preventive at plan at point, doctor, thought not doctor rare we that help a which will skipped the have plan, full the in medicine, the which be help cases, can help may that AI with disease can to there may of certain in So generative be otherwise be a could treatment about the comprehensive that able have suggest care to a

will then And one perspective. from will the there generation for side, revenue overall be the one outcomes fee be of picture, one that practice. that So in license the charging improvement perspective, the profitability license from the and patient an user bigger on or

going one, generated. be or this the is the how revenue the generation So is to revenue be this will for us line

of anything In with once of we to Google, trained can model and how help addition AI the gets this in small bigger Google, to to we Google proof with we is, vendors plan if that, picture this make model medium-sized help communicate we will done, and to gets provide this though, space. with plan this with the for gets go our other data, working the trained access the of to concept to the practices finalized

So future there least what will That's be we a we another in goal is what at is the about. to that are our go. think opportunistic path

results. But the question of This us. answered because provide projections, accurate a should reasonable for the are revenue anyway, dealing the through year, I hope health going making terms process refining that we information are the with and in just of so the in it I of sure we patient

And end fourth of launch by quarter, product. to third the the early this we quarter, plan

how from is attention see the attraction through existing then is us going believe XXXX. what to Let's as bigger their the client understanding and we is and adaptability everyone going base AI generative the our the for this and us into get in we picture help

Jeffery Cohen

for our Thanks taking Perfect. Okay. questions.

Hadi Chaudhry

Thank Jeff. you. Thanks,

Operator

Neil ahead. B. The Thank Chatterji next question Riley. Please comes you. go from of

Unidentified Analyst

for Neil. Thank Anderson Hi. you. is on This

in and in half QX. you You XXXX? called Professional in out see those weaknesses recovering How and the going do second in forward the Services Wellness

Hadi Chaudhry

to perspective. I you if can any it. And business add Larry, the from color other talk want to about

Services first. Professional let's with talk Just the

think about the average activation that million in in revenue. could activation about potentially if say, been Services, that if it to one talking put project you for services, things Professional talk the largest largest project $X – vendor at perspective, an just about to you just let's have, system and for and So health I've

example, average alternative is on, be, an activation a we other their The project. working are Meditech which could only a let's say, that as $XXX,XXX

So for gap, there. that us bridge it's this taking to to time get

RCM recover line leveraging is sell a to should services. we the good able major second health do our this probably be able system or where we space be the Services should job in – other Professional The to those anticipate with to business, relationships of

Professional you the to we of increase recall, year, prior RCM presented last for XXX% acquisition. Services by As able division, to when compared were the we may roughly numbers revenue to

be revenue – decent XXX%, So these both year – not but RCM last on may the and similar compared to two see we there increase a the the as is a of well.

MedSR RCM is our growing. So under business line

opportunity. further line even growing, business on is opening for with more into and possible Meditech us also partnered relationship the Meditech our also that's and a Our East RCM door Middle

believe between we we will keep growing. So two, the on

be. at Our the will of when the close And year numbers this we we goal the would again, year. share end

opportunities able that we we be with We to least us goal. end see these path be be. should where the would at back by Again, the where year. should But in get get next year. out one and a two end East, do of to for goal plays that things to possible the of Our to back see we lot opportunities exist to how this and that's be we yet until Middle the lines for these the of should us

Unidentified Analyst

you. Thank your do revenues on trade then expansion, Middle East And UAE the anticipate When there? congrats you on license. recognizing Great.

Hadi Chaudhry

session. heading he for And Force Great. mention Q&A And the also us just us East that MedSR Karl he joined And as the session. it. division, during Dwight had is who Force, of also the the the the from Middle over I'll joined Q&A well division, as answer to head

in let answer finding we into boots resources and you have activities phase, the space that projecting. number the that there Dwight it So we are a hand sell through and to are right and on knowledge the I'll little us the that, of help the can other you go ground current process over – color. me then of going we more to We a are give

into the to which sign the deals recognition months end projects goal before least have should us resources of few revenue take aligned, year, least to a at signing this by the we do the of there's have deal, you the time Our no point initiated, been deal. recognition internal from get Because six matter get at able for the the the a is R&D next the revenue what year. will signed

is this give the and Dwight So like people you other to East on doing you're side the a how Neil But bigger a color more listening. little Middle just would for like picture.

