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CloudMD Provides Business Update on Customer Momentum.
Source
https://finance.yahoo.com/news/cloudmd-provides-business-customer-momentum-113000622.html?guccounter=1
August 17, 2022
CloudMD Software & Services Inc. is pleased to provide a business update on its customer momentum and contract wins within its core Enterprise Health Solutions (“EHS”) division, and an update on the Ontario Health Therapist Assisted Internet-Based Cognitive Behavioral Therapy (“TAiCBT”) support service program.
EHS Customer Momentum
CloudMD continues to drive customer momentum, and new contract wins within its EHS division. The Company’s organic growth strategy is focused on three key areas, including selling direct to new organizations, expanding channel partners and cross selling its established suite of products.
In the second quarter, CloudMD signed several multi-year contracts which will contribute new organic annual recurring revenue (“ARR”) of $4.2 million, coming from all channels of its growth strategy. Additionally, these contract wins reflect a diverse portfolio of Government, employers, and insurers, further expanding CloudMD’s B2B/B2G client base and payor network.
One specific example is a significant new contract with the Christian Labour Association of Canada (CLAC), a large National labour union representing over 60,000 workers. Through HumanaCare, its Employee and Family Assistance Program (“EFAP”) provider, CloudMD won a competitive process to provide EFAP services to CLAC members covered by one of their Health & Welfare Trusts beginning in September 2022.
Other recent notable client wins include:
- Leading national US insurance company.
- Large transportation manufacturer.
- Leading national telecommunications provider.
- Multiple regional health networks.
- Large financial services firms.
- Distribution partnership with North American group benefit provider.
New TAiCBT Ontario Government Contract
After a competitive process, CloudMD’s TAiCBT provider, MindBeacon, has been one of two companies chosen to provide TAiCBT services for Ontario citizens under the new Ontario Health Contract. The two-year contract has been awarded for the provision of TAiCBT support services to be integrated into the Ontario Structured Psychotherapy Program) starting this fall. Details of the contract have been made publicly available on the procurement website MERX.
The program is expected to expand over time, based on the growing need for proactive mental health supports. Compared to the previous two-year COVID Response Program, which the Government is winding down as anticipated, this new contract represents a reduction of approximately 85% in the number of guided iCBT cases that will be funded.
To offset the revenue impact, CloudMD is in the process of eliminating the direct delivery costs associated with providing the services, as well as identifying further cost synergies to offset the gross contribution from the contract. CloudMD has already implemented several of these initiatives and will continue to take the necessary steps to right-size its cost structure related to the program accordingly. CloudMD continues to engage in discussions with the Ontario Government on how to continue to expand access to mental health services for all Ontarians.
Furthermore, CloudMD has integrated its TAiCBT support service into its Kii platform and is delivering it as part of its overall Mental Health Support Solutions (“MHSS”) to diversify its network of private and public clients. The Company remains confident in its TAiCBT program, which coupled with MHSS will drive further growth and margin expansion over time.
“The strong customer adoption of our offerings is attributed to the execution of our growth strategy and unique product offering. This growth is partially offset by the end of one-time contracts. CloudMD was one of only two companies chosen by the Ontario Government to provide mental health services under its new contract because of our industry leading TAiCBT’s ability to provide positive, evidence-based health outcomes. We are in continuous dialogue with the Government on how we can improve access, as we have a shared understanding of the importance of mental health support,” said President and CEO Karen Adams. “The Company remains focused on driving organic growth through direct sales to new clients, leveraging existing distribution partners and cross-selling to our current client portfolio. The client wins representing $4.2 million in ARR is a testament to the success of our strategy and our key differentiators of providing personalized care and valuable health data and outcomes. I look forward to providing more details on the progress we’ve made on our Q2 conference call later this month.”
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s business is separated into three main divisions: Clinics and Pharmacies, Digital Solution and Enterprise Health Solutions, the Company’s fastest growing division. CloudMD’s Enterprise Health Solutions Division has built a leading employer healthcare solutions, including its Comprehensive Integrated Health Services Platform, which offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a direct ecosystem of over 5,700 clinicians including, 1,800+ mental health practitioners, 1,600+ allied health professionals, 1,400+ doctors and nurses and covers 12 million individual lives across North America.
For more information visit:
https://investors.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Karen Adams”
Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604) 785-0850
CloudMD Appoints Karen Adams as Chief Executive Officer and John Plunkett as Chief Financial Officer.
Source
https://finance.yahoo.com/news/cloudmd-appoints-karen-adams-chief-113000712.html
August 11, 2022
CloudMD Software & Services Inc., a healthcare technology and innovative health services company transforming the delivery of care, is pleased to announce that its Board of Directors has unanimously appointed Karen Adams as the Chief Executive Officer and John Plunkett as the Chief Financial Officer effective August 11, 2022.
Under their leadership and expertise, CloudMD enters a new era focused on driving greater shareholder and client value through executing on the Company’s strategic priorities: continued organization integration, organic growth, financial management and profitability.
“After careful consideration, the Board concluded that CloudMD needs executive leadership with deep industry knowledge and operating experience during this period of considerable change at CloudMD. Karen is a proven leader in the behavioural health space, with a distinguished track record of innovation, growth and talent development. She will focus on developing a value-based cultural leadership approach with a hyper-focus on operational integration, cost optimization, and new client wins,” said Duncan Hannay, Independent Director of CloudMD and Chair of the Governance, Nominating & Compensation Committee.
“Karen has been instrumental in establishing the Company’s core EHS division, executing on its innovation roadmap and developing the Kii Personalized & Connected Care offering. Over the last three months, John has supported Karen in developing the Company’s strategic plan and performing an enterprise-wide review focusing on cost and operating synergies. The Board is confident that Karen and John, supported by the rest of the leadership team, will focus on executing CloudMD’s strategy as it continues to transform into a leading innovative and comprehensive health services company.”
I am excited to lead CloudMD forward at this important time for the Company. The Company has experienced tremendous growth over the past 18 months through numerous acquisitions. We are now turning our attention to rationalizing and operationalizing these assets, so that we can drive value creation for shareholders and clients alike. The current environment has underscored the need to provide timely and critical access to mental and physical health treatment and resources. CloudMD is uniquely positioned to shape the future of personalized healthcare,” said Karen Adams, President & CEO of CloudMD.
“I am also very excited that John Plunkett has accepted the appointment of CFO, as we focus on the long-term financial viability and performance of CloudMD. John and I will work closely with our North American team to ensure we have the right plan to create a sustainable growth platform. As part of this transformation, John will also lead the integration of finance and accounting systems, and implement strong financial controls critical to optimization. You can expect from John and I transparency, accountability, and strong governance as we face CloudMD’s challenges head-on. We will share with you more of our plans in the upcoming Q2 earnings call.”
Ms. Adams was appointed to the role of Interim Chief Executive Officer on May 2, 2022, in addition to her position as President and Global Head, Enterprise Health Solutions division. Since starting with CloudMD, Ms. Adams executed on the strategy of establishing capabilities to address the mental and physical health issues within the employer marketplace, which the Company offers through our personalized & Connected Care offering, Kii. Ms. Adams has held executive leadership roles in large healthcare companies, including Lifeworks (Morneau Shepell, Shepell.fgi), and SCM Insurance Services.
Mr. Plunkett was previously CloudMD’s Executive Vice President, Transformation and Strategic Planning, and held the position of Chief Financial Officer at MindBeacon Holdings Inc. (“MindBeacon”) before it was acquired by CloudMD. Mr. Plunkett was responsible for overseeing the integration of MindBeacon and has been instrumental in working with the leadership team in generating over $7.5 million in annualized cost savings synergies in 2022. Mr. Plunkett brings over 15 years of financial management experience, including strategic financial planning, M&A, business integrations, controllership and corporate accounting. During his tenure as CFO at MindBeacon, he oversaw their IPO in 2020 and the subsequent acquisition by CloudMD. Mr. Plunkett has many years of senior management and operating division leadership experience in large publicly traded corporations, including LifeWorks and D+H. Mr. Plunkett is a Chartered Accountant and Chartered Professional Accountant.
Mr. Plunkett replaces CloudMD’s current Interim CFO, Sean Carr. The Company would like to thank Mr. Carr for his dedication during this period of transition over the last seven months.
CloudMD Finalizes Review and Settlement of the VisionPros Acquisition.
Source
https://finance.yahoo.com/news/cloudmd-finalizes-review-settlement-visionpros-113000045.html
July 22, 2022
CloudMD Software & Services Inc., a healthcare technology and innovative health services company transforming the delivery of care, announces that it has entered into a settlement agreement with the former owners of VisionPros following the previously announced review of the Company’s acquisition of VisionPros, its online vision care platform. The settlement reduces the purchase consideration paid for VisionPros by $14.6 million and also removes any future earnout payments.
Prior to reaching a settlement, management’s concerns on issues with VisionPros resulted in the Audit Committee undertaking the Review with the assistance of independent legal counsel and financial advisors. As a result of that review, recommendations were made to CloudMD’s Board of Directors that the Company proceed with settlement negotiations with the Sellers. The Settlement Agreement reached has been unanimously endorsed by CloudMD’s Board of Directors.
Settlement Terms
Pursuant to the terms of the Settlement Agreement, the holdback amounts of $3,000,000 and 1,090,909 common shares of the Company that were held in escrow as part of the original acquisition of VisionPros will be released to CloudMD rather than the Sellers. Additionally, another 4,909,092 of the common shares of the Company issued to the Sellers on the closing of the acquisition will be returned to CloudMD. All common shares returned to CloudMD will be cancelled upon receipt. Furthermore, the Company will not be required to make any future performance based earnout payments or other payments to the Sellers. The Company also obtained confirmation that certain trade payables of VisionPros in the approximate amount of $800,000 will now be the responsibility of the Sellers, who have indemnified CloudMD for any such payments. Finally, the Sellers have agreed to pay $350,000 in cash to the Company. The reduction in the purchase price related to the Settlement Agreement was $14.6 million.
No other payments will be made by either party to the other in connection with the acquisition of VisionPros and full releases will be exchanged by the parties.
In accordance with the acquisition agreement and as set out in the Settlement Agreement, CloudMD has confirmed to the Sellers that it will not proceed with the technology relating to online eye exams and will assign the appropriate intellectual property rights back to the Sellers, all in accordance with the terms of the acquisition agreement and at no expense to, and no future earnout payments from, CloudMD. The Company has integrated VisionPros into its Kii platform offering and will provide employers with important vision care options for their employees and their family members. CloudMD continues to develop the technology within Kii to meet the needs of its clients.
