Cloud DX Reports FY2023 Results

Highlights include 55.4% increase in total revenue, 69% increase in subscription revenue, 112.8% increase in gross profit, and 20.4% reduction in operating loss compared to FY2022.

Key Developments:

• Total Revenue of $1,811,885 represents an increase of 55.4% compared to FY2022 due to increases in both new contracts signed and growth of existing contracts.
• Gross profit in FY2023 doubled from $602,896 to $1,282,680 compared to FY2022 due to increased subscription revenue (up 69% YoY), product revenue (up 15.4% YoY) and professional services revenue (up 436.8% YoY).
• Operating expenses were reduced by $1,304,197 or 12.6% in 2023 vs 2022 due to increases in efficiency, and reductions in staff costs.
• Operating loss was reduced by $1,990,085 or 20.4% due to reduced costs and increased profitability.

KITCHENER, ON / ACCESSWIRE / April 29, 2024 / 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 12 months ending December 31, 2023.

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Fiscal Year 2023 Financial Highlights:

Foto: Accesswire

Summary of Results:

Revenue:

For the year end December 31, 2023, total reported revenue of $1,811,885 increased by $645,882 or 55.4% compared to the same period in 2022.

Subscription increased by $353,837 or 69%, while Product revenue increased by $93,952 or 15.4% vs FY2022 due primarily new patient enrollments in Canada and the USA.

Professional services revenue increased by $184,650 or 436.8% due to larger customization, integration and optimization contracts invoiced in the period.

These positive results show that Cloud DX revenues from new and expanded contracts are accelerating year-over-year.

Government grant funding was $453,543 in FY 2023, an 8.2% decrease from FY 2022 due to the timing of payments on active grants. Fluctuations in professional services revenue and grant funding amounts from period to period is not unusual.

Expenses:

Annual operating expenses decreased $1,304,197 or 12.6% in the year compared to the same period in 2022, mainly due to a $1,208,550 decrease in salaries, wages & benefits reflecting selective staff reductions.

Cost of inventories increased by $63,778 in 2023 compared to 2022 due to purchase of additional inventories of Connected Health kits.

Please see the Q3 Consolidated Financial Statements and Q3 MD&A for more details.