Cloud DX Provides Update on Contracts, Partnerships, and Virtual Care Platform Deployments so Far in 2022
Virtual Care and Remote Monitoring Leader Cloud DX sign new contracts, contract renewals, and delivers industry firsts, making Q1 a record-setting quarter
News in Summary
- Cloud DX books over $1.2 Million in new contracts and renewals so far in Q1
- Multiple 3rd party surveys show patient satisfaction with Cloud DX at over 95%
- First contract under the Canada-wide Medtronic partnership is signed in Ontario
KITCHENER, ON / ACCESSWIRE / March 1, 2022 / Cloud DX (TSXV:CDX) (OTC:CDXFF), Cloud DX, digital health innovator delivering leading Virtual Care and Remote Monitoring solutions across North America, is pleased to share an update on its partnerships, new contracts, and contract renewals. Cloud DX’s recently signed partnerships with Medtronic Canada, Prizm Media, and Maxwell Telecare and have provided opportunities to accelerate deployments of its chronic care management and post-surgical patient monitoring programs in North America.
As of March 1, 2022, Cloud DX has booked $1.2 Million CAD in new business, notably including its first Medtronic partner contract for Chronic Obstructive Pulmonary Disease (COPD) therapy support at St. Mary’s General Hospital. This past month’s success also includes a new contract with another Pulmonary Rehabilitation program in Canada, a renewal and expansion of a Canadian provincial/territorial remote patient monitoring contract for 24 months, the launch of an innovative new critical illness benefit with Equitable Life (a first in Canadian insurance), and a new primary care Remote Monitoring contract with a large clinic in Massachusetts, USA1. This revenue will flow in 2022 and 2023 with a majority flowing this year due to purchases of new Connected Health™ kits.
On the company’s traction, Cloud DX lead independent board director Brad Miller, commented: “In 2021, Cloud DX set the basis, through contracts and partnership agreements, to grow aggressively in 2022. Patients and healthcare staff alike love virtual care with Cloud DX’s Connected Health™. Expertise in deployment, innovation, and outstanding customer service are all key reasons why Cloud DX continues to secure exclusive partnerships with leaders such as Medtronic Canada and Equitable Life. With the traction achieved so far in 2022, this quarter is shaping into a record quarter for the company. With remote patient monitoring set to grow to over 70M patients by 2025, Cloud DX expects continuing and accelerating growth in 2022.”
Cloud DX currently has access to over 2 million patients and projects to approach positive cash flow once approximately 10,000 patients are enrolled.
The second tranche of the company’s previously announced Convertible Debenture Brokered Private Placement is currently open. Term sheets are available upon request, please email: investor.relations@CloudDX.com.
Footnotes: Cloud DX and Medtronic announced their contract with St. Mary’s General Hospital on February 23, 2022. Equitable Life of Canada and Cloud DX announced their partnership and Critical Illness benefit on February 14, 2022. Cloud Dx announced their contract with an Ontario Pulmonary Rehabilitation clinic on December 21, 2021. Cloud DX signed a contract with a clinic in Massachusetts, USA in February 2022.
About Cloud DX
Accelerating virtual healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health TM remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is a winner of the Qualcomm Tricorder XPRIZE, a 2021 Edison Award winner, a Fast Company “World Changing Idea” finalist, and one of “Canada’s Ten Most Prominent Telehealth Providers. In 2021, Cloud DX became an exclusive partner to Medtronic Canada.
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Janine Scott
Marketing Lead
888-543-0944
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Jay Bedard
Cloud DX Investor Relations
647-881-8418
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Forward Looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. In particular, this news release includes certain forward-looking statements concerning the Offering, including the expected proceeds, the expected closing date, and the use of the net proceeds, as well as management’s objectives, strategies, beliefs and intentions.
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, information concerning the closing of the Offering, the receipt of approval from the TSX Venture Exchange, the use of proceeds and the Company’s marketing and research and development strategies and the expected benefits thereof.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.
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SOURCE: Cloud DX Inc.
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