Cloud DX (TSX-V:CDX, OTCQB:CDXFF) Inc, a virtual health care provider, has released its financial results for the second quarter of fiscal 2021.
Over the three-month period, subscription revenue increased 90% quarter-over-quarter and 39% year-to-date.
The digital health firm also reported an 184% rise in gross profits for the year, with 66% of that coming from financial 2Q.
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The company's Connected Health remote patient monitoring platform used by healthcare teams across North America to virtually manage patient care facilitated the 38% uptick in subscription revenue year-to-date.
Additionally, while total revenue was up 8% for the first half of the year, the second fiscal quarter saw a 40% decline, “despite a significant one-time hardware deployment in the previous year".
“Product and professional services revenue is expected to be 'lumpy' in the early stages of growth,” read the company statement. “Specifically, in 2020 a large Connected Health Kit deployment for an academic study generated an unusual concentration of hardware revenue that has not occurred in 2021.”
The growing healthcare services company also reported an 115% increase to operating expenses, as well as an 149% decrease in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).
Conversely, Cloud DX (TSX-V:CDX, OTCQB:CDXFF) also entered into key new partnerships during the first half of 2021, resulting in the company accessing 27,600 new patients for the year Dagamma Ecommerce Solutions Inc, which is focused on providing health monitoring solutions for growing families.
The newly penned agreement will give Cloud DX (TSX-V:CDX, OTCQB:CDXFF) access to in excess of 100,000 patients.
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