Finally, the Company is considering other avenues of recovery in connection with the VisionPros transaction.
VisionPros Platform
As previously announced (on June 15, 2022), the Company initiated product sales on its vision care platform, VisionPros, in the United States, for the first time since the fourth quarter of 2021. Since learning of supplier issues while VisionPros was being run by the Sellers, CloudMD has worked diligently with its U.S. based suppliers to rectify all issues, agree to new terms of distribution and sign new contracts. With these new agreements in place, along with a new U.S. distribution centre, VisionPros is now positioned to access the U.S. market in a more efficient and compliant manner.
CloudMD was disappointed to learn of the supplier issues and other management practices while VisionPros was owned by the Sellers. This resulted in the Company being unable to sell in the United States until recently, and necessistated the negotiation and signing of new supplier agreements. In part as a result of the issues discovered and their impact on the Company’s financial projections, the Company expects to record a non-cash goodwill and intangible asset impairment charge in the second quarter of 2022 in the range of approximately $26 to $28 million. The determination of the final amount of the impairment, which will be recorded in the Company’s Q2 2022 financial statements, is subject to a number of factors. The forecast will be reviewed by valuation experts as part of the impairment charge being finalized. The Company does not expect that the impairment charge will have any impact on its liquidity or cash flows from operating activities, but it will reduce earnings for the quarter. The Company expects that the gross margins earned in the VisionPros business will be slightly lower in the near term as a result of the margin profile of U.S. sales under its new supplier agreements, including changes in supplier rebates. The Company is focused on operational improvements to increase VisionPros margins over time.
The Company is pleased that its current employees, including those at VisionPros, were able to address and resolve these operational issues and are focused on the future. The Company remains committed to the VisionPros business. In particular, the Company will be focused on growing and expanding the VisionPros e-commerce platform and realizing acquisition synergies by integrating vision care into Kii, its Personalized and Connected Care offering.
CloudMD Adds Telemedicine Services for Primary Care Health Navigation to Kii Personalized & Connected Care Offering.
Source
https://finance.yahoo.com/news/cloudmd-adds-telemedicine-services-primary-113000775.html
July 13, 2022
Services support the rising comorbidity concerns as individuals with physical health issues are at a much greater risk of having corresponding mental health problems.
- Led by nurses and nurse practitioners which provide fast access to a wide variety of primary care services and treatments and overall health and wellness support for employees and their family members, all from one connected offering.
- Clinical, evidence-based programs deliver engagement and education on healthcare options with proven outcomes that have high client satisfaction.
- Optimizes employer healthcare spending for primary care services, increases return on investment and improves healthcare outcomes by providing whole-person care for employees dealing with both mental and physical health issues.
- Supports workplace stability as employers foster healthy work environments and investment in human capital management to maintain productivity.
CloudMD Software & Services Inc., a healthcare technology and innovative health services company transforming the delivery of care, is excited to announce that it has launched a national telemedicine and physical health coaching service as part of its Kii Personalized & Connected Care (“Kii”) offering. Kii, the Company’s flagship employer health and wellness solution, integrates several of its best-in-class technologies and services into one exceptional, connected, and personalized experience.
The new telemedicine medical care program provides a personalized treatment plan led by nurses and nurse practitioners and supported by primary care doctors and specialists. The nurses and nurse practitioners are trained to deliver comprehensive initial medical assessments, psychosocial healthcare support and treatment for most primary and mental healthcare issues. They act as the first point of contact for referrals to specialists and other important services offered within Kii, to help guide individuals through their personalized healthcare journey.
Karen Adams, President & Interim CEO of CloudMD commented,
“Employers are faced with unprecedented times and are prioritizing healthy workplaces and increased employee productivity. Employers need the confidence that their healthcare spend on mental and physical health benefits is outcome-focused, comprehensive and designed to foster a healthy work environment. When required, we can connect with publicly funded medical practitioners, including primary care and specialists, to help optimize spend and connect employees with the full spectrum of care. In addition, our programs are seeing high adoption rates and engagement, resulting in higher utilization and better healthcare outcomes. We create access to mental and physical health care while prioritizing resiliency, productivity, and peace of mind.”
This solution is delivered through multi-modalities and combines primary care, specialists, and personalized health coaching. Historically, CloudMD has only offered similar telemedicine services direct to consumers in BC and Ontario. As part of its holistic employer healthcare offering, these services will now be available nationwide through 24/7 digital and telephone options to employees and their family members. The telemedicine services integrated into Kii complements and supports the Company’s health coach and navigation services and ensures access to important and often simultaneous treatment of physical and mental health issues.
CloudMD’s mental health coach program has already shown very positive results with 86% usage and 98% satisfaction rates, and the Company expects similar results across the spectrum of primary care.
Employers who choose CloudMD’s telemedicine services will receive an evidenced-based, clinical program that supports and assists individuals in:
- Breaking down barriers to care
- Remedy immediate concerns as they emerge
- Health education across the continuum of care from prevention to treatment
- Psychosocial support
The feedback from clients is that they want a single vendor and platform to treat their employees. Kii offers the ability to manage the entire continuum of care for mental and physical health issues, ranging from prevention to treatment to return to function, from one connected offering. Employers can depend on CloudMD to have a deep understanding of the workplace healthcare environment, and health benefits available to employees and focus on personalized engagement that ensures access to care while prioritizing return to function.
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s business is separated into three main divisions: Clinics and Pharmacies, Digital Solution and Enterprise Health Solutions, the Company’s fastest growing division. CloudMD’s Enterprise Health Solutions Division has built a leading employer healthcare solution, including its Comprehensive Integrated Health Services Platform, which offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a direct ecosystem of over 5,700 clinicians including, 1,800+ mental health practitioners, 1,600+ allied health professionals, 1,400+ doctors and nurses and covers 12 million individual lives across North America. For more information visit:
https://investors.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Karen Adams”
Interim Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604) 785-0850
CloudMD Provides Update on Strategic Priorities to Drive Organic Growth Through New Sales and Cross Selling.
Source
https://finance.yahoo.com/news/cloudmd-provides-strategic-priorities-drive-113000249.html
Wed, June 15, 2022
Adds senior customer success and sales leadership to accelerate expansion and growth.
CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH), a healthcare technology and innovative health services company transforming the delivery of care, is pleased to provide an update on the progress the Company has made to drive organic growth through new contracts and cross selling to existing customers as well as establishing the framework and organizational structure for continued commercial success.
CloudMD is focused on maximizing profitability from its core business and integrating its healthcare solutions into its Kii Personalized & Connected Care offering. The Company has built an ecosystem of connected services eliminating challenges that employers face when purchasing from multiple, siloed vendors. Employers will also benefit from integrated reporting and analytics, a simplified access and intake experience, and personalized whole-person care which leads to high satisfaction and better outcomes.
Notable Client Wins
Since the beginning of 2022, CloudMD has onboarded over 300 customers representing over 60,000 lives with clients across various sectors, switching from legacy providers to CloudMD. The Company’s momentum in customer acquisition includes over 9,000 new members through its Mental Health Coaching program and a disability contract with a large healthcare association.
Recently, Sanofi Canada partnered with CloudMD to enable improved access to critical mental health support for people living with diabetes. By offering Therapist Assisted internet-based Cognitive Behavioural Therapy (TAiCBT) through MindBeacon, they can now offer a 360-degree approach to diabetes management beyond medication. This represents an important expansion of mental health services into CloudMD’s pharmaceutical market vertical.
For people living with chronic health conditions, like diabetes, taking a connected, whole-person approach to care that includes both mental and physical health care can reduce the risk of developing a mental health condition and improve overall health outcomes. Rooted in evidence-based best practice, MindBeacon delivers high-quality mental health treatment, including support that is specifically designed to help those coping with chronic conditions, such as diabetes.
Sabina Steinkellner, General Manager, General Medicines, Sanofi Canada commented, “By thinking beyond the traditional one-size-fits-all approach to diabetes management and enabling a holistic approach to care, we can help support Canadians living with diabetes as they navigate life with a chronic condition. We are proud to be partnering with MindBeacon to support this holistic approach to care by providing access to vital mental health support."
Clients are recognizing CloudMD’s innovation in mental health support (EFAP, TAiCBT and Mental Health Coach), medical second opinion and absence management services, resulting in proposals that include multiple integrated services.
The Company continues to educate its loyal customer base on the importance and benefits of offering its full spectrum of mental and physical health services to employees and expects to see continued adoption of Kii’s integrated health programs as the Company launches its B2B telemedicine product openly to the market in July. The recent customer wins and strong adoption rates by current customers are validation that CloudMD’s connected care approach resonates with employers and provides better health outcomes for employees and stronger measurable ROI for organizations.
Adam Kelly, Chief Commercial Officer, CloudMD commented, “We believe that customers are looking for integrated services that have been proven to deliver positive health outcomes. As such, our focus in the back half of 2022 is to accelerate organic growth through our customer base, helping customers realize value through the integration of additional services. We add value to customers by reducing the number of vendors and associated costs, improving their employees' experience and health outcomes, and driving better business results for the organizations we support.”
Addition of Customer Success & Sales Leadership
CloudMD is excited to announce that it has appointed Eric Lalonde, Senior Vice President, Customer Success and Growth, and Robin Cooper, Senior Vice President, Partnerships and Growth to its senior leadership team.
In his new role, Eric Lalonde will primarily be responsible for building the new strategy, structure, and team for customer success and leading the cross-sell strategy across CloudMD’s Enterprise Health Solutions. Eric brings over 20 years of experience leading sales and customer success teams in various industries. Before joining CloudMD, he held senior executive roles with Medisys (now part of TELUS Health), Sprout (now part of TELUS Health) and Rogers Communications. Eric has an MBA from Ivey Business School. Eric’s proven leadership will help accelerate the adoption of CloudMD's solutions across all of its customers and build an integrated team to help accelerate the growth strategy.
Robin Cooper is leading CloudMD’s partnership team focused on managing and expanding carriers, broker and advisor relationships as well as establishing other reseller and strategic partnerships that are growth oriented. Robin has an extensive background in healthcare technology sales with other industry leaders, including Maple, Teladoc, Best Doctors and Morneau Shepell. She brings over 20 years of experience in business development and strategic partnership opportunities. Robin’s strong track record of developing strategic initiatives and objectives and executing action plans has helped organizations drive profitable revenue growth and increased market share.
Antoine Delmas has been promoted to Regional Vice-President of Quebec and the Atlantic region, responsible for revenue and organic growth across all CloudMD products within the region. This decision represents CloudMD’s increasing market presence within the region and what the Company believes is an important market for continued strong organic growth.
