Cloud DX (TSX-V:CDX, OTCQB:CDXFF) Inc, a virtual health care provider, said it has strengthened its partnership with Maxwell Telecare, delivering on its plan to deploy at Anew Home Health in Indiana.
The announcement came as the company told investors that new partnerships announced in the third quarter of its fiscal 2021 resulted in access to up to 27,000 patients as it rolls out its remote patient monitoring products.
Cloud DX said Maxwell Telecare client Anew Home Health will begin to deploy its Connected Health to patients for reimbursed Remote Patient Monitoring (RPM) after a period of training and onboarding with its staff.
The latest transaction follows previously successful client RPM deployments at Northwest Pulmonary, Meadowbrook Care Center, Homecare Associates (HCA), and The Landings of Minnetonka in Illinois, it added.
"As we successfully execute on each deployment, we look forward to supporting more patients served by Maxwell,” Cloud DX (TSX-V:CDX, OTCQB:CDXFF) CEO Robert Kaul said in a statement.
”Adding Connected Health, Maxwell has supported its patients by providing tools to improve diagnostic decision making, improve patient outcomes, all while creating efficiencies and savings," Kaul added.
Releasing results for the three months ended September 30, 2021, the digital health firm reported a 19% decline in subscription revenue. However, for the first nine months of fiscal 2021, it rose 22%.
“Product and professional services revenue is anticipated to be variable in the early stages of growth,” the company said in a 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.”
Cloud DX (TSX-V:CDX, OTCQB:CDXFF) said third-quarter operating expenses increased 20% predominantly caused by certain cash and non-cash expenditures. Salaries and wages were 38% higher as the company grew its workforce with the addition of 27 employees. Sales, general and administrative costs were 223% higher due to higher comparative advertising and promotion, insurance and subscription costs as compared to September 2020, it added.
The company noted that access to available patients rose to 231,300 by the end of September, up from 3,700 on January 1, 2021.
Accelerating virtual healthcare, Cloud DXis 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.
The company's partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources.
Contact the author at stephen.gunnion@proactiveinvestors.com
— Updated with details on Maxwell Telecare partnership —