Wall Street Researcher
CLOUD DX
CDXFF OTCQB – CDX TSXV
Remote Healthcare Services
Revs + 22%
Signs Third ParaMed Provider – Financial Results
In Home Health Monitoring
Medtronic Canada May Bring 1 Million Potential Clients
This medical solutions / med device company is in the spotlight . Shares are trading at bargain levels and near their yearly low having peaked earlier this year at $1.00 . Remote patient care will drive this company’s revenues still higher in the quarters to come .
Recent affiliations especially with Medtronic Canada has brought this company in contact with more than 1 million potential clients which is a significant building block moving forward.
We feel that a BUYING OPPORTUNITY is now at hand . All serious investors must place these shares on their BUY LIST and watch carefully for an UPSIDE BREAKOUT
Investor Contact – Gary Zwetchkenbaum- Plum Tree Consulting LLC –Cell : 516 – 455-7662 – EMAIL – gzplumtree@gmail.com
Cloud DX Signs Third Paramedical Service Provider with Peterborough County Paramedics
Paramedical Providers bring Remote Patient Monitoring (RPM) to Community Care
News in Summary
- Peterborough County is the third Paramedical Provider to sign with Cloud DX
- Paramedicine providers using RPM improve response rates, reduce hospital admissions, and improve community health
- Emergency and Paramedicine teams leverage government funding to implement RPM programs
KITCHENER, ON / ACCESSWIRE / May 4, 2022 / Cloud DX (TSXV:CDX) (OTC:CDXFF) announces it will support the Peterborough County/City Community Paramedic team with its Connected Health™ solution for remote patient monitoring. The Peterborough Paramedic service prides itself on providing its citizens and visitors with the best care possible, which now adds Cloud DX’s Virtual Care platform and devices. Per the 24 month contract, the County will purchase 200 Connected Health™ kits and subsequent software subscription fees for connectivity and patient support. Peterborough County is funding its RPM program through an Ontario government grant under the Community Paramedicine for Long-Term Care program.
Peterborough County is the third Ontario Paramedical provider to onboard Cloud DX Remote Patient Monitoring (RPM), in the last month. Like others, the county will use the Cloud DX platform and devices to monitor community members’ vital signs at home, enabling quicker action and improving response times if a user’s metric is out of range. Bringing RPM into the community improves user lifestyles, promotes aging in place, and adds more dignity to care. Research shows that RPM also lowers hospital admissions and re-admissions by 5%, a significant improvement that can address hallway medicine, growing surgical backlogs, and alleviate system burdens.
Craig Jones, Commander of Peterborough County’s Emergency Management and Operational states: “With our remote patient monitoring program we expect to reduce potentially avoidable Emergency Department (ED) utilization as well as a reduction in unnecessary hospital admissions and readmission. It will enable our ability to support those awaiting Long Term Care admission and allow us to support patients and care providers in allowing our clients stay well at home. The Cloud DX solution will allow our Paramedics to focus on being clinicians, while the Cloud DX team will support non-clinical processes.”
Anthony Kaul, COO and co-founder at Cloud DX, shared what this means for the industry. “Cloud DX powers patient monitoring in hospitals and clinics across North America. Now, Peterborough County brings Cloud DX into the community. Using our Connected Health™ solution, Peterborough Paramedic teams will improve the lives of community members: from supporting those with chronic conditions, conducting in-person hospital discharge follow-up after, checking on those managing COVID at home, or support individuals awaiting a bed in long-term care.”
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 the co-winner of the Qualcomm Tricorder XPRIZE, a 2021 Edison Award winner, a Fast Company “World Changing Idea” finalist, and was named a “New Innovator 2022” by Canadian Business magazine. Cloud DX is an exclusive virtual care partner to Medtronic Canada and Equitable Life.
Cloud DX Reports Fiscal 2021 Annual Results
KITCHENER, ON / ACCESSWIRE / May 2, 2022 / Cloud DX (TSXV:CDX) (OTCQB:CDXFF), (the “Company”) a leading North American provider of virtual care and remote patient monitoring solutions today reports results for the full year 2021.
Key Developments:
- Subscription Revenue of $369,863 was 23% higher for the year compared to 2020.
- Product Revenue of $292,344 was 59% lower due to timing of equipment orders.
- Total Revenue of $782,297 was 33% lower due to lower Product Revenue.
- Government funding was $1,205,085 (vs $1,395,016 in 2020).
- Overall, new and existing contract activity was negatively impacted by Delta and Omicron waves in Q3 and Q4, 2021 which slowed some adoption.
- Operating Expenses increased 53% due to hiring of key staff, one-time share-based compensation increase as part of the QT and a one-time impairment in Inventory.
- New partnerships in the fourth quarter, including with Medtronic Canada resulted in potential increased access to over 1,000,000 patients.