“We remain focused on educating the market on our proven ability to ensure individuals access mental and physical health services that improve health outcomes. Industry experts, Eric Lalonde and Robin Cooper, chose CloudMD after reviewing our product roadmap and value proposition to customers. Both have the proven industry leadership and experience with building sales teams, driving cross-sell, and servicing clients in the health care space, which will be highly valuable in maximizing the opportunity in front of us to drive organic growth,” commented President and Interim CEO, Karen Adams, CloudMD.
Launch of VisionPros Platform in the United States
CloudMD is also pleased to announce that it has started selling its vision care platform, VisionPros, in the United States. Since being advised of the supplier issues while VisionPros was being run by the former owners, CloudMD has worked diligently with its U.S. based suppliers to rectify all issues, agree to new terms of distribution and sign new contracts. With these new agreements and a new U.S. distribution centre, VisionPros is now positioned to access the U.S. market.
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s business is separated into three main divisions: Clinics and Pharmacies, Digital Solution and Enterprise Health Solutions, the Company’s fastest growing division. CloudMD’s Enterprise Health Solutions Division has built a leading employer healthcare solutions, including its Comprehensive Integrated Health Services Platform, which offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a direct ecosystem of over 5,700 clinicians including, 1,800+ mental health practitioners, 1,600+ allied health professionals, 1,400+ doctors and nurses and covers 12 million individual lives across North America. For more information visit: https://investors.cloudmd.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
“Karen Adams”
Interim Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604) 785-0850
CloudMD Reports Results of Evidence Based Study Proving iCBT as Highly Effective Treatment for Depression and Anxiety.
Source
https://finance.yahoo.com/news/cloudmd-reports-results-evidence-based-113000929.html
June 6, 2022
Over 5,000 individuals with clinical levels of depression and comorbid anxiety who completed CloudMD’s Therapist Assisted iCBT program experienced reliable symptom improvement.
CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH), a healthcare technology company revolutionizing the delivery of care, is excited to announce the positive results of a comprehensive, evidence-based study on the outcomes of therapist assisted internet-based cognitive behavioural therapy (“TAiCBT”).
Since 2020, CloudMD’s leading, clinically based TAiCBT provider, MindBeacon, has successfully treated thousands of people with clinically severe levels of depression and co-morbid anxiety. The results of the study released have proved the effectiveness of TAiCBT treatment for depression and anxiety.
Depression is a leading cause of disability and absence for all Canadian employers and the leading cause worldwide, impacting 350 million people. In Canada, around 11% of men as well as 16% of women will be impacted by the condition throughout their lifetime. Close to half of people who suffer with depression (46%) will also experience anxiety in their lifetime, often at the same time. Knowing this, MindBeacon recently completed a study to seek
- a) the effectiveness of its depression protocol for those experiencing symptoms of both depression and anxiety, and
- b) the relationship between moderating factors (e.g., client characteristics), mediating factors (e.g., patterns of client and therapist engagement) and symptom reduction.
Highlights:
- Conducted a comprehensive analysis of two years of data, representing 12,839 people who consented to treatment for symptoms of depression.
- Treated thousands of people with clinically severe levels of depression, and thousands of people with clinically severe co-morbid anxiety.
- 77% of clients start treatment with clinical level symptoms (a score of 10 or more on the PHQ9) of depression; 56% are suffering from clinical levels of both depression and anxiety symptoms (a score of 8 or more on the GAD7).
- On average, clients start treatment with a depression symptom score in the moderately severe range (16) and finish with a score in the moderate depression range (10).
- Initial symptoms, amount of treatment readings and frequency of engagement all contribute to symptom improvement.
- More than half of clients with clinically severe symptoms experience reliable symptom improvement.
- This compares very favourably with other forms of treatment and TAiCBT studies and experience in other jurisdictions.
- Clients with a range of engagement patterns can benefit from TAiCBT, clients who stretch out engagement over 4 or more weeks experience optimal results.
- This is also consistent with past research showing that increasing engagement increases the number of clients achieving reliable clinical change.
The study was based on a comprehensive analysis of two years of data from January 2020 – December 2021. Clinical levels for depression are defined as a score of 10 or more on the PHQ9. On average, clients started treatment with a depression symptom score in the moderately severe range (16) and finished with a score in the moderate depression range (10). A reduction of 6 points in PHQ9 is considered a reliable change. In summary, nearly half of clients experienced a reliable change in their depression symptoms by the end of treatment.
“The rising incidence of mental health and increasing wait times is supporting the need for iCBT solutions," said Karen Adams, President and Interim CEO of CloudMD. “Our data analysts are dedicated to measuring outcomes to ensure that we are able to offer the treatment options that will result in improvement and return to function. We offer a full spectrum of mental health support solutions with multiple modalities of care which we feel confident will provide better health outcomes. Furthermore, we have one of the largest data sets for clinically based TAiCBT outcome measurement and data integrity, which is essential to showcase our program’s effectiveness, along with having the right processes in place to capture the proof points, and provide important outcomes data to our customers,” she continued.
After studying the effectiveness of its TAiCBT, the Company found that more than half of clients who actively engaged with the programs for four weeks or more saw symptom improvement, even if they completed few readings. Initial symptoms, amount of treatment readings and frequency of engagement all contributed to symptom improvement in the end.
The effectiveness of the Company’s TAiCBT programs showcase the support the program can offer to human resources and operational leaders as they help prevent absenteeism and leave of absence while taking employees forward on their wellness journey. For carriers, the program can help reduce the duration of disability claims, prevent short-term disability, and reduce absences at work due to depression.
“It’s not surprising that persistent engagement with the program is beneficial for symptom reduction but it is interesting that stretching engagement out appears to be more important that completing a lot of material in a short period of time,” said Matt Balcarras, PhD, clinical research lead at MindBeacon. “TAiCBT is designed to allow more choice and flexibility around the pacing of engagement, and we are pleased to show that our clients are able to find the pacing that works best for them,” he added.
The TAiCBT platform, with its high degree of client/therapist interaction and personalization to adapt to their individual needs and preferences throughout their treatment journey, is uniquely designed to foster continued client engagement leading to better outcomes. As shown in this study, CloudMD’s TAiCBT has proven highly effective treatment for people with clinical levels (moderately severe and moderate) of depression and comorbid anxiety.
Furthermore, CloudMD’s time to treatment at <5 days is 5 times faster than the 25 days Canadians typically wait for community health, or months or more for specialized support (e.g., post-traumatic stress). Earlier intervention has also been consistently shown to lead to better outcomes.
To access the full study, please click here:
https://3927801.fs1.hubspotusercontent-na1.net/hubfs/3927801/New%20study%20proves%20MindBeacon%E2%80%99s%20Therapist%20Assisted%20iCBT%20is%20a%20highly%20effective%20treatment%20for%20people%20with%20clinical%20levels%20of%20depression%20and%20comorbid%20anxiety.pdf
New study proves Therapist Assisted iCBT is a highly effective treatment for people with clinical levels of depression and comorbid anxiety. CloudMD will also be hosting a webinar about the research as part of its Better Outcomes Initiative, individuals can register for it here:
https://info.mindbeacon.com/betteroutcomes
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s business is separated into three main divisions: Clinics and Pharmacies, Digital Solution and Enterprise Health Solutions, the Company’s fastest growing division. CloudMD’s Enterprise Health Solutions Division has built a leading employer healthcare solutions, including its Comprehensive Integrated Health Services Platform, which offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a direct ecosystem of over 5,700 clinicians including, 1,800+ mental health practitioners, 1,600+ allied health professionals, 1,400+ doctors and nurses and covers 12 million individual lives across North America. For more information visit: https://investors.cloudmd.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
“Karen Adams”
Interim Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604) 785-0850
What happened that the CEO & founder stepped down earlier this year? Some other executives quit as well.
CloudMD Reports First Quarter 2022 Financial Performance with Clear Path to Profitability and Strong Roadmap for Growth.
Source
https://finance.yahoo.com/news/cloudmd-reports-first-quarter-2022-205100474.html
Mon, May 30, 2022, 10:51 PM
- Q1 2022 revenue of $41.4 million, compared to $8.8 million in Q1 2021, reflecting a year over year increase of 372%.
- Enterprise Health Solutions delivered revenue of $26.0 million; reflecting the first quarter of revenue recognition from MindBeacon.
- Q1 2022 gross margin of 32.5%; improvement of 250 basis points compared to the previous quarter.
CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH), a healthcare technology company revolutionizing the delivery of care, announced its financial results for the first quarter ended March 31, 2022. All financial information is presented in Canadian dollars unless otherwise indicated.
“In Q1 we delivered strong performance aligned with a company commitment to generating synergies, profitable execution, and continued growth. Innovation remains a key Company focus with the launch of our newly branded integrated personalized connected health platform, Kii. This is a milestone as we transform the way individuals receive healthcare. We are seeing momentum in client acquisition as Employers recognize the positive impact of our connected health ecosystem, starting with our unique nurse-led in-take. We are providing measurable improvements in employees’ health and wellness and reductions in absenteeism, driving significant return on investment,” said Karen Adams, Interim CEO and President of CloudMD. “As you’ve heard from us repeatedly, we remain focused on cost control, realizing synergies, and profitable execution. We have a strategic plan that focuses on leveraging our core assets, maximizing returns for our clients and shareholders, and achieving sustained profitability.”
First Quarter 2022 Financial Highlights
- Q1 2022 revenue was $41.4 million, compared to $38.7 million in Q4 2021 and $8.8 million in Q1 2021. The growth compared to Q4 2021 is primarily attributable to the consolidation of MindBeacon into CloudMD’s results, organic growth from the Employee Health Solutions (“EHS”) division offset by a decline in Digital Health Solutions (“DHS”) due to Vision Pros supplier issues. The increase compared to Q1 2021 is primarily attributable to organic and acquisition growth from the acquisitions completed in the last 12 months.
- Q1 2022 gross profit margin1 was 32.5%, compared to 30.0% in Q4 2021 and 40.9% in Q1 2021. The lower year over year gross profit margin was primarily due to revenue mix in the periods. The Company’s online vision care platform and patient support programs are lower-margin businesses and were not in the comparative period. The Company expects its gross profit margin to increase over the course of 2022 with the ongoing efforts to integrate its acquisitions and increase its operational efficiency.
