CLOUD DX Signs $230,000 Contract with US Internal Medicine Clinic

The Company has reported new contracts, renewals or orders valued at approximately $2.8 million CAD so far in 2024, outpacing growth in 2023.

News in Summary

  • On February 8, 2024, Cloud DX signed a new 24-month Master Deployment Agreement with Dr Lee S. Freedman, an MDVIP-affiliated internal medicine practice based in Highland Park IL.
  • Dr Freedman intends to enroll approximately 125 patients who will best benefit from Remote Patient Monitoring with Cloud DX Connected Health, valuing the agreement at approximately $230,000 CAD.

KITCHENER, ON / ACCESSWIRE / February 22, 2024 / Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leading North American provider of subscription-based virtual care and remote patient monitoring services is pleased to announce a new Master Deployment Agreement with Lee S. Freedman MD, based in Highland Park IL. Dr Freedman’s practice is affiliated with the MDVIP, a concierge medicine group with over 1,000 clinics nation-wide specializing in care for adults including those with complex chronic conditions.

Cloud DX will work with Dr Freedman and his staff to enroll approximately 125 patients who will most benefit from remote monitoring using Cloud DX Connected Health, especially patients with chronic obstructive pulmonary disease, congestive health failure, diabetes, hypertension, and related co-morbidities. Typically, Cloud DX earns around $700 USD per patient per year for US deployments. In their most recent financial statements, the Company reported gross margins of 77%. Dr Freedman is the second MDVIP affiliated practice in Illinois to deploy Connected Health by Cloud DX.

Dr. Freedman stated “There is no question in my mind that remote monitoring of patients with chronic diseases improves care and lowers overall costs to the system. We are looking forward to launching our Cloud DX deployment in March 2024”.

Cloud DX Co-founder and COO Anthony Kaul stated: “These newly announced contracts indicate that the Cloud DX Connected Health platform is achieving our goal of bringing the benefits of virtual care and remote patient monitoring to the patients who need it the most. Clinicians like Dr Freedman are on the front lines of the battle against chronic disease that generate over 80% of all healthcare spending in North America. Cloud DX automates the collection of at-home patient data, enabling early detection of complications and creating a closer and richer doctor-patient relationship while improving health outcomes.

About Cloud DX

Accelerating digital healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health™ 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 the co-winner of the Qualcomm Tricorder XPRIZE, winner of “2022 Top Innovator” from Canadian Business, a 2021 “Edison Award” winner, a Fast Company “World Changing Idea” finalist, and one of “Canada’s Ten Most Prominent Telehealth Providers.” Cloud DX is an exclusive partner to Medtronic Canada, Teladoc Health Canada and Sanrai International.

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Cloud DX Investor Site

Investor Conference Videos Now Available

  • Cloud DX CEO Robert Kaul presented a Zoom webinar on January 17, 2024, at 4:00 PM Eastern Time (US and Canada). A recording of his presentation can be seen HERE.
  • The Maxim Group (NYC) held their Annual Healthcare IT Virtual Conference on Wednesday January 24th, 2024, with 18 companies presenting. Investors can see the Cloud DX presentation HERE.

Links to statistics

Cost of chronic diseases in America:

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For media inquiries please contact:

Marketing Enquiries
Phone 888-543-0944

For investor inquiries please contact:

Jay Bedard
Cloud DX Investor Relations
Phone 647-881-8418

Officer responsible for this Press Release:

Robert Kaul
Chief Executive Officer
Phone 888-543-0944

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 terms of the contract extension, the expected proceeds therefrom, 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, the Company’s the ability of the Company to fulfill the terms of and derive the benefits from the contract extension.

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.

À propos de Cloud DX

Accélérant les soins de santé virtuels, Cloud DX a pour mission d’améliorer les soins de santé pour tous. Notre plateforme de surveillance à distance des patients Connected HealthMC est utilisée par des entreprises de soins de santé et des équipes de soins partout en Amérique du Nord pour gérer virtuellement les maladies chroniques, permettre aux gens de vieillir chez eux et fournir des soins post-chirurgicaux de qualité hospitalière à domicile. Nos partenaires obtiennent de meilleurs résultats pour les soins de santé et les patients, réduisent le besoin d’hospitalisation ou de réadmission, et réduisent les coûts de prestation des soins de santé grâce à une utilisation plus efficace des ressources. Cloud DX est co-lauréate du prix Qualcomm Tricorder XPRIZE, lauréate du prix Edison 2021, finaliste du concours « World Changing Idea » de Fast Company et un des dix plus importants fournisseurs de télésanté au Canada.

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SOURCE: Cloud DX Inc.

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