WATERLOO, ON / ACCESSWIRE / November 29, 2021 / Cloud DX (TSXV:CDX)(OTCQB:CDXFF), Cloud DX, a leading North American provider of virtual care and remote patient monitoring solutions, today reports results for the third quarter of fiscal 2021.
- Overall revenue lower by 4%; Subscription revenue increased 22%
- New partnerships in the quarter resulted in access to up to 27,000 patients
- Inclusion of one-time costs attributed to the Qualifying Transaction impacted expenses;
- 120% increase in operating expenses
- 98% decrease in adjusted EBITDA
Third Quarter Financial Highlights
Year to Date Financial Highlights
In the 3 months ended September 30, 2021 subscription revenue was 19% lower. Product and professional services revenue is anticipated to be variable in the early stages of growth. Specifically, in 2020 a large Connected Health Kit deployment for an academic study generated an unusual concentration of hardware revenue that has not occurred in 2021.
In the 9 months ended September 30, 2021 subscription revenue increased 22%. Similar to the three-month period, product and professional services revenue is projected to fluctuate in the early stages of growth. As noted above, in 2020 a large project-based order of Connected Health Kits had no comparison to date in 2021.
In the 3 months ended September 30, 2021 operating expenses increased 20% predominantly caused by certain cash and non-cash expenditures associated with the Qualifying Transaction. Salaries and wages were 38% higher thanks to an additional 27 employees between September 30, 2020 and September 30, 2021. Sales, General and Administrative was 223% higher due to higher comparative advertising and promotion, insurance and subscription costs as compared to September 2020.
In the 9 months ended September 30, 2021, operating expenses increased 72% primarily driven by certain cash and non-cash expenditures associated with the RTO; Professional fees were 41% higher caused by costs attributable to this transaction; stock based compensation was higher due to the obligation to revalue employee stock-based compensation granted as previously issued stock options were cancelled prior to the RTO. Headcount increased by 29 FTEs between September 30, 2020 and September 30, 2021 causing a 74% increase in salaries and wages.
Cloud DX has seen access to available patients suited to its remote patient monitoring products increase as follows:
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 one of "Canada's Ten Most Prominent Telehealth Providers.
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SOURCE: Cloud DX Inc.