- Net loss in Q1 2022 was $5.6 million or $0.02 per share, compared to a loss of $15.1 million or $0.06 per share in Q4 2021 and a loss of $5.3 million or $0.03 per share in Q1 2021. The year over year increase in net loss was primarily due to additional expenses incurred to support the Company’s growth strategy, including acquisition integration costs. The Company is highly focused on profitable growth and generating positive net profit is a key objective for the Company.
- Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) was a loss of $1.6 million in Q1 2022, compared to a gain of $0.6 million in Q4 2021 and a loss of $1.6 million in Q1 2021. The Company had a step back in the quarter due to the slightly higher run rate costs of MindBeacon which was acquired in January 2022; however, it has have made significant progress towards exceeding the planned acquisition synergies.
- Cash and cash equivalents were $46.9 million as of March 31, 2022, compared to $45.1 million on December 31, 2021. The increase is related to the completion of the MindBeacon acquisition and net cash acquired.
First Quarter and Subsequent Corporate Highlights
- On January 14, 2022, the Company announced the closing of the MindBeacon acquisition, creating one of North America’s most comprehensive integrated health offerings.
- In Q1 2022, CloudMD announced Daniel Lee resigned as CFO and Sean Carr was appointed as Interim CFO. Subsequently, the Company announced Dr. Essam Hamza was resigning effective May 2, 2022, and Karen Adams would be appointed interim CEO. The Board has initiated a process to identify the permanent CEO and CFO.
- On March 3, 2022, the Company announced its new Public Sector division. Operating within EHS, this division will focus on the investments being made in navigation of healthcare, an important part of our organic growth strategy across North America. In addition, this division will manage recently acquired customer contracts awarded from various state, local, and public sector organizations across North America.
- On March 31, 2022, the Company announced its cost optimization and operational integration activities. In a desire to simplify operations and improve execution, the Company eliminated $7.5 million of annualized run-rate costs from its business. This is aligned with the Company’s focus on driving sustainable profitability.
- On May 26, 2022, the Company announced the launch of Kii, Personalized & Connected Care, the new brand identity for its integrated, health services offering. Kii, is the company’s flagship offering which integrates several of its best-in-class technologies and services into one exceptional, connected, and personalized experience for employees that will continue to disrupt the traditional employer healthcare industry.
Outlook
The Company continues to deliver on the value proposition of offering comprehensive solutions that create access to care, leading to better health outcomes. Through its team-based, personalized care approach, CloudMD provides comprehensive solutions to patients, healthcare practitioners, individuals, and enterprise clients through our call center, digitally or in person. The Company has a multi-pronged growth strategy which focuses on organic growth, cost optimization, leveraging of our core assets and accretive mergers and acquisitions.
The Company remains focused on a number of key priorities in 2022 including: (1) Organic growth by continuing to diversify and grow its client base within its EHS and DHS divisions through cross selling capabilities, geographic expansion and providing innovative and best-in-class customer service; (2) Driving continuous operational excellence across the organization to improve productivity, product quality and consistency, and lower customer acquisition costs; (3) delivering a diligent path to profitable financial sustainability and focus on delivering consistent financial performance across all divisions of the organization; and (4) continuing to develop corporate governance to support the Company’s growth.
The Company has a near-term focus on streamlining operations, with a plan to profit from the core and leverage its strength as a leader in the employer health markets. CloudMD is focused on driving profitable growth in the markets where we have scale, and strong differentiators in proven service delivery and that have the most attractive growth and profit potential. As such, the Company will undertake a strategic review of some smaller, non-core assets to determine how best to maximize shareholder value.
The Company will continue to deploy its capital prudently and will make investments that support growth in core areas of the business.
First Quarter 2022 Earnings Conference Call
CloudMD invites all interested parties to join the conference call or webinar:
CloudMD Q1 2022 Earnings Call
Date: May 31, 2022
Time: 9:00 am ET (6:00 am PT)
Toll-Free Dial-In Number: (833) 562-0117
International Dial-In Number: (661) 567-1009
Webcast Link:
https://edge.media-server.com/mmc/p/2popizyz
CloudMD Launches Kii Personalized & Connected Care, the New Brand Identity for its Transformational Integrated Health Services Offering.
Source
https://finance.yahoo.com/news/cloudmd-launches-kii-personalized-connected-113000008.html
Thu, May 26, 2022, 1:30 PM
- Kii combines CloudMD’s unique nurse-led intake and care coordination and proven comprehensive suite of healthcare services to personalize support for members across physical, mental and overall health and safety.
- iCBT and health coaching is now integrated in CloudMD’s EFAP and overall mental health offering, which means CloudMD can support more individuals by offering a fully stepped-care approach from self-guided to coaching to treatment for mental health conditions such as clinical depression and anxiety.
- Telemedicine services will be available through Kii in July, which provides an additional telemedicine offering embedded into CloudMD’s integrated program offering.
- Comprehensive, personalized connected care with multiple modalities of ongoing support including virtual video, instant messaging, telephonic, and in-person options, which ensures the right care, when and how individuals want it.
- Establishes a strong brand identity and positioning strategy to support the go-to-market and cross-selling campaign to new and existing client base.
CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH), a healthcare technology and innovative health services company transforming the delivery of care, is excited to announce the launch of Kii Personalized & Connected Care by CloudMD, the new brand identity for its integrated, health services offering. Kii, is the company’s flagship offering which integrates several of its best-in-class technologies and services into one exceptional, connected, and personalized experience for employees that will continue to disrupt the traditional employer healthcare industry. Kii is focused on personalizing care by taking a whole-person approach with an emphasis on continuity of care across mental, physical and workplace safety.
Over the last 6 months, the CloudMD team has been working to develop the new Kii brand identity and positioning for its integrated platform, which has already seen successful adoption in the marketplace. The new Kii brand reflects a brand purpose of empowering individuals to take control of their health and plays off the word “key” ie. “Holding the key to your health”. The essence of the brand is meant to embody caring, the whole body, trust, and connectivity. The Kii brand promise is to provide connected care, which is the key enabler to an individual’s health and wellbeing and ability to thrive.
Karen Adams, Interim CEO and President of CloudMD commented, “We are thrilled to launch Kii, a transformation program that enables access to personalized care for mental and physical health issues across an individual’s life journey. Kii brings together what we have known as transactional service approaches that lead to disconnected and fragmented experiences. With the connected and outcome focused approach of Kii, the program drives accountability for behaviour change resulting in better return on investment and clinical health outcomes. Kii addresses the barriers to care by efficiently supporting access through multiple modalities designed to meet the individual’s specific needs. Kii supports individuals who require mental and physical health treatment plans but also demonstrates strong, positive return to work outcomes for people experience absence support or disability services.”
Karen Adams continued, “We intend to build long standing relationships with the individuals and will continuously support and encourage them to actively engage in their treatment. We believe Kii is the solution that individuals and organizations will come to depend on for the full spectrum of mental and physical health needs. They can depend on CloudMD to focus on the personalized health needs of individuals resulting in better health outcomes for the individual and improved ROI for the company.”
Over the past few years, thousands of individual employers and organizations have switched from transactional providers to CloudMD across its suite of services. Employers, advisors, insurers and employees have provided consistent feedback that they are frustrated with the services they receive, and face long wait times and too many barriers in accessing high-quality care. This is magnified when a user is forced into digital-only experiences without phone access or in-person options available.
Kii differentiates itself in the market through
- Full spectrum of healthcare services and features. Includes EFAP (employee and family assistance program), mental health treatment including iCBT (internet based cognitive behavioral therapy), telemedicine, a trustworthy credible health reference library, and employee-initiated workplace health and safety services all accessed through one connected program.
- Easy to use platform and interface. Will provide one integrated solution that combines EFAP, mental health coach, telemedicine, and workplace health, credible health reference library and safety which eliminates multiple logins and provides access to a dedicated healthcare team that shares one, personalized healthcare record. User-friendly and inviting to reduce stigma around asking for help.
- Entire experience is supported by a nurse/clinician. From initial intake and assessment to creating personalized care plans, to navigating options and ensuring individuals stay on track, assigned nurse navigators are there to support the entire journey back to health.
- One, centralized intake process. The nurses and regulated health care professionals do a superior job at assessing the person's issues and helping them navigate to the right service or combination of services. Nurses can help assess both physical and mental health issues, without forcing the employee to go through multiple intake processes.
- Multiple modalities of care. Provides multiple options of care including 365-day available support that work for everyone including, virtual, instant messaging, telephonic, and in person options This ensures the right care, when and how individuals want it.
- Significant network of healthcare professionals: Roster includes a significant number of regulated health care practitioners including but not limited to psychologists, psychotherapists, MSWs, psychiatrists, nurses, nurse practitioners and doctors. Includes subject matter expertise in occupational health and disability to treat complex and chronic health conditions that drive disability costs.
- Ability to measure clinical health outcomes Delivering superior clinical health outcomes, consistent high satisfaction and measurable business ROI.
Kii Personalized & Connected Care Video
To learn more about Kii, please watch this short highlight video.
https://vimeo.com/713911771/c5c018a438
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s business is separated into three main divisions: Clinics and Pharmacies, Digital Solution and Enterprise Health Solutions, the Company’s fastest growing division. CloudMD’s Enterprise Health Solutions Division has built a leading employer healthcare solution, including its Comprehensive Integrated Health Services Platform, which offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a direct ecosystem of over 5,700 clinicians including, 1,800+ mental health practitioners, 1,600+ allied health professionals, 1,400+ doctors and nurses and covers 12 million individual lives across North America.
For more information visit:
https://investors.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Karen Adams”
Interim Chief Executive Officer & President
FOR ADDITIONAL INFORMATION CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604)785-0850
CloudMD Reports Solid Performance with Fourth Quarter 2021 Financial Results; Revenue of $38.7 Million and Second Consecutive Quarter with Positive Adjusted EBITDA.
Source
https://finance.yahoo.com/news/cloudmd-reports-solid-performance-fourth-023900483.html
Tue, May 3, 2022, 4:39 AM
Please read the FULL REPORT at:
https://finance.yahoo.com/news/cloudmd-reports-solid-performance-fourth-023900483.html
CloudMD Strengthens Board with Appointment of Gaston Tano as Director.
Source
https://finance.yahoo.com/news/cloudmd-strengthens-board-appointment-gaston-113000937.html
Mon, May 2, 2022, 1:30 PM
CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH), a healthcare technology and innovative health services company transforming the delivery of care, is pleased to announce that Mr. Gaston Tano has been appointed to its Board of Directors, adding significant finance and audit depth.
