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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 continues to establish itself as a leader in Chronic Care Management with a new contract with a Michigan clinic, enhancing its presence in the US across nine states. The company reports a remarkable 142% year-over-year contract growth. Utilizing its Remote Patient Monitoring (RPM) solution, the clinic aims to improve patient outcomes for chronic conditions, potentially reducing emergency visits by 67%. With ongoing expansion efforts, Cloud DX supports healthcare delivery in both the US and Canada while partnering with organizations like Medtronic Canada.
Cloud DX successfully completed a two-year program with $500,000 in non-dilutive funding from the FedDev Business Scale Up Program. The company expanded its US and Canadian markets, securing 32 new contracts, including partnerships with Medtronic and Blessing Hospital. Cloud DX also created 15 new full-time positions and retained 26 existing roles. The initiative led to 2 new US patents and 4 published peer-reviewed papers, enhancing their Connected Health™ platform.
Cloud DX (TSXV:CDX) (OTC:CDXFF) announced its fourth Emergency Medicine Services (EMS) contract in 2022, partnering with an Ontario County paramedic service to implement its Connected Health platform for Remote Patient Monitoring, aimed at enhancing population health and alleviating hospital burdens. This initiative, funded by the Paramedicine for Long-Term Care program, marks a significant growth, with 17 contracts signed in 2022, up 142% from 2021. The platform facilitates patient health management, reducing emergency room visits and improving overall patient outcomes.
Cloud DX (TSXV:CDX)(OTCQB:CDXFF) reported an 11.4% increase in total revenue for Q1 2022, reaching $337,263 compared to Q1 2021. Despite this revenue growth, operating expenses surged 25.7%, mainly due to investments in staff and marketing as the company scales operations. The company signed 14 new commercial contracts and extended 2 provincial/territorial contracts, surpassing the total from all of 2021. Notably, government grants fell by 82.6% to $84,991, attributed to changes in funding timelines.
Cloud DX announces its Q1 earnings call scheduled for May 31, 2022, where CEO Robert Kaul will discuss recent contract successes and expansion efforts. The company cites partnerships with notable entities like Medtronic Canada and Equitable Life of Canada as critical to its Q1 progress, highlighting continued satisfaction metrics among patients and clinicians. The firm is advancing in the Paramedicine sector by integrating Remote Patient Monitoring.
Cloud DX has signed a 24-month contract with Peterborough County to enhance community healthcare through its Remote Patient Monitoring (RPM) solution. The county plans to purchase 200 Connected Health kits, funded by an Ontario government grant. This initiative aims to improve healthcare delivery, reduce hospital admissions by 5%, and support patients awaiting long-term care. Cloud DX's solution allows paramedics to focus on clinical care while enhancing community health through timely monitoring and intervention.
Cloud DX (TSXV:CDX) (OTCQB:CDXFF) reported 2021 financial results showing subscription revenue increased by 23% to $369,863, while total revenue fell 33% to $782,297. A significant decline in product revenue was noted, down 59% due to delays in orders. Government funding decreased by 13.6% to $1,205,085. Operating expenses rose by 53% due to new hires and one-time costs. New partnerships could increase access to 1,000,000 patients and support future growth.
Cloud DX (TSXV:CDX) (OTC:CDXFF) is set to release its Q4 financial results on April 29, 2022. Following this, CEO Robert Kaul will lead a live webinar on May 2, 2022, to discuss the results and updates on record-breaking Q1 contracts. The session will include insights on new contracts from their partnership with Medtronic and an overview of their innovative AcuScreen app for tuberculosis detection. The goal is to highlight achievements in virtual healthcare and the implications for future growth.
Cloud DX has signed a new contract with a Maxwell clinic in Northbrooke, Illinois, marking the sixth clinic onboarding in 2022 and bringing the total to 12. Cloud DX's platform will support approximately 350 patients with chronic conditions, benefiting from reimbursable remote monitoring under US programs. The company anticipates earning around $900 CAD in annual recurring revenue per patient. This growth reflects a doubling of clinic partnerships compared to last year, emphasizing the rising demand for virtual care solutions.
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