Cloud DX (TSX-V:CDX, OTCQB:CDXFF) Inc executed 14 new commercial contracts and two provincial and territorial contract extensions, driving its first quarter revenue up by 11%.
For the three-month-period ended March 31, 2022, the North American provider of virtual care and remote patient monitoring solutions reported total revenue of $337,263 compared to $302,844 in the same year-ago quarter.
Product revenue was up 62% year-over-year at $227,321, while subscription revenue also saw an increase of 32% at $86,708 compared to 1Q 2021 levels.
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Kitchener, Ontario-based Cloud DX (TSX-V:CDX, OTCQB:CDXFF) said it signed 12 new commercial contracts and saw two provincial or territorial contract extensions in the quarter, which exceeded the total number of contracts or extensions signed in all of 2021.
The firm signed contracts with large clinical practices in Massachusetts and Pennsylvania, while partner Maxwell Telecare signed contracts with five physician practices, Cloud DX reported.
In Canada, notable contracts include a unique arrangement with Equitable Life to deploy Cloud DX Connected Health to members with critical illness insurance. Additional contracts included the first Medtronic Canada - Cloud DX hospital contract with St Mary's Hospital in Kitchener, and agreements with three County Paramedic Services in Ontario.
The firm said it is scaling up its operations, investing in its staff count and sales and marketing efforts, which led operating expenses to increase by 26% versus 1Q 2021.
Cloud DX reported a net loss of $2,205,030 compared to $1,734,350 in the comparable year-ago quarter.
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.