Cloud DX Reports Positive Third Quarter and Year to Date 2023 Results

Highlights include 32.6% increase in YTD revenue, 52.2% increase in YTD gross profit and 47.5% improvement in Adjusted EBITDA compared to Q3 2022.

Key Developments:

• Total Revenue of $1,421,686 increased 32.6% YTD vs revenue of $1,071,879 in the same period in 2022 due to the performance of contracts signed throughout 2023.
• Gross profit YTD increased 52.2% to $1,096,364 due to increase in revenue and efficient control of costs from operations in the period (see Note 7 in the Q3 2023 Financial Statements).
• Negative Adjusted EBITDA decreased 47.5% in the 3rd quarter and decreased 31.5% in the nine months ending September 30, 2023, vs the same periods in 2022 continuing the trend from Q1 and Q2.

KITCHENER, ON / ACCESSWIRE / November 27, 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 9 months ending September 30, 2023.

Foto: Accesswire

Summary of Results:

Revenue

For the quarter ended September 30, 2023, total reported revenue of $475,218 was flat compared to $492,390 earned in the same quarter in 2022, but revenue from operations increased across the board. Product revenue increased by $28,325 or 13.8%, while Subscription revenue increased by $44,336 or 26.8%, and Professional services revenue increased by $32,175 vs $345 in the same period in 2022. Government grant funding was $143,228 in the 3rd quarter, a 54.3% decrease from the same period in 2022 due primarily to timing of payments on active grants. These positive results from operations show that Cloud DX revenues from new contracts are flowing and increasing.

For the nine months ended September 30, 2023, total revenue of $1,421,686 increased by $349,807 or 32.6% compared to the same period in 2022. Product revenue increased by $117,448 or 21.9% due to new customers in Canada and the US purchasing Connected Health Kits. Professional services revenue increased by $72,941 or 143.8% due to increased orders for integrations and customizations in the period. Subscription revenue increased by $274,350 or 75.4% vs this period in 2022 showing strong growth in new patients enrolled during the period. Government grant funding was $308,538 in the nine months to September 30, a 56.5% decrease from the same period in 2022 due primarily to timing of payments on active grants. Fluctuations in professional services revenue and grant funding amounts from period to period are not unusual; these results show that Cloud DX is becoming less dependent on government funding as we get closer to profitability.