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Cloud DX Reports FY2022 Results

Monday, 15 May 2023 11:25 AM

Cloud DX Inc.


Highlights include 49% increase in revenue, 107% increase in gross profit and 14.5% improvement in EBITDA compared to FY2021

Key Developments:

  • The Company has announced 28 new commercial contracts to Dec 31st, an increase of 233% compared to contracts/extensions signed in all of 2021.
  • Total Revenue of $1,166,003 represents an increase of 49% compared to FY2021 due to increases in both new contracts signed and growth of existing contracts.
  • Gross profit in FY2022 was 107.2% higher than in FY2021 due to increased shipments of Connected Health Kits to new customers in Canada and the USA, and subscription revenue.
  • EBITDA improved 14.5% in 2022 vs 2021, continuing the trend seen from Q3 and Q4.

KITCHENER, ON / ACCESSWIRE / May 15, 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 12 months ending December 31, 2022.

Earnings Call Webinar:

Monday May 15th 2023
11:00 AM PDT / 2:00 PM EDT
Registration - click here

Fiscal Year 2022 Financial Highlights:

Cloud DX Inc., Monday, May 15, 2023, Press release picture

Summary of Results:


For the year end December 31, 2022, total reported revenue of $1,166,003 increased by $383,706 or 49% compared to the same period in 2021.

Product revenue more than doubled, by $316,633 or 108.3%, while Subscription revenue increased by $142,791 or 38.6% vs FY2021 due primarily new patient enrollments in Canada and the USA.

These positive results show that Cloud DX revenues from new and expanded contracts are accelerating year-over-year.

Professional services revenue decreased by $75,718 due to fewer customization, integration and optimization contracts invoiced in the period.

Government grant funding was $493,962 in FY 2022, a 59% decrease from FY 2021 due to the timing of payments on active grants. Fluctuations in professional services revenue and grant funding amounts from period to period is not unusual.


Annual operating expenses decreased $389,568 or 3.6% in the year compared to the same period in 2021, mainly due to a 93% decrease in stock-based compensation offset by increases in salaries, wages & benefits reflecting recent inflation.

Cost of sales in Q3 increased by $71,819 in 2022 due to purchase of additional inventories of Connected Health kits and adjustments to COGS.

Please see the Q3 Consolidated Financial Statements and Q3 MD&A for more details.

Customer Statistics FY2022

The Company executed or extended 28 new commercial contracts as of December 31, 2022 compared to 12 contracts/extensions in all of 2021, an increase of 233%.

In the United States, contracts were signed with large clinical practices in Massachusetts, Pennsylvania, Michigan and Alaska. Oregon Health and Science University extended their contract to use Connected Health to educate nurses on remote patient monitoring (RPM).

In Canada, notable contracts include a unique partnership with Equitable Life, and the first Medtronic Canada hospital contract. In 2022 the Company was awarded 6 contracts for RPM with 5 Paramedic Services in Ontario for community long term care.

On August 8, 2022 Cloud DX announced a partnership with Teladoc Health (NYSE:TDOC), the largest telemedicine provider in the world. Teladoc Health delivers care via video to over 55 million people annually. The agreement includes integration of Teladoc software into Cloud DX Connected Health, which is now being jointly marketing to providers in Canada, the USA and other countries.

On November 8, 2022 the Company announced the Continuous Connected Patient Care (CCPC) project, led by Cloud DX and Medtronic, in partnership with St. Paul's Hospital, Providence Health Care, Simon Fraser University, 3D Bridge Solutions Inc., and Excelar Technologies. This $12.8 million project received $5.2 million in non-dilutive funding from the Digital Technology Supercluster.

Subsequent events:

The company announced a Private Placement on January 20, 2023, offering investors Units consisting of 1 common share and 1 share purchase warrant, priced at $0.14/Unit. The term of the warrants is 3 years, with an exercise price of $0.21/share. If the company's stock trades at or above $0.42/share for 20 consecutive days the term of the warrants is reduced to 15 days from the date of notice. In connection with the closing of the first tranche of the Private Placement on March 15, 2023, investors subscribed for 18,584,878 Units at a price of $0.14 per Unit for aggregate gross proceeds of $2,601,884.

The Company has announced 15 new or extended contracts to date in 2023, including new contracts with Canadian hospitals, Community Care organizations and Paramedic Services.

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

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.

Cloud DX Inc., Monday, May 15, 2023, Press release picture

Social Links


For media inquiries please contact:

Marketing Enquiries
Phone 888-543-0944
[email protected]

For investor inquiries please contact:

Jay Bedard (Canada)
Cloud DX Investor Relations
Phone 647-881-8418
[email protected]

Gary Zwetchkenbaum (USA)
Plumtree LLC
Phone 718-224-3123
Cell 516-455-7662
[email protected]

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

La Bourse de croissance TSX et son fournisseur de services de réglementation (tel que ce terme est défini dans les politiques de la Bourse de croissance TSX) n'assument aucune responsabilité quant à la pertinence ou à l'exactitude du présent communiqué.

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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