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Cloud DX Clients Expand Contracts in Response to 50%–200% Growth in Remote Monitoring Programs

Tuesday, 07 February 2023 03:10 PM

Cloud DX Inc.

Existing clients procure more Connected Health™ kits for successful hospital-at-home and community programs

News in Summary

  • Two customers buy additional remote monitoring kits, and future subscription fees, delivering up to $297,000 CAD in revenue to Cloud DX.
  • Paramedicine and Community Health Center customers grow their programs by 200% and 50%, respectively.
  • Published studies show Cloud DX Connected Health™ reduced hospital readmissions, reduced anxiety and pain, and established a closer connection between patient and care team.

KITCHENER, ON / ACCESSWIRE / February 7, 2023 / Cloud DX (TSXV:CDX)(OTC:CDXFF), a leading health data platform, announces expansion contracts with two existing clients, adding additional vital sign devices and software services to each remote patient monitoring (RPM) program. These contracts follow successful initial deployments of Connected Health™ by Cloud DX for remote monitoring programs within the last two years.

The Community Health organization is set to grow its remote patient monitoring program by nearly 50% generating expected revenue of $167,626 CAD. The expansion will allow the organization to provide Connected Health™ kits to more chronic care patients in the rural community.

The Paramedicine expansion supports the customer's 3x growth of its RPM program, a milestone achieved within 4 months - Cloud DX implemented this program in November 2022. Cloud DX will deliver Connected Health™ kits, paid up front, with additional revenue expected for software subscription and service fees; between hardware and subscription revenues, the contract is set to deliver up to $90,000 CAD in revenue.

Cloud DX Founder and CEO, Robert Kaul says "We're thrilled to see our award-winning Connected Health™ platform thrive in these communities. The growth in RPM demand our customers are experiencing indicates the success and acceptance of evidence-based virtual care in Community Paramedicine and rural communities, where chronically ill patients may have limited access to healthcare services. Patients report over 97% satisfaction with our patient-centered RPM platform and best-in-class vital signs devices."

About Cloud DX

Cloud DX is on a mission to make healthcare better for everyone. Healthcare clinics and hospitals across North America use our health data platform, Connected Health™, to add remote and virtual technology to care delivery. Our remote monitoring solution lets care teams virtually and efficiently monitor hundreds of patients from the comfort of their homes; Patients use medical devices connected to the platform that securely transmits that data to the care team's dashboard or EMR. Connected Health™ supports remote vital sign monitoring, behavioral questionnaires, telehealth, care pathways for chronic care, aging in place, palliative or perioperative hospital-at-home, and more. Our customers achieve better healthcare and patient outcomes, reduce hospitalizations and readmissions, lower care delivery costs, and grow patient panels, revenue, and more.

Cloud DX is an exclusive partner to Medtronic Canada, Teladoc Health Canada, and Equitable Life of Canada. 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."

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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.

SOURCE: Cloud DX Inc.

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