CLOUD DX Signs $230,000 Contract with US Internal Medicine Clinic

The Company has reported new contracts, renewals or orders valued at approximately $2.8 million CAD so far in 2024, outpacing growth in 2023.

News in Summary

• On February 8, 2024, Cloud DX signed a new 24-month Master Deployment Agreement with Dr Lee S. Freedman, an MDVIP-affiliated internal medicine practice based in Highland Park IL.
• Dr Freedman intends to enroll approximately 125 patients who will best benefit from Remote Patient Monitoring with Cloud DX Connected Health, valuing the agreement at approximately $230,000 CAD.

KITCHENER, ON / ACCESSWIRE / February 22, 2024 / Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leading North American provider of subscription-based virtual care and remote patient monitoring services is pleased to announce a new Master Deployment Agreement with Lee S. Freedman MD, based in Highland Park IL. Dr Freedman's practice is affiliated with the MDVIP, a concierge medicine group with over 1,000 clinics nation-wide specializing in care for adults including those with complex chronic conditions.

Cloud DX will work with Dr Freedman and his staff to enroll approximately 125 patients who will most benefit from remote monitoring using Cloud DX Connected Health, especially patients with chronic obstructive pulmonary disease, congestive health failure, diabetes, hypertension, and related co-morbidities. Typically, Cloud DX earns around $700 USD per patient per year for US deployments. In their most recent financial statements, the Company reported gross margins of 77%. Dr Freedman is the second MDVIP affiliated practice in Illinois to deploy Connected Health by Cloud DX.

Dr. Freedman stated "There is no question in my mind that remote monitoring of patients with chronic diseases improves care and lowers overall costs to the system. We are looking forward to launching our Cloud DX deployment in March 2024".

Cloud DX Co-founder and COO Anthony Kaul stated: "These newly announced contracts indicate that the Cloud DX Connected Health platform is achieving our goal of bringing the benefits of virtual care and remote patient monitoring to the patients who need it the most. Clinicians like Dr Freedman are on the front lines of the battle against chronic disease that generate over 80% of all healthcare spending in North America. Cloud DX automates the collection of at-home patient data, enabling early detection of complications and creating a closer and richer doctor-patient relationship while improving health outcomes.