Cloud DX (TSX-V:CDX, OTCQB:CDXFF) Inc has announced its third-quarter financial results, posting significant gains in revenue and gross profit driven by commercial contracts signed earlier this year.
In the three months ended September 30, the company saw revenue of $492,390, nearly four times its $124,619 revenue from the same period of 2021.
Gross profit was $82,601, a 33% increase year-over-year from $62,349. Net loss narrowed 4.8% year-over-year to $2.46 million compared to $2.59 million in 2021.
Specifically, product revenue increased by $162,207, professional services revenue increased by $11,519 and other revenue increased by $121,782. Subscription revenue increased by $72,191, due primarily new patient enrollments in Canada and the US.
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Cloud DX has executed or extended 20 commercial contracts in the quarter and 24 in 2022 as a whole, which is triple the number of contracts and extensions signed all of last year, the company said.
In the US, contracts were signed with large clinical practices in Massachusetts, Pennsylvania and Michigan, while Cloud DX partner Maxwell Telecare signed contracts with five physician practices.
In Canada, notable contracts include a unique partnership with Equitable Life, while the first Medtronic Canada hospital contract was signed with St Mary's Hospital in Kitchener, Ontario.
Cloud DX’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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