High 2024 contract renewal rate demonstrates continued client satisfaction.
News in Summary
- From January 1, 2024 to March 26, 2024 Cloud DX has renewed 11 contracts for Connected Health products and services, and hopes to renew 3 additional contracts by March 31.
- Renewing customers included 3 hospitals, 2 primary care clinics, 2 family health teams, 5 community paramedic services, the Canadian Lung Health Foundation and a Provincial health department
- Including orders for new Connected Health Kits and projected annual recurring revenues, completed renewals are expected to generate $1.25 million CAD revenue, of which $410,000 CAD is expected to flow in 2024.
- Cloud DX has now announced 16 new contracts, renewals or purchase orders valued at over $4.0M CAD since January 1, 2024, along with new customers VHA Home HealthCare, Sanrai International and Ottawa Hospital Research Institute.
KITCHENER, ON / ACCESSWIRE / March 27, 2024 / Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leading North American provider of virtual care and remote patient monitoring platforms is pleased to announce that it hopes that 100% of clients whose contracts are expiring in the first quarter of 2024 will renew. Of 14 potential renewals, 11 are renewed as of this date with 3 more .
Cloud DX executes contracts with several types of healthcare providers. These contracts typically vary in length from 12 months to a maximum of 84 months. Customers typically purchase Connected Health Kits that include approved medical devices and, in many cases, a customized tablet computer, connected to the internet using WiFi or cellular technology. Patients are prescribed a Connected Health Kit and attached subscription for chronic care management, post-surgical recovery, remote rehabilitation, or palliative care use cases. Using the included medical devices patients gather vital signs, and on the Cloud DX mobile app they answer surveys, receive care plan reminders, and communicate with their care team by text and video chat.
The customers renewing their contracts in the first quarter include 3 Canadian hospitals, 2 Alberta primary care clinics, 2 Ontario family health teams, 5 Ontario community paramedic services, the Canadian Lung Health Foundation and a Canadian Provincial health ministry.
Together these clients enrolled approximately 2,900 unique patients in 2023. Upon renewal of these contracts the Company has received orders for Connected Health Kits valued at $96,000 CAD. Recurring subscription revenues from these contracts is expected to increase to $575,000 CAD per year for a total of $1.5 million CAD in contract value to December 31, 2025. Cloud DX earns approximately 77% gross margins as stated in the Company's most recent Financial Statements.
From January 1, 2024, Cloud DX has announced new contracts or renewals valued at $4.6M, along with new Master Deployment Agreements with VHA HomeHealth Care, the Ottawa Hospital Research Institute and a Master Partnership Agreement with Sanrai International that includes distribution opportunities with Sanrai dealers in 65 countries around the world.
Cloud DX Founder and CEO Robert Kaul stated: "Cloud DX is happy to report that so far in 2024, all the contracts up for renewal have in fact renewed. Combined with the new contracts announced to date, it's clear that Cloud DX is executing well on our previously noted plan to grow our Canadian business rapidly. Our 100% contract renewal rate is one example of customer confidence in Cloud DX and comes just after the announcement of the early conversion of convertible debentures, followed by the escrow of 26 million shares, showing equally strong confidence from investors."
About Cloud DX
Accelerating digital healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health™ 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, winner of "2022 Top Innovator" from 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 Sanrai International.
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Phone 888-543-0944
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For investor inquiries please contact:
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Cloud DX Investor Relations
Phone 647-881-8418
investors@clouddx.com
Officer responsible for this Press Release:
Robert Kaul
Chief Executive Officer
Phone 888-543-0944
ceo@clouddx.com
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
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.
Investor Conference Videos Now Available
Cloud DX CEO Robert Kaul presented a Zoom webinar on January 17, 2024, at 4:00 PM Eastern Time (US and Canada). A recording of his presentation can be seen HERE:
The Maxim Group (NYC) held their Annual Healthcare IT Virtual Conference on Wednesday January 24th, 2024, with 18 companies presenting. Investors can see the Cloud DX presentation HERE.
SOURCE: Cloud DX Inc.
View the original press release on accesswire.com
