Cloud DX is now one of the leading suppliers of Remote Patient Monitoring services in Canada.
On May 17, 2024 the British Columbia Provincial Health Services Authority (BC-PHSA) Posted the Contract Award Notice Valued at $9.4 million CAD.
News in Summary
- After a successful competitive RFP process, on April 23, 2024 the Company executed a Province-wide contract for Remote Patient Monitoring (RPM) products and services. The Company announced the execution of the contract on May 7, 2024.
- The contract has a term of 36 months with 2 extensions of 12 months each. The average contract value of each individual subscription is expected to be approximately $1,520 CAD per year which covers the cost of the Connected Health Kit prescribed to patients, software and connectivity.
- Subsequently the BC-PHSA has posted the award of the contract at BCBid.gov.ca, with a value of $9,412,277.06.
- So far in 2024 Cloud DX has announced 26 new contracts with hospitals, paramedic services, US clinics and 2 Canadian Provinces with a total value of $14.6 million CAD indicating an inflection point in the company’s growth.
KITCHENER, ON / ACCESSWIRE – Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leading North American provider of virtual care and remote patient monitoring platforms is pleased to update investors regarding the terms of the Remote Patient Monitoring Agreement for Cloud DX RPM Services with a British Columbia Provincial Health Services Authority, initially announced on May 7, 2024.
On May 17, 2024 BC-PHSA posted the Award of the contract at BCBid.gov.ca, with a value of $9,412,277.06. The contract has a term of 36 months with 2 extensions. The average contract value of each individual patient subscription is expected to be approximately $1,520 CAD per year which covers the cost of the Connected Health Kit prescribed to each patient, software, and connectivity. Certain additional fees, including customizations and integrations can be added on an as-needed basis. In the most recent financial statements Cloud DX reported a gross margin of 71%.
Cloud DX is now one of the leading suppliers of Remote Patient Monitoring services in Canada. In addition to contracts at the clinic, hospital, institute and municipal government level, Cloud DX has secured 5 Provincial level contracts for RPM including Alberta Health Services, Alberta Primary Care Network, Yukon Health, Health PEI and now BC-PHSA. On June 21, 2023 Cloud DX announced a Master Services Agreement to supply members of the Mohawk Medbuy shared services organization, which manages procurement for over 100 Hospital Systems and provincial authorities across Canada. In addition to these large contracts the Company supplies RPM solutions to 11 Ontario Community Paramedic Services and over 8 hospital systems including Hamilton Health Sciences, The Ottawa Hospital, the Ottawa Heart Center, Kingston Health Sciences and several more. Further details of this agreement will be released by the client upon publication of the contract award as per provincial regulations.
Cloud DX has now announced 26 new contracts and/or contract renewals so far in 2024. Notable announcements include new contracts with Ontario Paramedics, Ottawa University Research Institute, VHA Home HealthCare and Health PEI. Together the announced value of these contracts now exceeds $14 million CAD, with terms of 12 to 36 months (not including extensions).
Cloud DX Founder and CEO Robert Kaul stated: “The announcement of the Provincial Remote Patient Monitoring contract by the British Columbia PHSA marks a critical milestone in Cloud DX’s growth. With an announced value of $9.4 million CAD this award proves that Remote Patient Monitoring has become a priority with Canadian Provincial Health Authorities. As the largest supplier of Remote Patient Monitoring in Canada Cloud DX now has the capability to bring the benefits of this new mode of care to well over 50% of the population. We look forward to working with all our Provincial Government partners to improve care for all Canadians.”
About Cloud DX
Accelerating digital healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our 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. Our 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. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, winner of “2022 Top Innovator” from Canadian Business, a 2021 “Edison Award” winner, a Fast Company “World Changing Idea” finalist, and one of “Canada’s Ten Most Prominent Telehealth Providers.” Cloud DX is an exclusive partner to Medtronic Canada and Teladoc Health Canada.
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Forward Looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. In particular, this news release includes certain forward-looking statements concerning the terms of the contract extension, the expected proceeds therefrom, as well as management’s objectives, strategies, beliefs and intentions.
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the Company’s the ability of the Company to fulfill the terms of and derive the benefits from the contract extension.
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