KITCHENER, ON / ACCESSWIRE / May 30, 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 first quarter of 2022.
Key Developments:
- Total Revenue of $337,263 is a 11.4% increase over Q1 2021
- Operating Expenses increased 25.7% vs Q1 2021 due to increased staff size as well as increased sales, marketing, and operations expenses as we scale up.
- The Company signed 12 new commercial contracts and saw 2 provincial/territorial contract extensions in the quarter, exceeding the total number of contracts/extensions signed in all of 2021.
2022 First Quarter Financial Highlights
Revenue
For the quarter ended March 31, 2022, total revenue increased by $34,419 or 11.4% compared to the same quarter in 2021. Both product and services revenues increased. Government grant funding was $84,991 in the quarter, an 82.6% reduction from the same period in 2021 due primarily to timing of payments on active grants and to one-time pandemic-related funding in 2021 not occurring in 2022. This fluctuation in grant funding amounts is not unusual.
Expenses
Operating expenses increased $483,865 or 25.7% in the quarter ended March 31, 2022 compared to the same period in 2021, mainly due to increases in sales, marketing and operations expenses as the Company scales up. Please see Audited Consolidated Financial Statements and Q1 MD&A for more details.
Customer Statistics
The Company executed 14 new commercial contracts and 2 provincial/territorial contract extensions in the Quarter. In the United States, contracts were signed with large clinical practices in Massachusetts and Pennsylvania, while partner Maxwell Telecare signed contracts with 5 physician practices. In Canada, notable contracts include a unique arrangement with Equitable Life to deploy Cloud DX Connected Health to members with critical illness insurance. The first Medtronic Canada - Cloud DX hospital contract was signed with St Mary's Hospital in Kitchener ON. The Company signed agreements with three County Paramedic Services in Ontario.
The number of contracts executed in Q1 2022 (14 contracts) has already exceeded the number contracts signed in all of FY2021 (12 contracts).
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.
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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Social Links
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LinkedIn https://www.linkedin.com/company/cloud-dx/
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For media inquiries please contact:
Janine Scott
Marketing Lead
306-612-0828
[email protected]
For investor inquiries please contact:
Jay Bedard
Cloud DX Investor Relations
647-881-8418
[email protected]
SOURCE: Cloud DX