2021 Annual Financial Highlights
Revenue
For the year ended December 31, 2021, the key metric of subscription revenue increased 22.8% from $301,213 to $369,863. Overall revenue was lower by $381,498 or 32.8% due primarily to delays in some product orders, which won’t be recognized until 2022. Professional and other revenue was lower by $32,585 or 21.3% due primarily to COVID waves in Q3 and Q4 which paused some contracts (please see Audited Consolidated Financial Statements). Government grant funding was $1,205,085 in 2021, a 13.6% reduction from 2020 due primarily to the completion of an Ontario Centre for Innovation (OCI)-funded project.
Expenses
Operating expenses increased $3,730,325 or 53.4% in the year ended December 31, 2021, mainly due to the Company focusing on implementing infrastructure to support scaling of the business. Due to hiring additional employees in 2021, salaries and wages increased by $2,165,288 or 60.6%. One-time costs include an increase of $672,122 in share-based compensation at the QT, and a $289,160 impairment to Inventory. Research and development expenses fell by $76,643 or 13.9% between 2020 and 2021 due to completion of the initial phases of the NGEN Project in 2020. Please see Audited Consolidated Financial Statements for more details.
Customer Statistics
Cloud DX has seen access to available patients suited to its remote patient monitoring products increase due to the execution of 12 contracts over the course of 2021. In particular, contracts with Lung Health Ontario, Hamilton Health Sciences, University of Waterloo and 8 US clinics with partner Maxwell Telecare showed accelerating growth in the period. On December 1, 2021, the Company announced an exclusive contract with Medtronic Canada, under which that company (subsidiary of Medtronic PLC (NYSE:MDT)) agreed to integrate Cloud DX Connected Health into all its main lines of business in Canada. Medtronic stated that they serve up to 1,000,000 patients in Canada annually.
Subsequent Events
From January 1, 2022 to date, the Company has announced 12 new commercial contracts and the extension of 2 provincial/territorial government contracts, a performance that matches productivity in all of 2021.
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 the co-winner of the Qualcomm Tricorder XPRIZE, a 2021 Edison Award winner, a Fast Company “World Changing Idea” finalist, and was named a “New Innovator 2022” by Canadian Business magazine. Cloud DX is an exclusive virtual care partner to Medtronic Canada and Equitable Life.
INVESTOR PRESENTATION
The investor presentation will cover:
- Updates on new contracts as part of our Medtronic partnership;
- Details on our proprietary app, AcuScreen, launched in 2021, enabling any smartphone to detect Tuberculosis;
- A recap of Q4 2021 followed by a dive into Q1 financials that kicked off 2022 with a record number of contracts signed.
Event | Investor Update
Date | May 2, 2022
Time | 12 pm, Noon, EST
Please register – Register For Earnings Conf Call – Monday MAY 2, 12 NOON
Cloud DX Signs Clinic in Illinois Strengthening Position in the US
Cloud DX Signs Clinic in Illinois Strengthening Position in the US
Growing its partnership, Cloud DX welcomes the sixth Maxwell clinic this year
News in Summary
- Total of 12 clinics onboarded as part of Cloud DX’s partnership with Maxwell Telecare
- Cloud DX has doubled its Maxwell clinic growth from 2021, only 4 months into 2022
- Reimbursed US Medicare and Medicaid programs can impact 33% of adults1
KITCHENER, ON / April 27, 2022 / Cloud DX (TSXV:CDX) (OTC:CDXFF), a leading Virtual Care platform, announces a contract with a Maxwell primary care clinic in Northbrooke, Illinois, USA. The clinic will use Cloud DX’s platform and its Connected Health™ kits to support patients with chronic conditions, representing approximately 350 of its 2000 patient load.
As part of the partnership, this latest contract is the sixth Maxwell contract this year (2022), bringing the partnership total to 12 since signing last year (March 2021). The Maxwell clinics serve more than 25,000 patients who qualify for remote physiological monitoring reimbursable or chronic care management by Medicare and/or private insurance. Cloud DX expects to earn approximately $900 CAD in annual recurring revenue (ARR) per patient under said US reimbursement codes.
Robert Kaul, CEO and Founder of Cloud DX, states “We’ve doubled our adoption rate across the US clinic from last year, in just a few months. As the world navigates returning to normalcy, Remote and Virtual Care is one good thing that came out of the pandemic. The evidence is clear and irrefutable. For providers, lowering hospitalizations and re-admissions offloads systematic pressures and reduces care penalties. For patients, it means better lifestyles and outcomes. Virtual care and remote patient monitoring is truly a win-win for the healthcare industry. Working with partners like Maxwell that understand the clear benefits for all means we can make healthcare better, more quickly, and for more people. We’re thrilled to see the exponential growth across their US network.”
- Hajat, C., & Stein, E. (2018). The global burden of multiple chronic conditions: A narrative review. Preventive medicine reports, 12, 284-293.https://doi.org/10.1016/j.pmedr.2018.10.008
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 the co-winner of the Qualcomm Tricorder XPRIZE, a 2021 Edison Award winner, a Fast Company “World Changing Idea” finalist, and was named a “New Innovator 2022” by Canadian Business magazine. Cloud DX is an exclusive virtual care partner to Medtronic Canada and Equitable Life.
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