Mr. Tano is a senior finance executive with over 30 years of diverse industry experience in multiple global public companies. Since 2017, Mr. Tano has served as Senior Vice President and CFO of Shawcor Ltd., a global material sciences company serving the Infrastructure, Energy, and Transportation markets, which generated over $1Bn in revenue in 2021. Previously, Mr. Tano held the Senior VP and CFO position at Spin Master Ltd. (2011 to 2015) and at CCL Industries Inc. (2008 to 2011). In addition, he held several senior finance positions at Bacardi Ltd. (1995 to 2008). Mr. Tano is a Canadian Chartered Professional Accountant (CPA, CA) and a U.S. Certified Public Accountant (CPA, Illinois). He also holds an Institute of Corporate Directors designation (ICD.D) from Rotman School of Business, University of Toronto.
Karen Adams, Interim CEO of CloudMD commented, “We are thrilled to add Gaston to our Board of Directors as his finance expertise with globally recognized companies will add significant value to our financial and audit governance. Gaston brings over 30 years’ experience in executive finance roles and we are grateful that he has decided to join our board and support the Company through its growth.” She continued, “CloudMD has positioned itself as an industry-leading provider of comprehensive, employer healthcare and as we continue to grow, corporate governance has become a strong priority for the Company. We will continue to lean on our Board to adhere to exceptional governance, accountability, and transparency in our operations.”
“I am excited to join the Board of CloudMD and support the Company as they continue to drive innovation and disrupt the healthcare industry,” commented Gaston Tano. “I believe my extensive senior financial expertise will help guide the Company on their path back to profitable financial sustainability and through its continued growth.”
As CloudMD continues to focus on growth and sustainable profitability, it recognizes the importance for strong leadership at both the management and Board levels. There have been active discussions regarding the importance of the Company having strong governance and financial acumen on the Board has been emphasized. The appointment of Mr. Duncan Hannay to the Board in 2021 was one of the initial steps taken by the Company in executing on such strategy and Mr. Tano’s appointment is the most recent. The Board will continue to evolve and is expected to increase in size, as well as the depth of its skills and strengths, as CloudMD continues to grow. As a result, several potential Board members have been identified, all of whom have skill sets that could support the Company through its next phase of development. The Company intends on adding an additional independent director in the near term with additional depth to be added to the Board at the Company’s next shareholder meeting.
CloudMD Announces Resignation of Director.
Source
https://finance.yahoo.com/news/cloudmd-announces-resignation-director-113000727.html
Fri, April 22, 2022, 1:30 PM
CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH), a healthcare technology and innovative health services company transforming the delivery of care, announces that Mark Kohler has resigned as a director of the Company and the Chair of the Board, effective April 21, 2022, for personal reasons. The Company thanks Mr. Kohler for his contributions to CloudMD during his tenure on the Board and wishes him all the best in his future endeavours.
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s business is separated into three main divisions: Clinics and Pharmacies, Digital Solution and Enterprise Health Solutions, the Company’s fastest growing division. CloudMD’s Enterprise Health Solutions Division has built a leading employer healthcare solutions, including its Comprehensive Integrated Health Services Platform, which offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a direct ecosystem of over 5,700 clinicians including, 1,800+ mental health practitioners, 1,600+ allied health professionals, 1,400+ doctors and nurses and covers 12 million individual lives across North America.
For more information visit:
https://www.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD”
Chief Executive Officer
FOR ADDITIONAL INFORMATION CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604)785-0850
CloudMD Announces CEO Succession.
Source
https://finance.yahoo.com/news/cloudmd-announces-ceo-succession-113000168.html
Wed, April 6, 2022, 1:30 PM
Dr. Essam Hamza stepping down as CEO and President, Karen Adams appointed as Interim CEO.
CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH), a healthcare technology and innovative health services company transforming the delivery of care, today announced that the Company’s founder, Dr. Essam Hamza, will be stepping down as Chief Executive Officer (“CEO”) as of Monday, May 2, 2022. Dr. Hamza will remain on the Board of Directors and act as a strategic advisor to the Company. The Board of Directors unanimously appointed President, Karen Adams to assume the role of Interim CEO until a successor is appointed.
Over the last five years, Dr. Hamza has led CloudMD through significant growth and transformation, resulting in the company that CloudMD is today: a comprehensive, connected healthcare ecosystem with over 800 employees across North America. The founding principles that have guided CloudMD through its aggressive growth phase will continue to be the Company’s guiding light as it transforms the way healthcare is delivered.
“On behalf of the Board, I want to thank Essam for his entrepreneurial leadership and his hard work these past years, building an organization that is leading the industry in access to healthcare services,” said Mark Kohler, Chair of the Board of Directors of CloudMD. “Under Essam’s leadership, CloudMD’s business and revenue have increased in an extraordinary way. Essam has also gathered an impressive team with operational management depth throughout the organization, giving me confidence in the Company's ability to transition to new leadership seamlessly, capitalize on strategic opportunities, and deliver value to all stakeholders.”
The Company’s Board of Directors unanimously appointed CloudMD’s current President, Karen Adams, to assume the role of Interim CEO effective Monday, May 2, 2022, until the permanent CEO is appointed to lead the Company. The Board has initiated a process to identify the permanent CEO. Ms. Adams has been with CloudMD for the last two years, being appointed to the role of President in June 2021 and joining the Board of Directors in November 2021. She has over 25 years of senior executive experience in transforming companies, building brands, scaling organizations, and driving change and improvement in the healthcare solutions industry. During her time with CloudMD, Ms. Adams has built the Company’s strategic road map within its Enterprise Health Division, Digital Health Services Division, and mental health support solutions, and has significantly increased revenues, driven cost optimizations and launched geographic expansion. Prior to joining the Company, Ms. Adams held executive roles with Forum Corporation, Cira Health Solutions (SCM Insurance Services) and Morneau Shepell (Lifeworks) where she rebuilt brands, business strategies and positioned these companies for long term for growth.
Dr. Essam Hamza, CloudMD’s transitioning CEO comments, “Over the last few years, CloudMD has gone through significant growth including the completion of over 15 acquisitions, which are expected to add over $100 million in annual revenue. The business has changed from a connected network of clinics to a leading comprehensive healthcare provider, and I could not be prouder of the team on their ability to execute. It is time for the Company to move away from its founder, and I will be stepping down as CEO and passing the baton so a new CEO can lead the Company through its next phase of growth. I look forward to supporting the entire executive team through the Company’s next stage.”
Karen Adams, CloudMD’s Interim CEO said, “I am honoured that the Board has the confidence in me to begin to lead CloudMD into our next phase of growth. I am excited to work with the whole team to build the business, leveraging our differentiators to deliver results for our shareholders and stakeholders, including clients, network providers, and employees. The team will continue developing existing and additional capabilities underpinned by technology. We will continue investing in our employees through learning and development and create more opportunities for each employee to have a voice in new ideas, products, and services. I have worked alongside Essam for the last two years through the Company’s transformation and I am proud of what the Company has accomplished during that time.”
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s business is separated into three main divisions: Clinics and Pharmacies, Digital Solution and Enterprise Health Solutions, the Company’s fastest growing division. CloudMD’s Enterprise Health Solutions Division has built a leading employer healthcare solutions, including its Comprehensive Integrated Health Services Platform, which offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals and over 5 million individuals across North America.
For more information visit
https://www.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD”
Chief Executive Officer
FOR ADDITIONAL INFORMATION CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604)785-0850
CloudMD Announces Cost Optimization and Operational Integration Activities.
source
https://finance.yahoo.com/news/cloudmd-announces-cost-optimization-operational-113000311.html
Thu, March 31, 2022, 1:30 PM
- Identification and elimination of $7.5 million of annualized run-rate costs, focusing on future growth and sustainable profitability.
- Cost optimization activities will simplify operations, improve execution, strengthen customer focus, support cross-selling, and enable CloudMD to continue investing in innovation to drive industry leading health navigation solutions for individuals and organizations.
- Strategy will continue to focus on refinement of the business to have the most efficient and effective operating model.
CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH), a healthcare technology and innovative health services company transforming the delivery of care, is pleased to provide an update on its cost optimization process, integration of its comprehensive health services platform and organizational structure.
CloudMD’s cost optimization team is dedicated to creating shareholder and client value through the integration of people, process, and technology across the entire organization. Since the start of the year, approximately $7.5 million of annualized run-rate costs have been eliminated from the organization through integration, cost-synergies and streamlining operational functions across the entire business. The full benefit of these cost savings is expected to be realized in the second quarter. This exceeds the expected $4 million in cost savings the Company previously disclosed.
“We are pleased with our ability to accelerate the identification and elimination of $7.5 million of run-rate costs which we have already been taken out of the business since the beginning of the year. In addition, we have used this opportunity to re-evaluate the organizational structure and streamline our business operations to prioritize exemplary service for our customers. This will result in our customers realizing increased return on investment and return on employee satisfaction,” commented John Plunkett, EVP, Transformation and Strategic Planning at CloudMD.
CloudMD has demonstrated its ability to execute on its cost optimization strategy to drive sustainable profitability by:
- Integrating MindBeacon’s iCBT solution into CloudMD’s Mental Health Support Solutions, providing user engagement through assessment and treatment options for mild, moderate and chronic conditions.
- Streamlining and consolidating key operational functions across Finance, IT, Human Resources, Marketing and Sales and leveraging industry leading talent to drive innovation, retention and capitalize on human capital.
- Strengthening Digital Health Solutions by creating a new product management team focused on innovation and continuing to meet the health needs of individuals.
The Company believes there are additional efficiencies to be realized as it continues its integration efforts this year. In addition, CloudMD is also focused on cross-sell revenue synergies through its complete and connected health ecosystem, which will support continued strong top-line growth.
As part of the cost optimization, CloudMD has made some changes to its organizational structure to streamline the operations and create a more efficient business. Several positions have been reorganized and / or consolidated to leverage important capabilities, share best practices and drive growth throughout the organization. As part of the reorganization, effective March 31, 2022, Kanchan Thindal has stepped down as the Company’s Chief Operating Officer (COO). Karen Adams, President, will assume the roles and responsibilities of COO for the Company. CloudMD would like to thank Kanchan for her dedication and support over the last four years through the Company’s significant growth.
Through the organizational restructure, CloudMD has made several changes to consolidate and strengthen the depth of its leadership team including appointing Lu Barbuto, EVP Enterprise Health Solutions; Adam Kelly, Chief Commercial Officer; Aida Begovic, EVP Digital Health Solutions; John Plunkett, EVP Transformation and Strategic Planning; Jon Harju, SVP, Engineering; Bronwyn Ott, SVP, Human Resources and Olga McRae, Corporate Secretary. CloudMD has also introduced a process to continually review and evaluate its operational integration and additional changes may be implemented as indicated by such process.
