CLOUD DX Renews 11 Customer Contracts Valued at $1.25 Million

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.