Cloud DX (TSX-V:CDX, OTCQB:CDXFF) has announced that its total revenue for the first nine months of 2023 increased 32.6% year over year to $1,421,686, due to the performance of contracts signed throughout 2023.
The digital health platform and provider of remote patient monitoring (RPM) solutions also said its negative Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) improved by 47.5% in the third quarter, from the same period a year ago, and decreased 31.5% in the nine months ending September 30, 2023.
Cloud DX (TSX-V:CDX, OTCQB:CDXFF) noted that year to date its product revenue rose 21.9% due to new customers in Canada and the US purchasing Connected Health Kits, while subscription revenue climbed 75.4%, indicating strong growth in new patients enrolled during the period.
The company added that its professional services revenue for the first nine months of the year jumped 143.8% due to increased orders for integrations and customizations in the period.
As well, Cloud DX stated that its 3Q operating expenses fell 39.5%, or 20.9% year to date, due mainly to targeted decreases in salaries, wages and benefits, and other efficiencies put into place.
The company has executed or extended 21 new commercial contracts as of September 30, 2023.
Cloud DX is on a mission to make healthcare better for everyone. The company’s 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.
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