No changes have been made to CloudMD’s current business units, Clinics & Pharmacies, Digital Health Solutions and Enterprise Health Solutions.
“Execution of our strategy is dependent on diligent cost management throughout the year. We are focusing on higher productivity and sustainable cost effectiveness to position us for increased profit and scalability,” stated Karen Adams, President of CloudMD. “The focus is on delivering the product vision, while ensuring we have the operating model and capabilities to deliver profitable growth. The actions we are announcing today, and the processes we have introduced, will better align our organization and cost structure to achieve these objectives. We will continue driving revenue and margin expansion by adding capabilities to our patented integrated healthcare platform, cross selling our capabilities portfolio, and bringing new, innovative healthcare solutions to the market.”
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s business is separated into three main divisions: Clinics and Pharmacies, Digital Solution and Enterprise Health Solutions, the Company’s fastest growing division. CloudMD’s Enterprise Health Solutions Division has built a leading employer healthcare solutions, including its Comprehensive Integrated Health Services Platform, which offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America.
For more information visit:
https://www.cloudmd.ca/investors/
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"
Chief Executive Officer
FOR ADDITIONAL INFORMATION CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604)785-0850
CloudMD Establishes Public Sector Division; Drives North American Growth with New Contract Wins.
source
https://finance.yahoo.com/news/cloudmd-establishes-public-sector-division-123000240.html
Thu, March 3, 2022, 1:30 PM
- New division to address the growing needs and investments being made in navigation of healthcare.
- Led by industry experts with over 70 years combined experience working in government and public sector roles.
- Embedding digital assets, including new comprehensive platform, mental health coach, therapy and iCBT, to ensure access and personalized healthcare.
- Significant U.S. Government contract wins with NYC Department of Education and opioid crisis support state-wide in North Carolina.
- Diverse portfolio of existing public sector customers; important driver of organic growth strategy across North America.
CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH), a healthcare technology and innovative health services company transforming the delivery of care, is excited to announce its newly formed Public Sector Division and recent customer contracts awarded from various state, local, and public sector organizations across North America. These contracts provide meaningful revenue diversification for the Company and opportunities to accelerate technology and service integration. The new division will also create cross-selling opportunities to integrate other services and solutions and provides a framework to continue scaling CloudMD’s integrated health services platform across North America.
The Public Sector Division combines experience in winning large-scale RFPs and contracts with an extensive history of successfully servicing public sector organizations across North America. There is growing investment from the public sector aimed at reducing wait lists, improving mental health and wellness, addressing anxiety, depression, post-traumatic stress and substance use issues. Through technology and efficient use of its health network providers, CloudMD is changing the way healthcare is delivered to address these issues. The Company already has a diverse portfolio of clients within the public sector, and this dedicated division is an important driver of CloudMD’s organic growth going forward.
Through its interoperability platform, the Company signed a contract to provide integration and technology services to the New York City Department of Education to support policy, process, and governance implementation. The NYC Department of Education is one of the largest educational agencies in the United States with over 1.2 million students.
The Company has also been awarded a contract for its Substance Use Disorder (“SUD”) solution to support the opioid crisis in North Carolina. The SUD solution utilizes CloudMD's patented Real Time Intervention Platform (RTIP), which is expected to be utilized across the country to help government agencies combat the Opioid Epidemic that is currently sweeping through North America. The SUD solution includes real-time risk identification tools to enable multi-disciplinary teams to provide real time intervention to help individuals with opioid issues get back on track.
In addition, CloudMD’s Mental Health Support Solutions service offering confirmed 107 new contracts in January and February, covering up to 50,000 new employees under subscription services. CloudMD has added several contracts within the Public Sector Division including:
- Subscription iCBT services for a major college employer in the Atlantic region of Canada.
- Three new Employee and Family Assistance Programs (EFAP) contracts for townships and municipalities across Canada.
- Mental Heath Coaching for the employees of a major Ontario university.
CloudMD also continues to receive strong adoption and referrals from the brokers/advisor markets and has a strong pipeline of customers across North America.
"As a lifelong mental health caregiver, I have seen the toll stigma and lack of access to services can take on families. As a long time public servant, I saw the impact on people, our healthcare system and our economy. People need supports wherever and whenever they are ready - at home, at work, at school - and I am proud to be working with CloudMD and our public sector patient and employer partners across North America to provide effective, holistic, and timely care that improves health equity for patients, students, workers and their families,” said Colin Andersen, Head of the Public Sector Division at CloudMD. “We have already made great progress since establishing our Public Sector Division and integrating MindBeacon into CloudMD’s health care offerings. I’m excited about the learnings our experienced US team brings to Canada and vice versa. Our comprehensive platform connects individuals to proven treatment that is outcomes-based, readily accessible and ideally positioned to meet the growing health and wellness needs of individuals and organizations alike.”
“We are focused on creating shareholder and client value through embedding technology in delivery of healthcare. This is aligned to our core purpose of creating innovation in access to care and healthcare navigation,” commented Karen Adams, President of CloudMD. “The public sector is recognizing the importance of investing in mental health solutions that will reduce wait times, improve access with a lens on health outcomes. We are fortunate to have the expertise to work with the public sector to solve these problems and deliver an outcome-based ROI.”
Essam Hamza, CEO of CloudMD added, “As we look forward, I am excited about the future of CloudMD. The combined companies provide incredible depth of expertise, leadership and management that builds the operational structure needed to evolve CloudMD for the next level of growth. Our path to profitability is within sight and we have assembled a leading executive management team that is extremely capable of driving organic growth. Through our ongoing integration efforts, we are well positioned to accelerate our expansion and scale the business.”
The new division is led by Colin Andersen, Head of Public Sector Strategy, Robert McKay, Director, Public Sector Product Development and Sharad Rao, President, IDYA4, who together, bring over 70 years collective experience working in government and public sector roles.
Colin Andersen joins CloudMD’s executive team from MindBeacon where he was responsible for MindBeacon’s partnerships with all levels of government, post-secondary institutions, public sector employers and workers’ compensation boards and all parts of the healthcare ecosystem. Previously, Colin was CEO of the Ontario Power Authority and prior to that Deputy Minister of Finance; Revenue; and Policy, Cabinet Office; Acting Deputy Minister as well as Associate Deputy Minister of Health and Long-Term Care; and Secretary of Treasury Board, all with the Ontario government.
Robert McKay brings extensive experience in senior roles leading large-scale Government projects for the Ministry of Health and Long-Term Care in Ontario, including the provinces Psychotherapy Program as well as Cancer Care Ontario’s Integrated Cancer Screening Program.
Sharad Rao is a senior executive focused on process and technology in the Public Sector arena with State, City and Federal Governments in the United States. Notably, he was a Senior Executive with Deloitte Consulting, leading the Justice and Public Safety segment of the law and justice industry segment for North America. He has overseen several national projects which involved the integration of disparate systems across all 50 states, aggregating data and providing insights to various agencies to take pro-active action.
CloudMD Software & Services Inc. also announces that it issued an aggregate of 18,000 common shares (the “Compensation Shares”) to the Company’s former Chief Medical Officer, Dr. David Ostrow, on February 2, 2022. Dr. Ostrow provided mentoring and advisory services to the Company, as initially announced in a news release dated November 19, 2019. The Compensation Shares were issued as settlement for indebtedness owed to Dr. Ostrow arising from his consulting agreement with the Company for the period from November 1, 2020, to October 31, 2021.
The Compensation Shares have a deemed price of $1.16 per share, which is the discounted market price pursuant to the policies of the TSX Venture Exchange, based on the closing price of the Company’s common shares on TSX Venture Exchange on October 31, 2021, the last trading day on which Dr. Ostrow’s services were provided to the Company under the foregoing arrangement. The Compensation Shares are also subject to a four-month hold period.
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s business is separated into three main divisions: Clinics and Pharmacies, Digital Solution and Enterprise Health Solutions, the Company’s fastest growing division. CloudMD’s Enterprise Health Solutions Division has built a leading employer healthcare solution, including its Comprehensive Integrated Health Services Platform, which offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America.
For more information visit:
https://www.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"
Chief Executive Officer
FOR ADDITIONAL INFORMATION CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604)785-0850
CloudMD Announces CFO Transition and Succession Plan.
source
https://finance.yahoo.com/news/cloudmd-announces-cfo-transition-succession-123000896.html
Tue, February 1, 2022, 1:30 PM
Daniel Lee is stepping down as CFO and will remain available to support the transition while CloudMD initiates a comprehensive executive search
Sean Carr will assume the role of Interim Chief Financial Officer, bringing 20+ years of CFO experience in large, complex healthcare and technology companies
VANCOUVER, British Columbia, Feb. 01, 2022 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH) (“CloudMD” or the “Company”), a healthcare technology company transforming the delivery of care, announced today that Daniel Lee stepped down as Chief Financial Officer (“CFO”), effective January 31, 2022, for personal reasons. As part of a planned transition, Daniel will remain available to the Company through March 31, 2022 to support the smooth changeover. Sean Carr, previously SVP Finance, has been appointed Interim Chief Financial Officer and is currently working with Daniel to oversee CloudMD’s annual audit and the comprehensive integration of its recent acquisitions.
Sean has over 20 years of experience as Chief Financial Officer of large healthcare and technology companies, including the Canadian Addiction Treatment Centers, AIM Health Group (which was sold to McKesson in 2013), and Venus Concept Inc. (a NASDAQ-listed company, which operates in over 60 countries). In addition, he has overseen multiple M&A transactions, leading due diligence, negotiation, and successful integration. Sean was already an integral part of CloudMD’s senior management team and, as Interim CFO, he will be even more heavily involved in the Company’s cost optimization project and part of the executive management team focused on executing on cost synergies and cost saving opportunities to drive profitability and growth.
“I’d like to thank Daniel for his dedication and support over a time of incredible growth. As CFO during our start-up phase, his hard work and entrepreneurial spirit were invaluable and helped us put in place the foundation of our connected healthcare ecosystem,” said Dr. Essam Hamza, CEO of CloudMD. “Sean has extensive experience as CFO of several large healthcare and technology companies. His track record of executing multiple M&A deals and his proven ability to integrate and generate synergies make him the perfect fit to lead the Company’s finance function during this period. With the acquisition of MindBeacon and the depth we’ve built up in our finance and accounting team, now is the perfect time to begin our search for a permanent CFO with experience in large public companies, global expansion, M&A integration and driving cost synergies.”