Dwight Garvin

Good you absolutely. and Sure, morning taking for thank time. some

we're there the about only UAE, but opportunities also So and excited GCC. not UAE, the yes, in

So we're opportunities seeing those quite and six exciting bringing us. countries Gulf really together a for few

My colleague few bringing point said to I attended a and earlier, in of services lot view. a we're did seeing year and Karl. this a what excitement professional solution conferences of We're so the table, both from a

quarter, this time Arab and development huge our And through QX Looking our with that we running. show as attendees. of our all and of in Summit, and them team It's the goal really we're come of really, XX,XXX almost we solutions. our and is XXXX January QX getting hiring move can up which business Health forward is then using really, a conference,

through move where as that and QX we and towards those to and building come. that we're excitement becomes really porting opportunities QX So

Unidentified Analyst

taking question. for much so you Thank my Great.

Hadi Chaudhry

Thank you.

Operator

Thank next Group. comes question The you. Greenberg Maxim go ahead. Please of from Derek

Derek Greenberg

little Hi. Good on actions morning. process product? roll bit be just improve some a on and that things may more as the taking some onboarding touch continues possibly wanted you you're for learning I to and to Wellness to

Hadi Chaudhry

Thank for you, your Derek. And question. thanks

time and And preventive a us the office telehealth that and and doctor's shift adopt new technologies patients, and person trying way, or hit options other the care adapt or are care in clients say, or also in first you doctors the going this every seeing and if to it's – also for the I’ll accept for preventive it a to the then our than when the from So opportunities. even for to just I paradigm the them the shift providers fall from appointments. to to think to and the feel, doctors

the sick, is but you certain in managed. still another shift, were feeling paradigm not sick, case of can this you're are not proactively conditions there the chronic where things that be Now

is patient blood something minutes us going diabetes you long-term. the for is overall that how the pressure health the to in convince good case a those So and or day, minutes let's – paradigm long-term. month, your every XX in that in that's or taking of the in this say, meetings shift time onetime change to Those XX taking

example, in we to Yes, lunch the the as adapt text other how call to them call we the evening keep our a are one, times have hours, number leverage the they we automated versus they patient during of text the be are call these on even in message messages, more what the number can patients. If patient. an may ways available to are sending The get the how continuing is hour can the right was for before call to call convincing leakages scheduled. though second, remind there because places, the all from not available the them

have developed So pieces, all XX last of we over the that years. these we do technology have the

of the sure the in at the matter places those right or a time up it plugging we how in can making us, improve For right technologies keep is and patient deductibility. just ramp

drive I doctor are impacted. started industry to or coming get insurances even picture, from think this is deductibles be their long bigger doctor more the to will there to the as and to have the deductibility so a trying better because incentive the that will picture, Long-term have patient. paradigm going push more shift The be to cover when will more also they convince

for data, year, last based readjust had this this we to for year, one So the guidance. on their

the of expectations the we different We try with actually more improving on and technology. help are now trying as then those to be keep conservative surpass to

to would the KPIs various into space. a in So more I we the think ready can end the plan about on if I this give into I little numbers details the this want those moment, color year, to dive think... and in like talk we you overall terms specific, and there's dive picture, Larry, to not unless other if high to would of by the think you But an say, I specifics. But level, of at are any

Larry Steenvoorden

moving significant and and overall really I share. catalyst from and it just a into covers we're not No, how that the business I the driver for this strategy, about revenue then XXXX think a thinking

Hadi Chaudhry

the for And good Derek, is thing signed. is business the us

for We have the acknowledgment already the doctors.

