Virtual Care and Remote Monitoring Leader Cloud DX Signs New Contracts, Contract Renewals and Delivers Industry Firsts, Making First Quarter a Record Quarter
News in a nutshell
- Cloud DX books over $1.2 million in new contracts and renewals so far in Q1
- Several 3rd party surveys show over 95% patient satisfaction with Cloud DX
- The first contract under the pan-Canadian Medtronic partnership is signed in Ontario
KITCHENER, ON/ACCESSWIRE/March 1, 2022/DX Cloud (TSXV:CDX) (OTC:CDXFF), Cloud DX, a digital health innovator providing leading virtual care and remote monitoring solutions in North America, is pleased to share an update on its partnerships, new contracts and contract renewals. Cloud DX’s recent partnerships with Medtronic Canada, Prizm Media and Maxwell Telecare have provided opportunities to accelerate deployments of its chronic care management and post-surgical patient follow-up programs in North America.
As of March 1, 2022, Cloud DX has reserved 1.2 million Canadian dollars in new cases, including in particular its first partner Medtronic chronic obstructive pulmonary disease (COPD) treatment support contract at St. Mary’s General Hospital. Last month’s success also includes a new contract with another pulmonary rehabilitation program in Canada, the renewal and expansion of a Canadian provincial/territorial remote patient monitoring contract for 24 months, the launch of a new innovative critical illness benefit with Equitable Life (a first in insurance in Canada)and a new primary care telemonitoring contract with a large clinic in Massachusetts, USA1. These revenues will be paid out in 2022 and 2023, with the majority this year coming from purchases of new Connected Health™ kits.
Commenting on the company’s traction, Cloud DX Independent Board Director Brad Miller said, “In 2021, Cloud DX laid the groundwork, through contracts and partnership agreements , to grow aggressively in 2022. Patients and healthcare staff love virtual care with Cloud DX’s Connected. Health™. Deployment expertise, innovation and exceptional customer service are all key reasons Cloud DX continues to forge exclusive partnerships with leaders such as Medtronic Canada and Equitable Life. With the traction achieved so far in 2022, this quarter turns into a record quarter for the company. With remote patient monitoring expected to reach over 70 million patients by 2025, Cloud DX expects continued and accelerated growth in 2022.”
Cloud DX currently has access to over 2 million patients and projects to approach cash flow positive once approximately 10,000 patients are enrolled.
The second installment of the announcement previously announced by the company Private Placement of Convertible Debentures is currently open. Term sheets are available upon request, please email: [email protected].
Footnotes: Cloud DX and Medtronic announced their contract with St. Mary’s General Hospital on February 23, 2022. Equitable Life of Canada and Cloud DX announced their partnership and critical illness benefit on February 14, 2022. Cloud Dx announced their contract with an Ontario Pulmonary Rehab Clinic on December 21, 2021. Cloud DX signed a contract with a clinic in Massachusetts, USA in February 2022.
Accelerating virtual healthcare, DX Cloud is dedicated to improving health care for all. Our connected health MT Remote patient monitoring platform is used by healthcare companies and care teams across North America to virtually manage chronic conditions, enable aging-in-place, and provide post-surgical care of hospital quality at home. Our partners achieve better healthcare and better patient outcomes, reduce the need for hospitalization or readmission, and lower the costs of delivering healthcare through more efficient use of resources. Cloud DX is a Qualcomm Tricorder XPRIZE Winner, 2021 Edison Prize Winner, Fast Company “World Changing Idea” Finalist, and one of the “Top Ten Telehealth Providers in Canada.” In 2021, Cloud DX became an exclusive partner of Medtronic Canada.
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THE SOURCE: CloudDX Inc.
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