Highlights include 151% increase in subscription revenue, 68% increase in total revenue, and 183% increase in gross profit compared to Q1-2022.
- The Company has announced 15 new commercial contracts from January 1 - March 31, 2023, compared to 28 contracts/extensions signed in FY-2022.
- Total Revenue of $568,006 represents an increase of 68.4% compared to the same period in 2022 due to increases in both new contracts signed and growth of existing contracts.
- Gross profit in Q1-2023 was $388,925, or 183% higher than in Q1-2022 due to increased Subscription and Product revenue from new customers and a reassignment of certain data hosting expenses from COGS to operating expenses.
KITCHENER, ON / May 29, 2023 / 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, 2023.
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First Quarter 2023 Financial Highlights:
Summary of Results:
For the period ending March 31, 2023, total reported revenue of $568,006 increased by $230,742 or 68.4% compared to the same period in 2022.
Subscription revenue increased by $131,961 or 151.3%, while Product revenue increased by $89,698 or 39.5% vs Q1-2022 due primarily to new patient enrollments in Canada and the USA.
These positive results show that growth in Cloud DX revenue from new contracts continues to accelerate.
Professional services revenue increased by $10,083 or 43.4% due to increased customization, integration and optimization contracts invoiced and paid in the period.
Government grant funding was $80,887 in 2023, vs $84,991 in 2022, a 4.8% decrease due primarily to timing of payments on active grants. Fluctuations in professional services revenue and grant funding amounts from period to period is not unusual for Cloud DX.
Operating expenses in the period were $2,599,550 compared to $2,365,848 the same period in 2022. Office Expenses increased by $47,468 or 49.4% due to a reassignment of data hosting expenses to operations from COGS. Increases in Sales, General and Administrative expenses and salaries - due primarily to inflation - were mostly offset by decreases in Professional Fees and R&D costs.
Cost of sales in Q1 decreased by $21,105 or 10.5% in compared to the same period in 2022, due to timing of inventory purchases and adjustments to COGS.
A one-time recorded loss of $498,949 due to foreign currency exchange accounts for essentially all of the $496,650 or 22.5% increase in Net Loss.
Gross Profit Margin:
Gross Profits increased in the period by $251,847 or 183.7%. As noted above, approximately $46,000 of this delta is attributable to a reassignment of data hosting costs from COGS to Office Expenses. Stripping out this one-time change in accounting, Gross Profit increased by ~$206,000 or ~150%.
Please see the Consolidated Financial Statements and MD&A posted at SEDAR.com for more details.
Additional Events of Note in Q1-2023
The Company executed or extended 15 new commercial contracts as of March 31, 2023 compared to 28 contracts/extensions in all of 2022, a run-rate increase of over 200%.
Patient enrollment in the period increased by approximately 30% as demand for remote patient monitoring products and services continued to increase, despite inflation and macro-economic uncertainty.
During the period the Company was granted its 9th and 10th patents covering innovations in digital bio-signal analysis using artificial intelligence.
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 Equitable Life of Canada.
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.
For media inquiries please contact:
For investor inquiries please contact:
Jay Bedard (Canada)
Cloud DX Investor Relations
Gary Zwetchkenbaum (USA)
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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