Cloud DX Reports Results for the Second Quarter and First Six Months of 2023

Highlights in H1 include 115.8% increase in subscription revenue, 63.3% increase in total revenue, and 167% increase in gross profit compared to the first half of 2022.

Key Developments:

The Company has announced 20 new commercial contracts from January 1, 2023 to date, compared to 28 contracts/extensions signed in all of FY-2022.

Total Revenue to June 30 of $946,373 represents an increase of 63.3% compared to the same period in 2022 due to increases in both new contracts signed and growth of existing contracts.

Gross profit to June 30 was $690,505, or 167% higher than in H1-2022 due to increased Subscription and Product revenue from new customers.

Important new/extended contracts announced: 7 new Community Paramedic contracts; RFP win with Mohawk Medbuy; RFO win with Western Canadian Primary Care Network

KITCHENER, ON / ACCESSWIRE / August 29, 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 3 months and 6 months ending June 30, 2023.

Earnings Call Webinar:

Tuesday August 29^th 2023
11:00 AM PDT / 2:00 PM EDT
Registration - click here

2023 Second Quarter Financial Highlights

Foto: Accesswire

2023 Six Month Financial Highlights

Foto: Accesswire

Summary of Results:

Revenue

For the quarter ended June 30, 2023, total reported revenue of $378,367 increased by $136,141 or 56.2% compared to the same quarter in 2022. Product revenue was flat, with a small decrease of $578 or 0.6% and professional services revenue increased by $31,563 or 116.3%. Subscription revenue increased by $98,964 or 88.5% vs Q1 2022 due primarily to increased patient enrollment across all our Canadian contracts. Government grant funding was $84,413 in the quarter, a 72.9% decrease from the same period in 2022 due primarily to timing of payments on active grants. Government grant funding payments routinely fluctuate from period to period.

For the six months ended June 30, 2023, total revenue of $946,373 increased by $366,884 or 63.3% compared to the same period in 2022. Product revenue increased by $89,121 or 27% due to new customers in Canada and the US purchasing Connected Health Kits. Professional services revenue increased by $40,495 or 80.4% due to increased integration, customization and services orders from large government and hospital customers. Subscription revenue increased by $229,926 or 115.8% vs this period in 2022 due to large and ongoing increases in patient enrollment as new contracts signed in Q1 and Q2 come on-stream. Government grant funding was $165,300 in the six months, a 58.3% decrease from the same period in 2022 due primarily to timing of payments on active grants, and an expected reduction in the Company's dependance on government grants. Fluctuations in professional services and grant funding amounts from period to period are not unusual for Cloud DX.