Cloud DX (TSX-V:CDX, OTCQB:CDXFF) said its gross profit more than doubled in the 2022 financial year driven by increased shipments of its Connected Health Kits to new customers in Canada and the United States and a jump in subscription revenue.
The digital health platform and remote patient monitoring solutions provider reported a year-over-year leap in gross profit of 107.2% to $602,896, compared to $291,009 in the previous financial year.
Revenue increased 49% to $1.2 million from $0.8 million in 2021, which the company attributed to an increase in new contracts signed and the growth of existing clients.
Product revenue more than doubled, up 108.3%, while subscription revenue increased by 38.6%, Cloud DX (TSX-V:CDX, OTCQB:CDXFF) said.
Further, the company announced 28 new commercial contracts in the period to December 31, 2022, an increase of 233% over the number of contracts and extensions signed in 2021, which was 12.
“These positive results show that Cloud DX revenues from new and expanded contracts are accelerating year-over-year,” the company said in a statement.
Subsequent to the end of the 2022 financial year, Cloud DX highlighted that it has announced 15 new or extended contracts in 2023, including new contracts with Canadian hospitals, community care organizations, and paramedic services.
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