Cloud DX Announces New US Contract and 2 Canadian Contract Extensions

Rhea-AI Summary

Cloud DX (TSXV:CDX)(OTC:CDXFF) has announced three new contracts in 2023, bringing the total to 15 agreements this year, significantly up from 28 in 2022. The new contracts include a primary care practice in Illinois adopting the Connected Health™ platform and two extensions from Canadian health providers for their remote patient monitoring programs. The Illinois clinic expects to generate up to $170,000 CAD in the first year, while the extensions could provide up to $90,000 CAD collectively. The company continues to experience growth in demand for virtual care technologies, which enhance healthcare delivery and patient satisfaction.

Positive

• 15 contracts signed in 2023, up from 28 in 2022.
• Illinois clinic to generate up to $170,000 CAD in first year.
• Contract extensions estimated at up to $90,000 CAD.

Negative

• None.

These agreements are the 13^th, 14^th, and 15^th contracts or extensions to date in 2023 vs 28 in all of 2022

News in Summary

• Illinois primary care practice signs contract to deploy Connected Health™ platform to improve outcomes and attract new business
• An Ontario Family Health team extends remote patient monitoring (RPM) contract
• A Community Paramedic Service extends RPM program for an additional 12 months

KITCHENER, ON / ACCESSWIRE / March 27, 2023 / Cloud DX (TSXV:CDX)(OTC:CDXFF),a leading health data platform, announces a new US contract and two Canadian contract extensions, bringing this year's total agreements to date to 15, compared to 28 in all of 2022.

Cloud DX welcomes an Illinois based primary care clinic as its next US clinic to implement an RPM program. The concierge clinic will offer Connected Health™ to improve outcomes and service for its existing clients and to attract a new client base. The practice, serving over 365 patients primarily seniors, estimates 50% will enroll in its Connected Health™ RPM program to manage chronic conditions including CHF, COPD, hypertension, and diabetes. The estimated value of the deployment is up to $170,000 CAD in the first full year.

Cloud DX also signed extension contracts with two Ontario based health providers. After a successful initial deployment, an Ontario Family Health Team is extending its RPM contract for an additional 6 months to provide Connected Health™ services to palliative care patients. An Ontario Community Paramedic program for chronic care management is extending its Cloud DX RPM contract for another 12 months, with the potential to double the number of patients currently using Connected Health kits and services. Contract value for these deployment extensions is estimated to be up to $90,000 CAD over 12 months.

These additional agreements follow Cloud DX's earlier announcement of the expansion of 5 existing Remote Patient Monitoring contracts, a 150% increase in YoY growth in contract extensions.

Founder and CEO Robert Kaul stated "We continue to see demand for virtual care and remote monitoring increase in North America as healthcare providers seek to leverage our proven Connected Health technologies to improve care delivery, patient satisfaction, and reduce costs. Cloud DX is excited to see growth in the number of new contracts signed so far in 2023 as well as a significant number of contract extensions, which indicate that we are doing a good job making healthcare better for all our stakeholders."

ABOUT CLOUD DX

Cloud DX is on a mission to make healthcare better for everyone. Clinics and hospitals across North America use our Connected Health™ data platform to incorporate remote and virtual technology in care delivery. Our remote monitoring solutions let care teams virtually monitor hundreds of patients; Patients take vital signs at home with intelligent medical devices which transmit the data to the care team's dashboard or EMR. Connected Health™ supports remote vital sign monitoring, behavioral medicine, telehealth, care pathways for chronic care, aging in place, palliative or perioperative hospital-at-home, and more. Our customers achieve better healthcare and patient outcomes, reduce hospitalizations and readmissions, lower care delivery costs, and grow patient panels, revenue, and more.

Cloud DX is an exclusive partner to Medtronic Canada, Teladoc Health Canada, and Equitable Life of Canada. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, 2022 Top Innovator by Canadian Business, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers."

For more information on Cloud DX (TSXV:CDX), visit www.CloudDX.com and follow @CloudDX on Twitter or LinkedIn.

Cloud DX Investor Site https://ir.clouddx.com/overview/default.aspx

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Media Contact

Janine Scott
Marketing Lead
888-543-0944
Janine.Scott@CloudDX.com

Investor Relations Contacts

Canada
Jay Bedard
647-881-8418
Jay.Bedard@CloudDX.com

USA
Gary Zwetchkenbaum
516-455-7662
IR@CloudDX.com

_{Forward Looking Statements}

This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect ", "is expected ", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. In particular, this news release includes certain forward-looking statements concerning the advancement of the Company's business and partnerships, the expected proceeds therefrom, regulatory approvals, as well as management's objectives, strategies, beliefs, and intentions.

SOURCE: Cloud DX Inc.

View source version on accesswire.com:
https://www.accesswire.com/746021/Cloud-DX-Announces-New-US-Contract-and-2-Canadian-Contract-Extensions

FAQ

What recent contracts has Cloud DX announced for 2023?

Cloud DX has announced three contracts in 2023, bringing the total to 15 agreements, including new implementations and extensions.

What is the estimated value of the new Illinois contract for Cloud DX?

The estimated value of the new Illinois contract is up to $170,000 CAD for the first full year.

How many contract extensions has Cloud DX received in 2023?

Cloud DX has received two contract extensions in 2023, adding to its existing agreements.

What technology is Cloud DX deploying in its new contracts?

Cloud DX is deploying its Connected Health™ platform for remote patient monitoring.

What is the significance of the contract growth for Cloud DX?

The growth in contracts indicates increasing demand for Cloud DX's virtual care and remote monitoring solutions.