CloudMD Reports Record Q1 2020 Revenue of $3.1 Million - Seite 2
Q1 2020 Financial Highlights
- Q1 2020 total revenue was $3,056,729, compared to $1,100,330 in Q1 2019, an increase of 178%. The revenue generated from SAAS model digital services was $427,179 compared to $240,787 in Q1
2019, an increase of 77% primarily attributable to organic growth. The revenue generated from medical clinics and pharmacies was $2,629,550 compared to $859,543 in Q1 2019, an increase of 206%
primarily attributable to the Company's acquisitions over the past year.
- Q1 2020 gross margin was 41%, compared to the same 41% in Q1 2019. Gross margins remained stable as the Company increased the revenue generated from higher margin digital services and
telehealth but incurred higher than usual variable costs primarily due to the Company’s expansion into Ontario. The Company expects the gross margin to improve as efficiencies are realized and to
remain strong for the remainder of 2020 as it begins to recognize additional revenue from high margin sources like digital services, pharmacy kiosk partnerships and telehealth visits.
- Net loss and comprehensive loss in Q1 2020 was $1,622,994, resulting in a net loss per share (basic and diluted) of $0.02. Adjusted EBITDA (earnings before interest, taxes, depreciation and
amortization) loss was $914,646 for Q1 2020, compared with adjusted EBITDA loss of $917,112 in Q1 2019.
- CloudMD ended Q1 2020 with a balance sheet of $2,760,136 in cash. This amount did not include subscription receivable of $200,000 subsequently received after March 31, 2020. Additionally, the cash position does not reflect the $13 million bought deal financing CloudMD anticipates closing on June 2, 2020.
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Other Q1 Highlights and Events Subsequent to the Quarter
- On January 9, 2020 CloudMD appointed Richard Atkins as SVP, Sales. Richard brings over 30 years experience in global business development and sales. Richard’s most
recent position was SVP of sales of Health Navigator, a US healthtech company recently purchased by Amazon for their telehealth platform.
- On January 13, 2020, the Company announced it closed the acquisition of Livecare, one of the pioneer turnkey telehealth platforms, which enables practitioners to
transition traditional practices to offer telemedicine services.
- On January 14, 2020, the Company appointed Dr. Amit Mathur a founder of Livecare, to the Board of directors, subsequently appointing him President in February 2020.
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