Cloud DX (TSX-V:CDX, OTCQB:CDXFF) told investors it has received a large expansion order for its Connected Health Remote Patient Monitoring (RPM) products and services, building on a program announced in March.
In a statement, the company said the program expects to monitor up to 500 patients in a full year with expected overall revenue of approximately C$90,000. It adds post-operative monitoring to the existing deployment of Cloud DX technology for chronic disease management, bringing the total value of this deployment to approximately C$260,000.
"Cloud DX is excited to see one of our largest clients continue to grow their Connected Health RPM program,” Cloud DX founder and CEO Robert Kaul said in a statement.
"Throughout 2023 we have recognized increased demand for our cutting-edge RPM products and services, as evidenced by both new and expanded contracts, increased patient enrollment, and success at winning competitive RFPs and public tenders.”
The company noted that its RPM has been shown in published, peer-reviewed studies to improve patient outcomes, reduce emergency room (ER) visits and reduce medication errors once patients return home from surgery.
With 19 new contracts or contract expansions announced so far in 2023, “the company is on track to more than double the number of contracts signed compared to all of 2022,” Kaul said.
“This increase in demand for RPM products and services is expected to continue and accelerate," he added.
Cloud DX is on a mission to make healthcare better for everyone. Its 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.
Contact the author at stephen.gunnion@proactiveinvestors.com