Cloud DX (TSX-V:CDX, OTCQB:CDXFF) saw its second-quarter revenue increase 56.2% over the year-ago quarter driven by a jump in subscription revenue due to increased patient enrollment across the company’s Canadian contracts.
The company, which provides its remote patient monitoring platform Connected Health to healthcare teams, said its revenue increased from $136,141 in the same period in 2022 to $378,367.
Its profit increased by 148.4% during the quarter from $121,428 to $301,580 driven by higher revenues and cost reduction measures adopted in the first quarter of 2023.
Its net loss was $2.3 million, in line with the same quarter in 2022.
The company noted that, since January 1, 2023, it has announced 20 new commercial contracts, compared to 28 contracts and extensions signed in all of the 2022 financial year.
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