Contract renewals reflect high customer satisfaction with Cloud DX Connected Health products and services across North America.
News in Summary
· On April 4, 2024, Cloud DX renewed a 12-month Master Deployment Agreement with an Ontario County Paramedic Service and on April 18, 2024, Cloud DX renewed a 24-month Master Deployment Agreement with the Guelph Wellington - City of Guelph Paramedic Service.
· In Ontario, Remote Patient Monitoring (RPM) services are offered in the community under the Community Paramedicine for Long-Term Care program (CPLTC).
· Cloud DX Connected Health™ RPM products and services allow Community Paramedics to monitor seniors where they live, extending the time they can stay at home in comfort and reducing pressure on nursing home waiting lists.
· Cloud DX has announced 24 new contracts and/or contract renewals, valued at $5,100,000 CAD so far in 2024. Notable announcements include new contracts with Ontario Paramedics, Ottawa University Research Institute, VHA Home HealthCare and Health PEI.
· Cloud DX will report Fiscal Year 2023 results and hold an Earnings call on Monday April 29, 2024. Please register for the Earnings Call HERE.
KITCHENER, ON / ACCESSWIRE / April 23, 2024 / Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leading North American provider of virtual care and remote patient monitoring platforms is pleased to announce the renewal on April 4, 2024 of the Master Deployment Agreement with an Ontario County Paramedic Service for 12 months. On April 18, 2024, the Company renewed the Master Deployment Agreement with Guelph Wellington - City of Guelph Paramedic Service for 24 months.
In Ontario, Community Paramedic Services offer Cloud DX Connected Health RPM services to seniors who can benefit from daily monitoring of vital signs, physical symptoms and in many cases, chronic conditions such as chronic obstructive pulmonary disease (COPD) and congestive heart failure (CHF). Patients can interact with the Paramedics via the Cloud DX mobile app, allowing for close oversight and empowering patients to help manage their own care.
The Community Paramedicine for Long-Term Care (CPLTC) program is fully funded by the Ontario provincial government to provide additional care for seniors before admission into long-term care. Recently the province announced an additional $174 million CAD in funding to expand the CPLTC program from 2024 onwards.
Including the purchase of products, subscriptions and bundled services, the aggregate value of these contracts is approximately $380,000 CAD. In their most recent financial statements Cloud DX reported gross margins of approximately 77%.
Emily Cooper, Field Superintendent, Guelph Community Paramedicine stated: "Guelph Wellington Paramedic Service greatly values the ongoing partnership we have with Cloud DX, specifically through our Community Paramedicine program, and the healthcare benefits remote monitoring provides. Remote monitoring allows our Community Paramedicine team to catch and prevent health exacerbations and alert the client's circle of care to better support them to stay well, in their home."
Cloud DX Founder and CEO Robert Kaul commented: "Contract renewals are a key sales metric for Cloud DX, and we are very pleased to be able to continue serving these very satisfied clients. Cloud DX has the distinction of announcing agreements with Community Paramedic Services in 10 Ontario counties and to date, at each opportunity our Master Service Agreements have been renewed and extended. That makes the CPLTC Program, in aggregate, one of our largest customers."
In comments published by CBC News, Renfrew County Paramedic Chief Michael Nolan stated "Community paramedics can lower the likelihood that those higher-use populations will call 911 or go to the emergency department by up to 70%. Community paramedics can visit and support vulnerable populations without adding more strain on emergency providers - something that can be done in the patient's own home, not in a hospital bed."
About Cloud DX
Accelerating digital healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health™ remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, winner of "2022 Top Innovator" from Canadian Business, a 2021 "Edison Award" winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers." Cloud DX is an exclusive partner to Medtronic Canada and Teladoc Health Canada.
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Forward Looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. In particular, this news release includes certain forward-looking statements concerning the terms of the contract extension, the expected proceeds therefrom, as well as management's objectives, strategies, beliefs and intentions.
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the Company's the ability of the Company to fulfill the terms of and derive the benefits from the contract extension.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.
À propos de Cloud DX
Accélérant les soins de santé virtuels, Cloud DX a pour mission d'améliorer les soins de santé pour tous. Notre plateforme de surveillance à distance des patients Connected HealthMC est utilisée par des entreprises de soins de santé et des équipes de soins partout en Amérique du Nord pour gérer virtuellement les maladies chroniques, permettre aux gens de vieillir chez eux et fournir des soins post-chirurgicaux de qualité hospitalière à domicile. Nos partenaires obtiennent de meilleurs résultats pour les soins de santé et les patients, réduisent le besoin d'hospitalisation ou de réadmission, et réduisent les coûts de prestation des soins de santé grâce à une utilisation plus efficace des ressources. Cloud DX est co-lauréate du prix Qualcomm Tricorder XPRIZE, lauréate du prix Edison 2021, finaliste du concours « World Changing Idea » de Fast Company et un des dix plus importants fournisseurs de télésanté au Canada.
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SOURCE: Cloud DX Inc.
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