CLOUDMD SOFTWARE & SVCS - DOCRF STOCK NEWS

CloudMD Software & Services Inc. (OTCQX: DOCRF) announced the successful approval of all items at its Annual and Special Meeting of Shareholders on December 15, 2022. Shareholders elected seven directors, including Graeme McPhail as incoming Chairman, and re-appointed KPMG LLP as auditors. Additionally, the omnibus equity incentive plan received shareholder approval. CloudMD focuses on transforming healthcare delivery through innovative technology and services, serving over 12 million individuals in North America via a connected healthcare platform.

CloudMD Software & Services is set to participate in the TD Securities Technology Conference in Toronto from November 21 to November 23, 2022. The Company's management will engage in 1:1 investor meetings on November 21, with Adam Kelly, the Chief Commercial Officer, presenting on November 23 at 10:20 am ET. CloudMD focuses on transforming healthcare delivery through technology, including hybrid primary care clinics and telemedicine, servicing over 12 million lives in North America via a network of over 5,700 clinicians.

CloudMD Software & Services reported Q3 2022 revenue of $27.5 million, down from $28.9 million in Q3 2021. The gross margin improved to 34.5% from 31% in Q2 2022. However, the company faced a significant net loss of $94.8 million, primarily due to an $83.9 million non-cash impairment charge. Adjusted EBITDA was negative $3.0 million, slightly better than Q2 2022's $3.2 million. Cash reserves stood at $27.5 million. The CEO emphasized a focus on profitability and organic growth.

CloudMD Software & Services Inc. (OTCQX: DOCRF) announced it will release its Q3 2022 financial results on November 14, 2022, after market close. A conference call and webinar to discuss the results will occur on November 15, 2022, at 9:30 AM ET. CloudMD focuses on transforming healthcare delivery with technology, offering a connected platform that includes hybrid primary care, telemedicine, and mental health services. The company serves over 5,700 clinicians and covers 12 million lives across North America, emphasizing patient-centric care and improved access to healthcare services.

CloudMD Software & Services Inc. (OTCQX: DOCRF) has successfully completed the divestiture of its primary care clinics and Cloud Practice to Well Health Technologies Corp. for approximately $5.75 million in cash. This move aligns with CloudMD’s strategy to focus on its core employer healthcare offering and divest non-core assets. The company emphasizes that these divestitures not only provide non-dilutive capital but also streamline its operations towards higher-margin, profitable businesses.

CloudMD Software & Services has announced the sale of its two British Columbia pharmacies to Neighbourly Pharmacy for approximately $3.8 million. This transaction is part of CloudMD's strategy to divest non-core assets, having generated over $9 million in non-dilutive capital recently. The pharmacies involved are Cloverdale Pharmacy Ltd. and Steveston Health Centre Ltd., located in Surrey and Richmond, respectively. The move aims to bolster CloudMD's focus on its core business divisions: Enterprise Health Solutions and Digital Health Solutions.

CloudMD Software & Services has announced a definitive agreement to sell its British Columbia-based primary care clinics and Cloud Practice software to Well Health Technologies for approximately $5.75 million. This strategic divestiture is part of CloudMD's plan to focus on its core businesses, specifically Enterprise Health Solutions and Digital Health Solutions. The transaction, expected to close in Q4 2022, will not materially impact CloudMD's EBITDA or operating cash flows.

CloudMD Software & Services has announced the positive outcomes of its recent study on therapist-led internet-based cognitive behavioral therapy (TAiCBT) for treating posttraumatic stress disorder (PTSD). Conducted between January 2020 and June 2022, the study involved 4,236 participants, with 3,689 completing assessments. Key findings reveal that 61% of participants engaging with trauma-focused content experienced reliable symptom improvement, alongside significant reductions in anxiety and depression. The results indicate the effectiveness of CloudMD's treatment across diverse trauma types, emphasizing the program's accessibility and impact on mental health.

CloudMD Software & Services reported Q2 2022 revenue of $40.3 million, a 157% increase year-over-year. However, gross margin decreased to 31.0% from 35.5% in Q2 2021. The net loss surged to $44.2 million, largely due to a $33.0 million non-cash impairment charge. The company secured multi-year contracts worth $4.2 million in annual recurring revenue (ARR) and onboarded over 350 new customers. A focus on organic growth and cost optimization remains a priority. Cash reserves fell to $29.7 million as of June 30, 2022.