CLOUD DX INC - CDXFF STOCK NEWS

Cloud DX (TSXV:CDX, OTC:CDXFF) has extended its contract with an Ontario hospital for its Connected Health™ platform and Remote Patient Monitoring (RPM) solution until October 2025. This marks the 27th agreement for Cloud DX in 2022, showcasing a 225% increase from the previous year. Studies indicate that the platform significantly reduces surgical readmissions by 5%, enhances patient satisfaction over 97%, and mitigates medication errors by 24%. Cloud DX continues to play a vital role in easing surgical backlogs while ensuring post-surgical patients can recover safely at home.

Cloud DX has signed an expansion contract valued at $76,000 CAD with an Ontario hospital to provide remote monitoring services for an additional 100 cardiac patients. This new agreement follows the initial deployment of Cloud DX's Connected Health™ program earlier this year. The contract represents the 26th agreement for Cloud DX in 2022, reflecting a 216% increase from 2021. The company continues to grow its partnerships and expand its services within the Canadian healthcare sector.

Cloud DX has expanded its presence in the U.S. by signing a contract with a primary care clinic in Alaska, increasing its total contracts to 25 this year. This collaboration highlights its focus on remote patient monitoring (RPM) solutions, particularly in rural areas. The company now operates across six states, including Michigan, Pennsylvania, and Massachusetts. CEO Robert Kaul emphasized the significance of this achievement, reflecting their growth strategy in the RPM market. Cloud DX aims to onboard patients at the new clinic by early 2022.

Cloud DX Inc. (CDXFF) has successfully closed a non-brokered private placement, issuing 2,428 secured convertible debentures worth $2,428,000. This is an increase of $53,000 from the previous announcement. The debentures, which have an 18-month maturity and 18% annual interest, are convertible into common shares at C$0.16 each. Insiders subscribed for $932,000 of the debentures, which qualifies as a related party transaction. The funds will be used for inventory and general working capital needs. The private placement awaits final approval from the TSX Venture Exchange.

Cloud DX (OTC:CDXFF) reported a 295% increase in revenue for Q3 2022, totaling $492,390. Year-to-date revenue reached $1,071,847, up 38.1% from 2021. The company noted a 32.5% rise in gross profit and a 4.8% decrease in net loss compared to the previous year. Cloud DX secured 20 new commercial contracts as of September 30, 2022, reflecting a 200% increase in contract activity over 2021. Additionally, the company received $313,449 in government grant funding, a 56.7% increase year-over-year.

Cloud DX Inc. has appointed Neil Fraser, the former President of Medtronic Canada, as an independent Board Director. This strategic move follows a partnership between Cloud DX and Medtronic Canada, established in December 2021, which aims to improve remote patient monitoring solutions. Fraser, recognized for his leadership in healthcare technology, brings valuable experience and insights to the board. His role is expected to enhance Cloud DX's innovation and partnerships, particularly in advancing the $12.8M Continuous Connected Patient Care project.

Cloud DX (CDXFF) has partnered with Medtronic (MDT) and other organizations to develop a Continuous Connected Patient Care (CCPC) platform aimed at enhancing home care for discharged patients. The project, with a total investment of $12.8 million and $5.2 million in funding from the Digital Supercluster, is set to launch in 2024. The initiative includes a new vital sign monitoring device and aims to alleviate hospital capacity issues by allowing remote patient monitoring, particularly for those with chronic conditions.

Cloud DX, a leader in remote patient monitoring, will present at the Emerging Growth Conference on November 9, 2022. CEO Robert Kaul will discuss new partnerships with major medical technology firms, including Medtronic and Teladoc Health, highlighting Cloud DX's position as a preferred partner in Remote Patient Monitoring in North America. This presentation aims to update investors on growth plans for Q4 2022 and 2023. Attendees can engage and ask questions during the interactive online session.

Cloud DX has secured its sixth Community Paramedicine contract in Ontario, enhancing its Connected Health program. The latest contract aims to deploy over 1,000 monitoring kits funded by an $82 million program from the Ontario government. The initial funding for the deployment is up to $200,000 CAD over 24 months. This partnership not only aims to lower hospital admissions but also to support at-home care for vulnerable patients. An upcoming earnings call on November 16, 2022 will provide further insights into corporate initiatives and performance.