CLOUDMD SOFTWARE & SVCS - DOCRF STOCK NEWS

CloudMD Software & Services Inc. (OTCQX: DOCRF) has announced significant progress within its Enterprise Health Solutions division. In Q2, the company secured several multi-year contracts, generating an anticipated $4.2 million in annual recurring revenue. Notably, they won a key contract with the Christian Labour Association of Canada for Employee and Family Assistance Program services. Additionally, CloudMD's TAiCBT platform was selected to provide mental health services under a new Ontario government contract, though it will reduce previous levels of funding and necessitate cost adjustments.

CloudMD Software & Services has appointed Karen Adams as CEO and John Plunkett as CFO effective August 11, 2022. This leadership change aims to enhance shareholder and client value by focusing on strategic priorities such as organizational integration and profitability. Adams, who has a strong background in behavioral health, will lead efforts in operational integration and cost optimization. Plunkett, with over 15 years of financial management experience, will oversee the integration of financial systems and ensure sustainable growth. Their appointments come after significant company growth driven by numerous acquisitions.

CloudMD Software & Services has reached a settlement agreement regarding its acquisition of VisionPros, lowering the purchase price by $14.6 million and eliminating future earnout payments. The agreement releases $3 million and shares back to CloudMD while transferring $800,000 in payables to the sellers. Despite supplier issues delaying U.S. sales, CloudMD has now initiated product sales and is focused on enhancing its VisionPros platform integrated into its Kii offering. However, the company expects a goodwill impairment charge of $26-$28 million in Q2 2022, impacting earnings.

CloudMD Software & Services has launched a national telemedicine and physical health coaching service as part of its Kii Personalized & Connected Care offering. This service optimizes employer healthcare spending by providing comprehensive support for both mental and physical health issues through a connected platform. Led by trained nurses and nurse practitioners, the program aims to improve healthcare outcomes, enhancing employee productivity and satisfaction. CloudMD has reported high adoption rates, with 86% usage and 98% satisfaction in its mental health coaching program.

CloudMD Software & Services, a healthcare technology firm, has reported significant customer acquisition in 2022, onboarding over 300 clients representing more than 60,000 lives. Key partnerships, including one with Sanofi Canada, enhance their mental health services. The company aims to maximize profitability through integration of healthcare solutions, and has strengthened its leadership with new senior appointments. Additionally, CloudMD is launching its VisionPros platform in the U.S., reflecting its growth strategy and commitment to delivering comprehensive healthcare services.

CloudMD Software & Services has reported positive outcomes from its Therapist Assisted iCBT program, with over 5,000 individuals with clinical depression and anxiety showing reliable symptom improvement. The analysis covered 12,839 people treated between 2020-2021. Key findings include a 77% initial clinical level symptom rate and a significant average reduction in depression scores. Notably, ongoing engagement was critical for symptom improvement. CloudMD emphasizes quick access to treatment, under 5 days, as vital for better outcomes.

CloudMD Software & Services reported a Q1 2022 revenue of $41.4 million, a 372% increase from $8.8 million in Q1 2021. This growth is attributed to the consolidation of MindBeacon and organic growth in its Employee Health Solutions division. The gross margin improved to 32.5%, a 250 basis points increase from the previous quarter. Despite a net loss of $5.6 million, up from $5.3 million year-over-year, the company aims for profitable growth and operational efficiencies. Cash reserves stand at $46.9 million as of March 31, 2022.

CloudMD Software & Services Inc. (OTCQX: DOCRF) launched Kii Personalized & Connected Care, a comprehensive health service integrating mental, physical, and safety care for employees. Kii offers a stepped-care approach, providing support via self-guided methods, coaching, and treatment. Telemedicine services will start in July. This initiative aims to enhance user experience by streamlining services like EFAP and iCBT, supported by a nurse-led intake process. The program addresses barriers to care, improves engagement, and facilitates better health outcomes, positioning CloudMD as a leader in employer healthcare solutions.

CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF) will release its Q1 2022 financial results on May 30, 2022, after market close. A conference call is scheduled for May 31, 2022, at 9:00 AM ET to discuss these results. The company aims to transform healthcare delivery through technology, providing a patient-centric approach with services including telemedicine and mental health support. CloudMD currently serves over 5,700 clinicians and covers 12 million lives across North America.