So see our client the good we number logos. and from existing focus on, we attraction even base continue have a addition to to to the new in

as a And solution, for this care If monitoring our a chronic remote monitoring, sign sometimes for comes deal selling chronic an up now it management. patient entire just and patient are they and for we us. when care instead remote of end-to-end us becomes hope end-to-end

from potentially we industry the do improvement we not is CMS be terms rates, to some just year's of say, let's hope it's bigger – reimbursement management the improve could this but any at that to and on insight moving of because parts again, hope, based have a And attraction some the going the all the government this next give large. picture, the it's to Chronic the in more expenditures Care in or there of

Derek Greenberg

the on maybe Okay. for in just color. the other And and bookings could then progressing? Great. the And is the Thanks to what question therapy touch just trial, my year? last you that's that offering compared then were if quarter how how

Hadi Chaudhry

on… last Can of Derek, missed the you I and your the Sure. question? please, last please of your repeat The piece color question. that, part,

Derek Greenberg

you And The apologies. then guys quarter. tracking. part the that's on question My second just in trial was working offering the was therapy the are bookings how

Hadi Chaudhry

it. Got

Okay. Sure.

better to So have We quarter around of we for XXXX booked booking for you XXXX. to the was if of be, year. compared the first half we of quarter compared to last half shared number – second the first standpoint, in the what the think, done $X million booking the order the last XXXX, I compare of from

on of as we our engine. ramping two numbers. we the that this the quarterly and first this by kept the the the make not second just booking reason plan year are to quarter quarters marketing sure numbers year, booking how because together quarter, we give sharing So engine to the sales and up last And

change. patient that last so is a of But attention chronic see compared but monitoring, towards – just first to and mix done the the We this remote have half the more last better to year, the traction little a we give you management care color, makes and the different.

it was, say, let's to XX year, Last XX.

it's and core SaaS digital between XX% tech-enabled and year, on XX% this on and more the health RCM bookings. So probably our the XX%, XX%

that care – even Tech-enabled we color, year. to It's there's the patient, that be to recognizing And a the of revenue higher, and going recognition case in gradual looks a are different go-live months, time. can though is basically bookings ramp, revenue. chronic I'm different. little somewhere over ramp. the it a six the going in start like reason with full So The but average and the translates be remote giving

or keep Derek, to on for And concerns the some optimized. the our and the with make adapters so keeps of any mentioned I part improve year therapy. We continuing addressed question, of is product last – early the adapters last early work to your it on we had optimize the as now product sure second those are on quarter, and getting to

we largest among have or clients our client As practice. you our over therapy know, our top of

large this other most these or number the as contract. therapy of well. for But We are are know, the contracts business the working time, with decades, as you in others. example, have multiple of And players been as some a and years WebPT who Raintree an last of closely them these

So to even to through. to have there year today, work probably whenever likes have plan the going is product due, a transition someone huge or their a wait unless they're that we next two renewal if and for is

business are the keep there. getting up-to-date traction, we are work have we on, on So a pipeline and we we sign able to will when and to

we new working campaigns. on are the actively extensively For marketing logos, the with

hope from some the terms in new get quarters logos. of next we So the this over to two results therapy

decision industry from forward step terms as in the in is there XXs. It's – what practices many reviews compared the multisite exists product there industry. hospital can and It's now. far decision kind in the to right a And – them. even today an products are multiple for if If – a that But everyone exist to market, justifiable choose easiest in large very been superior the and significant and about, example, analogy other received some fighting very think EPIC in EPIC product technologically from it’s afford more I for the we that's believes which today we advancements. It's struggling let's feedback takes multi-clinician good of system. time say, of take if it that is if and to it other probably, use technological or any advanced. this where the them versus XXs Our a is the are the they

We are making good progress.

and come. add the we that and believe will still years it, are value to that us in excited for should about – hope confident We we

Derek Greenberg

Okay. answering Great. for questions. my Thanks

Hadi Chaudhry

you. Thank

Operator

Blanche Thank no will to the back remarks. call questions. I you. are There turn for closing Kim further

Kimberly Blanche

who to you On to we appreciate thank day. great Thank forward a today's next look I'd of quarter. joined us and everyone, and interest like participation in on everyone call. us company, with We again have as speaking behalf you, and a your your company, the has

Hadi Chaudhry

Thank you.

Operator

please Ladies lines. the and participation for today. that and this you conference conclude thank disconnect gentlemen, We does call ask your for you your

CareCloud (CCLD) 3 Aug 232023 Q2 Earnings call transcript