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Cloud DX (CDXFF) is a prominent North American digital health platform and provider of remote patient monitoring solutions. The company saw a significant increase in total revenue, subscription revenue, and gross profit in FY2023. Cloud DX offers a Connected Health remote patient monitoring platform that is used by healthcare enterprises to manage chronic diseases, enable aging in place, and deliver post-surgical care at home. The company has secured multiple contracts with provincial health authorities in Canada, including Ontario, Yukon, Prince Edward Island, and British Columbia, highlighting its growing presence in the digital healthcare space.
Cloud DX has announced that its subsidiary, Cloud Diagnostics Canada ULC, has filed a Notice of Intention (NOI) under the Bankruptcy and Insolvency Act of Canada. This move is aimed at restructuring the company's affairs. The NOI imposes an automatic 30-day stay of proceedings, which may be extended. The goal is to create a stable environment for a sale, investment, and solicitation process. Crowe MacKay LLP has been appointed as the trustee. Directors Brad Miller and Konstantin Othmer have resigned. Due to the NOI, Cloud DX's shares on the TSX Venture Exchange may be suspended if listing requirements are not met.
Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leader in digital health and remote patient monitoring, reported a 23.7% increase in total revenue for Q1 2024, reaching $702,558. Subscription revenue also rose by 23.7%, with gross profit soaring by 70.9% compared to Q1 2023. Operating expenses decreased by 27.3%, contributing to an improved EBITDA of $919,110 and a net loss reduction of 17.8%.
In 2024, Cloud DX secured 26 new contracts, including notable agreements with Ontario Paramedics, Ottawa University Research Institute, and British Columbia Provincial Health Services Authority. The total value of these contracts exceeds $14 million CAD.
Additional updates include a private placement aiming to raise $2.8 million, with potential oversubscription of up to $500,000, and recent agreements with Beausoleil First Nation Paramedic Service and Guelph Wellington City of Guelph Paramedic Services valued at approximately $380,000.
A significant contract with British Columbia Provincial Health Services Authority, valued at over $9.4 million CAD, was also finalized, covering a 36-month term with possible extensions.
Cloud DX (TSXV:CDX)(OTCQB:CDXFF) will release its Q1-2024 financial results after market close on May 30, 2024. An online earnings call hosted by CEO Robert Kaul will take place on May 31, 2024, at 2:00 pm EDT, where financial results to March 31, 2024, and recent events will be discussed.
Additionally, Cloud DX announced an extension to the closing date of its previously announced non-brokered private placement, aiming to raise up to $2.8 million through issuing 23,333,334 units at $0.12 per unit. The closing date is now expected on or before June 28, 2024, and the company may oversubscribe by an additional $500,000 if demand is high. The funds will be used for general working capital. Each unit includes one common share and one warrant, with each warrant allowing the purchase of one additional share at $0.18 until 36 months post-closing.
On May 17, 2024, the British Columbia Provincial Health Services Authority (BC-PHSA) announced a $9.4 million CAD contract with Cloud DX for Remote Patient Monitoring (RPM) products and services. The contract, executed on April 23, 2024, spans 36 months with potential extensions. Each patient subscription will cost approximately $1,520 CAD annually, covering Connected Health Kits, software, and connectivity. In 2024, Cloud DX secured 26 new contracts, totaling $14.6 million CAD. Cloud DX, now a leading RPM service provider in Canada, has also entered Master Services Agreements with major healthcare organizations.
Cloud DX signed a multi-year contract with a Canadian Provincial Health Authority for remote patient monitoring services. The contract has a term of 36 months with 2 extensions of 12 months each. The average value of each individual subscription is $1,520 CAD per year. Cloud DX now holds 4 Provincial-level contracts in Canada and has announced 26 new contracts in 2024, indicating significant growth.
Cloud DX reported strong financial performance for FY2023 with a 55.4% increase in total revenue, 69% increase in subscription revenue, 112.8% increase in gross profit, and 20.4% reduction in operating loss compared to FY2022. The company saw significant growth in new contracts, especially in the healthcare sector, leading to improved revenues. Operating expenses were reduced, leading to increased profitability. Cloud DX also announced several new contracts and contract extensions post FY2023, showcasing continued growth and business expansion.
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