Cloud DX (TSX-V:CDX, OTCQB:CDXFF) Inc has announced that its first-quarter 2023 revenue rose 68.4% year over year to $568,006, which the company attributed to increases in both new contracts signed and growth of existing contracts.
The health data platform technology firm also said its subscription revenue for the period surged by $131,961, or 151.3%, while its product revenue increased by $89,698, or 39.5%, due primarily to new patient enrollments in Canada and the US.
As well, Cloud DX (TSX-V:CDX, OTCQB:CDXFF) reported that its 1Q gross profit jumped 183% year over year to $388,925, due to increased subscription and product revenue from new customers and a reassignment of certain data hosting expenses from cost of goods sold (COGS) to operating expenses.
The company noted that its cost of sales in the quarter decreased by $21,105, or 10.5%, compared to the same period in 2022, due to the timing of inventory purchases and adjustments to COGS.
Furthermore, Cloud DX (TSX-V:CDX, OTCQB:CDXFF) stated that it executed or extended 15 new commercial contracts as of March 31, 2023, compared to 28 contracts/extensions in all of 2022, a run-rate increase of over 200%.
The company added that patient enrollment in the period climbed by about 30% as demand for remote patient monitoring products and services continued to increase, despite inflation and macroeconomic uncertainty.
Cloud DX’s stated mission is to make healthcare better for everyone. The company’s Connected Health data platform is used by clinics and hospitals across North America to incorporate remote and virtual technology in care delivery.
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