CloudMD Reports Record Q1 2020 Revenue of $3.1 Million

• Record Q1 2020 revenue of $3,056,729, an increase of 178% over Q1 2019
  
• Healthy gross margins of 41%, increased revenue from high margin verticals throughout remainder of 2020 
• Reached over 100,000 registered patients on CloudMD’s telemedicine platform
• Received conditional approval to list on the TSX Venture Exchange under “DOC”

VANCOUVER, British Columbia, June 01, 2020 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (CSE: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a telemedicine company revolutionizing the delivery of healthcare to patients, announced its financial results for the first quarter ending March 31, 2020. All financial information is presented in Canadian dollars unless otherwise indicated.

Dr. Essam Hamza, CEO of CloudMD commented, “We had a transformational first quarter which has positioned CloudMD for significant future growth. The acquisition of Livecare and the launch of our CloudMD app in BC and Ontario were two key initiatives for us, and we see great potential in both platforms to drive additional revenue in the future. COVID-19 has transformed the telehealth industry and these platforms allow us to support healthcare practitioners and also treat patients and provide exceptional patient care when they need it and from the safety of their own living rooms.” He continued, “For the remainder of the year, we are focused on executing our strategic growth plan which includes additional M&A opportunities, key partnerships and expanding our growing platform across Canada and North America.”

COVID-19 Impact

The coronavirus pandemic has drastically changed the telemedicine industry as more practitioners are forced to close practices and work from home. COVID-19 caused a surge in registered users across CloudMD’s entire enterprise and consumer businesses. The pandemic has expedited CloudMD’s growth plans as more practitioners are using hybrid, telemedicine solutions to compliment brick and mortar practices. CloudMD’s hybrid platform allowed its doctors to shut their physical doors and open up virtual waiting rooms immediately, which helped support the pandemic response and the mitigation phase ordered by government agencies. Due to COVID-19, all provinces across Canada have implemented telehealth billing codes which greatly helps the Company’s national rollout plan of its CloudMD app – currently only available in BC and Ontario.