Cloud DX (TSX-V:CDX, OTCQB:CDXFF) posted a significant increase in revenue and profits for the first quarter of 2024 as the company secured new contracts and contract renewals for its remote patient monitoring products and services.
In the year-to-date, it has landed 26 new contracts or renewals with terms ranging from 12 to 36 months valued at more than C$14 million.
Notable wins included Ontario Paramedics, Ottawa University Research Institute, VHA Home HealthCare and Health PEI.
For the first quarter, which ended March 31, 2024, Cloud DX (TSX-V:CDX, OTCQB:CDXFF) said its revenue increased 23.7% year-over-year to about $703,000. This was attributed to both new contracts and the growth of existing contracts.
Gross profit surged 70.9% to about $665,000 on increased subscription and product revenue from new customers and reduced operating expenses.
Operating expenses were down 27.3% or about $701,000 from the year-ago quarter to $1.8 million driven by the company’s cost reduction efforts.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) improved by 45.8% year-over-year to about $920,000 while Cloud DX (TSX-V:CDX, OTCQB:CDXFF) narrowed its net loss by 17.8% or about $481,000 to $2.2 million.