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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, a healthcare technology company specializing in automated remote patient monitoring (RPM) and artificial intelligence, is set to present at the Planet MicroCap Showcase: VEGAS 2023 on April 26, 2023, at 8:30 AM PDT. Founder and CEO Robert Kaul will deliver a presentation and conduct one-on-one investor meetings on April 27.
In 2023, Cloud DX has achieved a remarkable increase in business, signing 15 new agreements for RPM solutions, surpassing the total of 28 contracts from 2022. Contract values range from approximately $75,000 CAD to over $1,000,000 CAD. The company recently unveiled its 11th and 12th patents, enhancing its status as a leader in digital health.
Remote patient monitoring is gaining traction, with US healthcare payers offering full reimbursement, thus making these services more accessible. Cloud DX is a preferred RPM provider in Canada, serving major hospital systems and government entities.
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.
Cloud DX (TSXV:CDX)(OTC:CDXFF) reports significant progress in Q1 2023, securing 12 contracts, marking a 150% year-over-year increase in contract extensions. The Connected Health™ platform shows a 3X growth among existing clients, reflecting a permanent shift in healthcare delivery. Total contract values are projected up to $800,000 CAD in the first year, primarily from hardware purchases and subscription services. Cloud DX aims to enhance remote patient monitoring through better healthcare outcomes and reduced hospitalizations, with patient satisfaction exceeding 97%.
Cloud DX has secured a three-year contract with an Ontario healthcare organization to provide Remote Patient Monitoring (RPM) for Congestive Heart Failure (CHF) patients, replacing the current telehealth program. The contract, valued up to $171,000 CAD in the first year, aims to onboard 100 patients per month into a three-month monitoring program. This marks the seventh contract signed by Cloud DX in 2023, highlighting its ongoing expansion in the healthcare sector. The Connected Health™ platform promises improved care outcomes and reduced hospital readmission rates, leveraging peer-reviewed studies to support its efficacy.
Cloud DX has launched its first Remote Patient Monitoring (RPM) program for Type 2 Diabetes patients in partnership with a leading Ontario health organization. The program aims to enroll 100 patients, potentially generating $48,000 CAD annually in recurring revenue. Utilizing the Connected Health™ platform, it will streamline diabetes management, providing real-time monitoring of blood sugar levels and automated alerts for patients and healthcare providers. This initiative aligns with the American Diabetes Association's encouragement of virtual care and aims to enhance patient outcomes through better disease management.
Cloud DX has secured its 8th contract with a community paramedic group in Ontario to implement a Remote Patient Monitoring (RPM) program for seniors, funded through the provincial government's Community Paramedicine for Long-Term Care (CPLTC) initiative. The contract, valued at up to $110,000 CAD, includes 75 Connected Health™ kits and will continue through March 2024. Feedback indicates that RPM can reduce hospital readmissions. Cloud DX has experienced remarkable growth, with a 233% year-over-year increase in contracts, including 5 new partnerships in 2023.
Cloud DX (TSXV:CDX)(OTC:CDXFF) announces significant contract expansions with two existing clients, aimed at enhancing their remote monitoring programs. These expansions are projected to generate up to $297,000 CAD in revenue. The Community Health Center plans to grow its program by 50%, yielding an expected $167,626 CAD, while the Paramedicine expansion supports a remarkable 200% growth, adding up to $90,000 CAD in revenue. Studies indicate that the Connected Health™ platform has reduced hospital readmissions and improved patient satisfaction, indicating a robust demand for virtual care solutions.
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