“I’m thrilled to be able to take on a bigger role at CloudMD and leverage my experience in M&A integration and cost control to bring CloudMD to the next level and a return to profitability,” said Sean Carr, Interim CFO of CloudMD. “CloudMD has created something special with their integrated healthcare ecosystem and the coming years are going to be an exciting time for the Company.”
The Company has grown incredibly quickly and to support the next phase of growth, CloudMD will be initiating a comprehensive executive search for a CFO who is an experienced financial leader that will help execute on the integration of MindBeacon, realization of cost synergies, global expansion, and will be instrumental in shaping the long-term financial strategy of the Company.
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s business is separated into three main divisions: Clinics and Pharmacies, Digital Solution and Enterprise Health Solutions, the Company’s fastest growing division. CloudMD’s Enterprise Health Solutions Division has built a leading employer healthcare solutions, including its Comprehensive Integrated Health Services Platform, which offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America.
For more information visit:
https://investors.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"
Chief Executive Officer
FOR ADDITIONAL INFORMATION CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604)785-0850
CloudMD Announces Update on VisionPros.
source
https://finance.yahoo.com/news/cloudmd-announces-visionpros-120000340.html
Mon, January 24, 2022, 1:00 PM
CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH), a healthcare technology company transforming the delivery of care, is providing an update on its subsidiary, VisionPros, which was acquired on June 23, 2021. The Company has been advised of claims from certain suppliers to VisionPros for the repayment of rebates and reassessments for approximately $3.73 million (the “Claims”). The Claims arise from violations of existing distribution agreements VisionPros has with these suppliers and are in relation to the business conducted by VisionPros prior to its acquisition by CloudMD. The Company has strong relationships with these suppliers and is working cooperatively with them to assess the Claims and to negotiate the terms of new distribution agreements.
CloudMD’s Board of Directors has authorized the Audit Committee to conduct a comprehensive review of the Claims and the business of VisionPros. In connection with that review, the Audit Committee will consider, among other things, the amount of goodwill for this acquisition that will be reflected in the Company’s annual financial statements for the year ended December 31, 2021.
The Audit Committee will also review and assess the avenues available to the Company for recovery against the former owners of VisionPros in connection with the Claims, which would be in addition to the indemnification holdback of 1,090,909 shares and $3 million of cash as provided in the definitive agreement for the acquisition.
The Audit Committee has commenced its review and the Company will make further announcements as appropriate.
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s business is separated into three main divisions: Clinics and Pharmacies, Digital Solution and Enterprise Health Solutions, the Company’s fastest growing division. CloudMD’s Enterprise Health Solutions Division has built a leading employer healthcare solutions, including its Comprehensive Integrated Health Services Platform, which offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America.
For more information visit:
https://investors.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"
Chief Executive Officer
FOR ADDITIONAL INFORMATION CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604)785-0850
CloudMD Announces Closing of MindBeacon Acquisition, Creating One of North America’s Most Comprehensive Integrated Health Offerings.
source
https://finance.yahoo.com/news/cloudmd-announces-closing-mindbeacon-acquisition-123000016.html
January 14, 2022, 1:30 PM
- CloudMD’s established, proprietary mental health platform offering assessment, navigation, coaching, and work life services paired with MindBeacon’s iCBT, virtual therapy and assessment solutions, creates one of the most comprehensive integrated suite of mental health solutions in Canada – focused on health outcomes for users across a diverse set of purchasing channels.
- CloudMD’s Integrated Health Services Platform offers a single point of access to a full range of mental and physical health services, providing users with a seamless experience and clients with meaningful data and analytics.
- The acquisition is expected to accelerate CloudMD’s U.S. presence through expanded behavioural health capabilities, modalities, cross-selling synergies and MindBeacon’s recent acquisition of a U.S.-based mental health provider that provides both EAP and a much broader range of behavioural health services to employer populations.
CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH), a healthcare technology company transforming the delivery of care, is pleased to announce the successful completion of the previously announced acquisition of MindBeacon Holdings Inc.,
https://investors.cloudmd.ca/cloudmd-to-acquire-mindbeacon-one-of-north-americas-leading-clinically-validated-icbt-solutions/
one of North America’s leading providers of digital mental health care, pursuant to a court-approved plan of arrangement Pursuant to the Arrangement, former MindBeacon shareholders are entitled to receive $1.22 of cash plus 2.285 common shares of CloudMD for each common share of MindBeacon. Following completion of the Arrangement, CloudMD has 287,675,749 common shares issued and outstanding, of which approximately 19.1% are owned by former MindBeacon shareholders.
MindBeacon’s robust digital mental healthcare platform, combined with its network of over 500 licensed therapists and advanced clinical psychologists, offers a full continuum of care centered around providing users the freedom to choose how, when and where they engage with support.
“We are thrilled to close the acquisition of MindBeacon, and would like to thank their shareholders, directors and management for the support and collaboration during this process. By uniting CloudMD and MindBeacon’s platforms, we will create a leading, fully-integrated health offering that provides effective stepped care across the entire spectrum of physical and mental healthcare,” said Dr. Essam Hamza, CEO of CloudMD. “The acquisition is expected to accelerate our U.S expansion strategy, a key focus for us in 2022, and improve organic growth by opening new distribution channels and through cross-selling to our 5,500 corporate clients. In addition, we have identified significant cost savings and are excited to integrate MindBeacon’s team and operations to realize further synergies between the businesses. Finally, I’d like to thank our shareholders and key stakeholders who have supported CloudMD’s vision and journey. I am looking forward to 2022 and our continued growth and transformation.”
MindBeacon pioneered the digital delivery of evidence-based therapy through a computer or mobile device. As a result, over 50,000 people have been treated by MindBeacon’s therapist assisted internet-based cognitive behavioural therapy (“TAiCBT”), [b[color=green]]receiving help 5 times faster than traditional community mental health care. MindBeacon’s TAiCBT delivers impressive outcomes, with 82% of clients reporting self-improvement in mental health, and 67% reporting clinically significant improvement.[/color]
“As the need for accessible mental health support continues to grow, it is imperative that the sector innovates to increase accessibility, improve results and reduce costs. The progression of our Integrated Health Services Platform, our partnership with employers, advisors and insurers and the acquisition of MindBeacon, demonstrates our dedication to being a leader in innovating the mental health space,” said Karen Adams, President of CloudMD. “MindBeacon has one of the best clinically-proven solutions in the market today and by adding it to our platform, we can offer a broad range of synchronous and asynchronous services in a cost-effective, stigma-reducing way that meets patients when and where they need. We will be integrating MindBeacon and all our mental health solutions to support individuals at work, off work or returning to work.”
“CloudMD's Comprehensive Integrated Health Services Platform is the perfect home for MindBeacon's mental health capabilities. Together, we're an industry-leading holistic health company,” said Sam Duboc, Former Executive Chair of MindBeacon. “I'm thrilled that this opportunity will be able to positively impact our patients and I'd like to thank our shareholders for their overwhelming support and recognition of how much more we will be able to accomplish together.”
The addition of MindBeacon to CloudMD’s holistic offering positions the Company as a leader within the fast-growing global behavioural healthcare market, which is expected to grow to US$242 billion by 2027, with a compounded annual growth rate of 5.02% between 2020 and 2027.
The acquisition is expected to be synergistic by offering the following benefits:
- Combined, the digital health platform is expected to be one of North America’s leading fully-integrated health offerings, with a clinically-validated, broad continuum of care to address mild, moderate, acute and chronic mental and physical care.
- Integration into CloudMD’s Comprehensive Integrated Health Services Platform will expand the breadth of interactive technologies and tool sets within behavioural health to support clients with longitudinal multi-dimensional care.
- Data interoperability and increased analytic touchpoints will provide additional valuable data around healthcare outcomes and improve network effects.
- Significant cross-selling opportunities through a combined network of 5,500 corporate clients, over 5 million lives, and extensive government contracts.
- Drive U.S. expansion through additional capabilities, modalities, cross-selling opportunities and MindBeacon’s recent acquisition of a U.S.-based mental health provider.
- MindBeacon’s “Beacon in a Box” white label iCBT SaaS offering complements CloudMD’s Digital Health Solutions division and may be sold directly to its network of over 20,000 regulated healthcare professionals.
- Overall cost synergies, including MindBeacon, now exceed $4 million.
The companies have already started to integrate MindBeacon’s healthcare solutions into CloudMD’s broad continuum of care. Management anticipates that the acquisition will generate significant run-rate synergies beginning in the first quarter of this year. Such synergies are expected to be realized through cost rationalization, process integration and the scale of the combined organization. The complementary nature of the combined digital health offering is also expected to fuel product cross-selling opportunities to existing CloudMD and MindBeacon clients.
In connection with closing of the Arrangement, CloudMD expanded its management team to include John Plunkett (MindBeacon’s former Chief Financial Officer) as EVP, Transformation and Strategic Planning and Adam Kelly (MindBeacon’s former President and Chief Commercial Officer) as Chief Commercial Officer, with both positions reporting to Karen Adams.
Delisting of MindBeacon Common Shares
CloudMD intends to cause MindBeacon to delist its common shares from the Toronto Stock Exchange (the “TSX”), to submit an application for it to cease to be a reporting issuer, and to otherwise terminate its public company reporting requirements as soon as possible thereafter.
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s business is separated into three main divisions: Clinics and Pharmacies, Digital Solution and Enterprise Health Solutions, the Company’s fastest growing division. CloudMD’s Enterprise Health Solutions Division has built a leading employer healthcare solutions, including its Comprehensive Integrated Health Services Platform, which offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America. For more information visit:
https://investors.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"
Chief Executive Officer
FOR ADDITIONAL INFORMATION CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604)785-0850
MINDBEACON ANNOUNCES VOTING RESULTS FROM SPECIAL MEETING OF SHAREHOLDERS.
source
https://finance.yahoo.com/news/mindbeacon-announces-voting-results-special-014600788.html
Tue, January 11, 2022, 2:46 AM
MindBeacon Holdings Inc. (TSX: MBCN) is pleased to announce that the shareholders of the Company have approved the plan of arrangement previously announced on November 15, 2021, pursuant to which CloudMD Software & Services Inc. will acquire all of the issued and outstanding common shares of the Company. In accordance with the terms of the arrangement agreement entered into on November 14, 2021, each common share of MindBeacon will be exchanged for $1.22 of cash and 2.285 common shares of CloudMD. Upon completion of the Arrangement, former shareholders of MindBeacon will hold approximately 19.1% of CloudMD.
