Cloud DX Receives Expansion Order from Ontario Heart Centre

Rhea-AI Summary

Cloud DX (TSXV:CDX)(OTCQB:CDXFF) reports a 50% increase in the deployment of Connected Health™ Remote Patient Monitoring (RPM) products and services, expecting to enroll up to 500 new patients per year and generate $90,000 CAD in additional revenue. The expansion order replaces the services of a previous vendor and adds post-operative monitoring to the existing deployment for chronic disease management, bringing the total value of this deployment to approximately $260,000 CAD. The Company expects to double its sales performance from 2022 with 19 new contracts or expansions announced in 2023.

Positive

• Cloud DX reports a significant increase in demand for its RPM products and services, as evidenced by new and expanded contracts, increased patient enrollment, and success in winning competitive RFPs and public tenders. The Company is on track to more than double the number of contracts signed compared to all of 2022, indicating a positive growth trajectory.

Negative

• None.

Ontario hospital increases their deployment of Connected Health™ by over 50%, adding patients recovering from surgery.

News in Summary

• Ontario Heart Centre is expanding its successful Remote Patient Monitoring program first announced on March 7, 2023.
• The expanded deployment of Cloud DX Connected Health will enroll up to 500 new patients per year and generate $90,000 CAD in additional product and service revenue.
• With 19 new contracts or contract expansions announced so far in 2023, the Company expects to approximately double its sales performance from 2022.

KITCHENER, ON / ACCESSWIRE / July 20, 2023 / Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leading North American provider of remote patient monitoring services is pleased to announce that it has received a large expansion order for Connected Health™ Remote Patient Monitoring (RPM) products and services.

The program expects to monitor up to 500 patients in a full year with expected overall revenue of approximately $90,000 CAD. Importantly, this new RPM deployment is replacing the services of a previous vendor under an expansion of an existing program which monitors patients at home after serious surgeries.

This new use case is adding post-operative monitoring to the existing deployment of Cloud DX technology for chronic disease management that was announced on March 7, 2023, bringing the total value of this deployment to approximately $260,000 CAD.

Cloud DX RPM has been shown in published, peer-reviewed studies to improve patient outcomes, reduce ER visits, and reduce medication errors once patients return home from surgery.

For example, in the PVC-RAM 1 study published in the British Medical Journal*, Canadian researchers found that by using Connected Health technology for home monitoring, clinicians uncovered the fact that 29% of patients had one or more medication errors. Incidence of severe pain was reduced by 14%, and ER visits were reduced by 5%.

"Cloud DX is excited to see one of our largest clients continue to grow their Connected Health RPM program." stated Robert Kaul, Founder and CEO of Cloud DX. "Throughout 2023 we have recognized increased demand for our cutting-edge RPM products and services, as evidenced by both new and expanded contracts, increased patient enrollment, and success at winning competitive RFPs and public tenders. The Company is on track to more than double the number of contracts signed compared to all of 2022. This increase in demand for RPM products and services is expected to continue and accelerate."

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

About Cloud DX

Accelerating digital healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health™ remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, winner of "2022 Top Innovator" from Canadian Business, a 2021 "Edison Award" winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers." Cloud DX is an exclusive partner to Medtronic Canada, Teladoc Health Canada, and leading hospital procurement agent Mohawk Medbuy.

*Post-discharge after surgery Virtual Care with Remote Automated Monitoring-1 (PVC-RAM-1) technology versus standard care: randomized controlled trial. BMJ 2021:374:n2209 Sept 2021.

https://www.bmj.com/content/374/bmj.n2209

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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 terms of the contract extension, the expected proceeds therefrom, as well as management's objectives, strategies, beliefs and intentions.

Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the Company's the ability of the Company to fulfill the terms of and derive the benefits from the contract extension.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.

À propos de Cloud DX

Accélérant les soins de santé virtuels, Cloud DX a pour mission d'améliorer les soins de santé pour tous. Notre plateforme de surveillance à distance des patients Connected HealthMC est utilisée par des entreprises de soins de santé et des équipes de soins partout en Amérique du Nord pour gérer virtuellement les maladies chroniques, permettre aux gens de vieillir chez eux et fournir des soins post-chirurgicaux de qualité hospitalière à domicile. Nos partenaires obtiennent de meilleurs résultats pour les soins de santé et les patients, réduisent le besoin d'hospitalisation ou de réadmission, et réduisent les coûts de prestation des soins de santé grâce à une utilisation plus efficace des ressources. Cloud DX est co-lauréate du prix Qualcomm Tricorder XPRIZE, lauréate du prix Edison 2021, finaliste du concours « World Changing Idea » de Fast Company et un des dix plus importants fournisseurs de télésanté au Canada.

Site des relations avec les investisseurs de Cloud DX https://ir.clouddx.com/overview/default.aspx

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Tous les énoncés prospectifs sont assujettis à des risques et à des incertitudes, tels que ceux décrits dans les rapports périodiques de Medtronic déposés auprès de la Securities and Exchange Commission. Les résultats réels peuvent sensiblement différer des résultats anticipés.

SOURCE: Cloud DX Inc.

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FAQ

What is the impact of the expanded deployment of Cloud DX Connected Health RPM products and services?

The expansion order is expected to enroll up to 500 new patients per year and generate $90,000 CAD in additional revenue, replacing the services of a previous vendor and adding post-operative monitoring to the existing deployment for chronic disease management, bringing the total value of this deployment to approximately $260,000 CAD.

How has Cloud DX's sales performance changed from 2022 to 2023?

The Company expects to double its sales performance from 2022 with 19 new contracts or expansions announced in 2023, indicating a positive growth trajectory.

What is the impact of Cloud DX's RPM products and services on patient outcomes?

Cloud DX RPM has been shown in published, peer-reviewed studies to improve patient outcomes, reduce ER visits, and reduce medication errors once patients return home from surgery. For example, in the PVC-RAM 1 study published in the British Medical Journal*, Canadian researchers found that by using Connected Health technology for home monitoring, clinicians uncovered the fact that 29% of patients had one or more medication errors. Incidence of severe pain was reduced by 14%, and ER visits were reduced by 5%.