Cloud DX Signs Contract for Remote Care Monitoring with VHA Home HealthCare

Rhea-AI Summary

Cloud DX (TSXV:CDX)(OTCQB:CDXFF) announces a new contract with VHA Home HealthCare, a not-for-profit provider of home care nursing, rehab, and personal support services in Ontario. The contract includes the deployment of Cloud DX Connected Health remote care monitoring (RCM) services to a significant proportion of eligible clients, with an initial term of 24 months and mutually agreed extensions thereafter. Cloud DX also reported gross margins of 77% as of September 31, 2023.

Positive

• Cloud DX has announced over $1.8 million CAD in new contracts since January 1, 2024.
• The contract with VHA Home HealthCare includes the deployment of Cloud DX Connected Health remote care monitoring (RCM) services to a significant proportion of eligible clients.
• Cloud DX reported gross margins of 77% as of September 31, 2023.

Negative

• None.

VHA Home HealthCare (VHA) is one of the largest not-for-profit providers of home care nursing, rehab and personal support services in Ontario, serving over 100,000 clients and families each year.

News in Summary

• Cloud DX will be supporting VHA in the care and support they provide to clients so they can safely stay at home.
• Cloud DX Connected Health remote care monitoring (RCM) can support chronic disease management, post-surgical monitoring, and virtual rehabilitation therapy for home care clients.
• VHA is committed to innovation through digital solutions to improve client outcomes, care efficiency and provider experience.
• Cloud DX has announced over $1.8million CAD in new contracts since January 1, 2024.

KITCHENER, ON / ACCESSWIRE / January 24, 2024 / Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leading North American provider of virtual care and remote care monitoring (RCM) platforms is pleased to announce a new contract with Ontario-based VHA Home HealthCare (VHA).

VHA is a values-driven, not-for-profit home care organization with a simple yet profound mission: creating possibilities for more independence. Operating in multiple regions across Ontario with a team of close to 3,000, VHA's administrative staff and large clinical team of nurses, personal support workers, rehab therapists and home support workers provide health and support services for more than 100,000 clients and families each year.

In January 2024, Cloud DX will begin supporting VHA in the care and support they provide to clients so they can safely stay at home. Cloud DX can offer clients RCM software and devices, so they are able to seamlessly complete surveys, take biometric readings, and interact with their care team virtually.

Cloud DX Connected Health RCM optimizes vital sign monitoring, medication management, wound care, and rehabilitation therapy conducted from the comfort of each client's home.

The contract was signed on December 19, 2023, with an initial term of 24 months, with mutually agreed extensions thereafter. Together Cloud DX and VHA expect to deploy Connected Health RCM services to a significant proportion of eligible clients in the initial period of this agreement.

In addition to VHA, Cloud DX supplies RCM products and services for home care use cases to Health PEI. Cloud DX charges a per patient per month software license fee for this type of deployment, along with additional fees for hardware, wound care, customizations, connectivity, and other related services. As of September 31, 2023 Cloud DX reported gross margins of 77%.

Alistair Forsyth, VHA Vice President, Digital Health and Chief Information Officer, commented: "Implementing a remote care monitoring platform is an important example of how VHA uses innovative technology to empower our clients and help keep them safe and healthy at home. We are excited to be embarking on this collaborative partnership with Cloud DX, a Canadian leader in patient-facing digital solutions."

Cloud DX COO and Co-founder Anthony Kaul stated: "The Cloud DX team is honoured and excited to partner with VHA, an organization whose values and mission are aligned with ours. Cloud DX delivers the innovative solutions, services and technology needed to impact new models of hospital-to-home, transitional and community-based care delivery through VHA's tremendous reach. Together Cloud DX and VHA can improve patient outcomes, keeping Ontarians out of hospital and safe in their homes, while helping to build a more integrated healthcare system."

UPCOMING INVESTOR CONFERENCES

Cloud DX is pleased to inform investors that Founder and CEO Robert Kaul will be presenting at the following investor conferences in the coming weeks:

• The Maxim Group will hold their annual Healthcare IT Virtual Conference on Wednesday January 24^th and Thursday January 25^th. Qualified investors can apply to attend this virtual event at no cost at https://m-vest.com/events/healthcare-it-01242024
• The Microcap Conference will be held in Atlantic City NJ on Wednesday January 31^st and Thursday February 1^st, 2024. Investors can learn more at https://themicrocapconference.com
• The Whistler Capital Event will take place from Friday February 9^th to Sunday February 11^th, 2024. Presented by Capital Event Management, investors can find more information at https://cem.ca

About VHA Home HealthCare

VHA Home HealthCare (VHA) is a not-for-profit charitable organization that offers 24/7 nursing, personal support, rehab services and charitable home support services to people of all ages and cultural backgrounds in Ontario. For close to 100 years, VHA has been providing high quality care, with great heart, to some of the most vulnerable and marginalized populations in the communities we serve. In every role and at every level, we lead with purpose, build bonds that matter, and we're passionate about providing spectacular care. VHA is committed to advancing the sector through integrated care partnerships and by generating high quality evidence through research and innovation. VHA is accredited by Accreditation Canada with exemplary standing, a Registered Nurses' Association of Ontario Best Practice Spotlight Organization (BPSO) and a partner agency of the United Way Greater Toronto.

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.

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

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

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For media inquiries please contact:

Marketing Enquiries
Phone 888-543-0944
marketing@clouddx.com

For investor inquiries please contact:

Jay Bedard
Cloud DX Investor Relations
Phone 647-881-8418
investors@clouddx.com

Officer responsible for this Press Release:

Robert Kaul
Chief Executive Officer
Phone 888-543-0944
ceo@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 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

La Bourse de croissance TSX et son fournisseur de services de réglementation (tel que ce terme est défini dans les politiques de la Bourse de croissance TSX) n'assument aucune responsabilité quant à la pertinence ou à l'exactitude du présent communiqué.

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.

View the original press release on accesswire.com

FAQ

What is the new contract announced by Cloud DX with VHA Home HealthCare?

Cloud DX has announced a new contract with VHA Home HealthCare for the deployment of remote care monitoring (RCM) services for a significant proportion of eligible clients.

What is the ticker symbol for Cloud DX?

The ticker symbol for Cloud DX is CDXFF.

What are the upcoming investor conferences that Cloud DX will be presenting at?

Cloud DX Founder and CEO Robert Kaul will be presenting at the Maxim Group's annual Healthcare IT Virtual Conference, The Microcap Conference, and the Whistler Capital Event.