Cloud DX Reports Results for the First Quarter of 2024
Highlights include 23.7% increase in subscription revenue, 23.7% increase in total revenue, and 70.9% increase in gross profit compared to the first quarter of 2023.
Key Developments in 2024:
- Cloud DX has now announced 26 new contracts and/or contract renewals so far in 2024. Notable announcements include new contracts with Ontario Paramedics, Ottawa University Research Institute, VHA Home HealthCare and Health PEI. Together the announced value of these contracts now exceeds $14 million CAD, with terms of 12 to 36 months (not including extensions).
- Important new contracts announced include Ontario Paramedics, Ottawa University Research Institute, McMaster University, VHA Home HealthCare, Health PEI and the British Columbia Provincial Health Services Authority.
- Total Revenue of $702,558 represents an increase of 23.7% compared to the same period in 2023 due to increases in both new contracts signed and growth of existing contracts. There was a net increase in deferred income of $43,043 for the period.
- Gross profit in Q1-2023 was $664,612, or 70.9% higher than in Q1-2022 due to increased Subscription and Product revenue from new customers.
- EBITDA improved by $919,110 or 45.8% and Net Loss improved by $481,364 or 17.8%.
KITCHENER, ON / ACCESSWIRE / May 31, 2024 / Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leading North American digital health platform and provider of remote patient monitoring (RPM) solutions, is pleased to report results for the 3 months ending March 31, 2024.
Q2 Earnings Call Webinar:
Friday May 31, 2024
11:00 AM PDT / 2:00 PM EDT
Registration – click here
2024 First Quarter Financial Highlights
Summary of Results:
Revenue
For the quarter ended March 31, 2024, total reported revenue of $702,558 increased by $134,552 or 23.7% compared to the same quarter in 2023. Product revenue decreased by $230,750 or 72.8% which was offset by professional services revenue with increased by $313,611 or 941.3%. Government grant funding was $48,968 in the quarter, a 39.5% decrease from the same period in 2023. Fluctuations in product revenue, professional services revenue and grant funding amounts from period to period are not unusual for Cloud DX.
Operating Expenses
First quarter operating expenses decreased $710,460 or 27.3% in the quarter compared to the same period in 2023, mainly due to cost reduction measures adopted in 2023.
Gross Profit
This trend in lower operating costs and costs of sales, plus higher revenues generated a gross profit increase of $275,687 or 70.9% in the quarter.
For additional information please review the Financial Statements posted to Sedar.com
Subsequent Events:
On April 8, 2024, the Company announced a non-brokered private placement (the “Private Placement”) for gross proceeds of up to $2,800,000 through the issuance of up to 23,333,334 units (each, a “Unit”) of the Company at a price of $0.12 per Unit. The Company reserves the right to oversubscribe the Private Placement by up to $500,000, pursuant to which the Company may sell an additional 4,166,667 Units, should there be significant additional demand. Each Unit shall consist of one common share (a “Common Share”) in the capital of the Company and one transferable share purchase warrant (a “Warrant”), with each Warrant entitling the holder thereof to acquire one additional Common Share at a price of $0.18 per share until 36 months following closing. On May 27, 2024 the Company announced that the closing date for the private placement had been extended until June 28, 2024.
On April 9, 2024, the Company announced the execution on March 26, 2024 of new Master Deployment Agreements for Cloud DX RPM Services with Beausoleil First Nation Paramedic Service and an Ontario County Paramedic Service. These agreements have a term of 24 months; including the purchase of products, subscriptions and bundled services. On April 18, 2024, the Company renewed a 24-month Master Deployment Agreement with the Guelph Wellington City of Guelph Paramedic Services. The aggregate value of these contracts is approximately $380,000.
On May 21, 2024 the Company announced the terms of the Remote Patient Monitoring Agreement for Cloud DX RPM Services with a British Columbia Provincial Health Services Authority (BC-PHSA), initially announced on May 7, 2024. On May 17, 2024 BC-PHSA posted the Award of the contract at BCBid.gov.ca, with a value of $9,412,277.06. The contract has a term of 36 months with 2 extensions. The average contract value of each individual patient subscription is expected to be approximately $1,520 CAD per year which covers the cost of the Connected Health Kit prescribed to each patient, software, and connectivity. Certain additional fees, including customizations and integrations can be added on an as-needed basis.
About Cloud DX
Accelerating digital 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 the co-winner of the Qualcomm Tricorder XPRIZE, 2022 Top Innovator by 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 Mohawk Medbuy.
Cloud DX Investor Site https://ir.clouddx.com/overview/default.aspx
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Officer Responsible for this Press Release:
Simon Selkrig
Chief Financial Officer
Phone 888-543-0944
simon.selkrig@clouddx.com
For Media Inquiries please contact:
Marketing Enquiries
Phone 888-543-0944
marketing@clouddx.com
For investor inquiries please contact:
Jay Bedard (Canada)
Cloud DX Investor Relations
Phone 647-881-8418
investors@clouddx.com
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.
Site des relations avec les investisseurs de Cloud DX https://ir.clouddx.com/overview/default.aspx
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Tous les énoncés prospectifs sont assujettis à des risques et à des incertitudes, tels que ceux décrits dans les rapports périodiques de Medtronic déposés auprès de la Securities and Exchange Commission. Les résultats réels peuvent sensiblement différer des résultats anticipés.
SOURCE: Cloud DX Inc.
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