16,189,566 votes, or approximately 98.94%% of the votes cast at the special meeting of Shareholders held on January 10, 2022, were cast in favour of the special resolution approving the Arrangement. 16,179,566 votes, or approximately 98.94%% of the votes cast at the Meeting, excluding Shares required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"), were cast in favour of the Arrangement. The special resolution approving the Arrangement was required to be passed by (i) at least two-thirds (66 2/3%) of the votes cast at the Meeting by the Shareholders voting virtually or represented by proxy at the Meeting and (ii) a simple majority of the votes cast by the Shareholders voting virtually or represented by proxy at the Meeting, excluding Shares required to be excluded pursuant to MI 61-101. Details of the voting results will be filed under the Company's profile on SEDAR at
https://www.sedar.com/
The Company will apply for a final order of the Ontario Superior Court of Justice (Commercial List) on January 12, 2022. Closing of the Arrangement remains subject to certain customary closing conditions including court approval. Subject to the satisfaction of these closing conditions, it is anticipated that the Arrangement will be completed on or about January 14, 2022.
Further details regarding the Arrangement, including the principal closing conditions and the benefits for MindBeacon shareholders, can be found in the Company's Management Information Circular, which was mailed to shareholders on December 17, 2021 and can be found under MindBeacon's SEDAR profile.
About MindBeacon Holdings Inc.
MindBeacon provides a continuum of mental healthcare that includes self-guided psychoeducational and wellness content, Peer-to-Peer Support, Therapist Guided Programs and Live Therapy Sessions all offered virtually through its secure and private platform. As one of the first commercially available, digitally-native platforms to offer therapist-assisted internet-based Cognitive Behavioural Therapy in Canada, MindBeacon's professional service is designed around end users – their health, their way. Working with employers, insurance carriers and government ministries, MindBeacon offers services that are accessible, available, affordable and, most importantly, proven to be effective. MindBeacon is changing the therapy landscape by making professional care available to every person, no matter when, where and how they choose to access it.
For more information visit:
https://www.mindbeacon.com/
About CloudMD Software & Services Inc.
CloudMD (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH) is digitizing the delivery of healthcare by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, CloudMD is building one, connected platform that addresses all points of a patient's healthcare journey and provides better access to care and improved outcomes. Through CloudMD's proprietary technology, the company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD's Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for corporations, insurers, and advisors to better manage the health and wellness of their employees and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America.
For more information visit:
https://investors.cloudmd.ca/
Forget Teladoc: Buy This Canadian Stock Instead
Another article from Oct. worth a read.
Written by Chris MacDonald at The Motley Fool Canada
Incorporated in 2013, CloudMD Software (TSXV:DOC) is a healthcare technology and service company focusing on healthcare delivery digitization. The company also owns and operates 100% of many clinics extending telemedicine and on-site services. It is regarded as an excellent Canadian stock with rapid growth potential.
Read on to know more as to why an investor should consider this stock in place of Teladoc (NYSE:TDOC).
Healthcare Technology Solutions at an Affordable Rate
CloudMD is a rapidly growing provider of healthcare technology solutions to patients, clinics, and enterprises. The company is presently making a significant push into Enterprise Health Solutions (EHS). It is doing so by extending a centralized one-stop or whole patient shop platform. It has integrated mental health, eye care, primary care, and other specialty care for insurance companies and employers.
This would result in making it quicker and easier in dealing with employee health issues. Additionally, this model also lessens a major issue: absenteeism.
The organization has recently made a range of intriguing acquisitions. The company is currently in the process of integrating these. Accordingly, CloudMD’s Pro-forma annualized revenue run-rate is anticipated to be roughly $140 million. This implies EBITDA of between $5 million and $10 million.
This TSX stock has been weak of late — similar to a majority of small caps featured in this space. This offers an excellent purchasing opportunity for investing in the digital health sector. Indeed, CloudMD’s reasonable valuation of less than three times revenue is attractive compared to peers trading at much greater multiples.
Strong fundamentals for this Canadian stock
In Q2, CloudMD posted revenue of $15.7 million. Compared to the revenue of Q2 last year, which was $2.8 million, this implies 461% year-over-year growth. That’s impressive.
Of course, the starting base upon which CloudMD was operating with last year was low. That said, this growth is notable for two reasons.
First, this Vancouver-based company has completed the realignment process in two major verticals besides EHS. This includes Digital Services and Clinical Services & Pharmacies (CSP). For the quarter, CSP accounted for revenue of $6.6 million. This is up from $2.3 million from the same quarter of last year. On the other hand, digital services accounted for revenue of $4 million compared to $500,000 in Q2 of 2020.
Secondly, CloudMD has processed a number of acquisitions last year and the first half of this year. The company carried out a couple of acquisitions during the quarter.
CloudMD closed a transaction valued at $60 million for VisionPros, which is a vertically integrated digital eyewear platform. Then the company closed a $68 million transaction for Oncidium, which is a healthcare management company. Oncidium boasts of a clientele of more than 500 public sectors clients and companies.
With the acquisitions sorted, the company will likely focus on other areas for creating cross-selling opportunities. This includes organic growth across its ecosystem of customer bases and businesses.
Bottom line
CloudMD combines technology and healthcare in an efficient package. This telehealth company has grown like wildfire through acquisitions during the pandemic. It now caters to more than five million individuals across North America. This ranges from offerings of therapists to family physicians.
Those looking for a hyper-growth play don’t have to venture too far away from Canada to get it. This is a small-cap play with similar upside to rival Teladoc, with potentially more room to run in a hyper-bull market.
The post Forget Teladoc: Buy This Canadian Stock Instead appeared first on The Motley Fool Canada.
Millionaire-Maker Stocks for Risk-Tolerant Investors
This stock/company is not getting the notice it deserves. Below is an article by the Motley Fool last month. With so much trash in the OTC, this is one of the few gems with strong fundamentals and trading around 2x earnings.
by Adam Othman 2021-12-02, The Motley Fool
Not all risky investments are equally rewarding, but the “more-risk-more-reward” ideology still holds. That’s why a healthy risk appetite is crucial for an investor’s success. But you can mitigate the risks and still get a lot of the upside by choosing the right stocks at the right time. And with the right amount of capital, these stocks may have the potential to make you a millionaire, given enough time (and the right circumstances).
Provided by The Motley Fool
A promising company
CloudMD Software (TSXV:DOC) offers an overlap of health and tech. While telemedicine is not a unique concept, it’s still being refined for the internet, and several advances in technologies are bringing us closer to a future where “remote healthcare” will be the norm. CloudMD can be huge in that future, and for now, it’s available at a fraction of the cost it might actually be worth someday.
The stock did rise quite strongly in its early days, that is, from its inception to its 2021 peak, but that might have been due to the general optimism about the tech sector and not the fundamental strength of the company itself. Still, the company has made great strides toward growing its healthcare network and already has about 22,000 family doctors and 34,000 specialists connected to the network.
MindBeacon Announces Filing of Management Information Circular for the Meeting to Approve the Acquisition by CloudMD.
source
https://finance.yahoo.com/news/mindbeacon-announces-filing-management-information-220000639.html
December 16, 2021
- Combined digital health platform will be one of North America's leading fully-integrated health offerings, with a clinically-validated, broad continuum of care to address mild, moderate, acute and chronic mental and physical care.
- Adds scale and strengthens CloudMD's financial profile – CloudMD expects to have annualized revenues exceeding $185 million (a 19% increase from CloudMD's current revenue run rate of $155 million), as well as improved gross margin of 35%, post-close.
- CloudMD to offer $1.22 in cash and 2.285 common shares of CloudMD per MindBeacon share.
- CloudMD is projected to have cash on hand exceeding $60 million, post-close.
MindBeacon Holdings Inc. (TSX: MBCN) announces that the Management Information Circular and associated Form of Proxy and Letter of Transmittal are being mailed to shareholders of MindBeacon on Friday, December 17, 2021 in connection with a definitive arrangement agreement under which CloudMD Software & Services Inc. (TSXV: DOC) will acquire all of MindBeacon's issued and outstanding common shares for a combination of cash and shares valued at approximately $116 million. Under the terms of the Arrangement Agreement, each common share of MindBeacon will be exchanged for $1.22 of cash and 2.285 common shares of CloudMD. A copy of the letter to MindBeacon shareholders is available below highlighting the key benefits and reasons for the transaction.
With the ongoing pandemic, MindBeacon's Special Meeting of Shareholders is to be held in a virtual only meeting format via live webcast online at
https://web.lumiagm.com/#/458290597
on January 10, 2022 at 10:00 a.m. (Eastern time).
While these materials will be filed by MindBeacon under its issuer profile and be available for viewing on the SEDAR website
https://www.sedar.com/
a copy of the letter to MindBeacon shareholders is included below. Furthermore, the disclosure in this press release supplements the disclosure in the Information Circular and is deemed to be incorporated by reference into the Information Circular.
How to Vote
Shareholders must vote their proxy before 10:00 a.m. (Eastern time) on January 6, 2022.
MindBeacon shareholders with questions or who need help voting are encouraged to contact Kingsdale Advisors at 1-888-302-5677 toll-free within North America, or 1-416-867-2272 (for collect calls outside North America), or e-mail at contactus@kingsdaleadvisors.com.
OTC Markets Group Welcomes CloudMD Software & Services Inc. to OTCQX.
source
https://finance.yahoo.com/news/otc-markets-group-welcomes-cloudmd-120000939.html
Mon, December 6, 2021, 1:00 PM
OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for over 11,000 U.S. and global securities, today announced CloudMD Software & Services Inc. (TSX-V: DOC; OTCQX: DOCRF),
https://www.otcmarkets.com/stock/DOCRF/quote?utm_source=Press+Release&utm_medium=Press+Release&utm_campaign=New+OTCQX+Company
a healthcare technology company revolutionizing the delivery of care, has qualified to trade on the OTCQX® Best Market.
CloudMD Software & Services Inc. begins trading today on OTCQX under the symbol "DOCRF." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on
https://www.otcmarkets.com/
Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.
Nauth LPC acted as the company's OTCQX sponsor.
About CloudMD Software & Services Inc.
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient's healthcare journey and provides better access to care and improved outcomes. Through CloudMD's proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources and artificial intelligence (AI). CloudMD's Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for corporations, insurers and advisors to better manage the health and wellness of their employees and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals across North America.
For more information visit:
https://investors.cloudmd.ca/
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for over 11,000 U.S. and global securities. Through our regulated OTC Link® Alternative Trading Systems, the Company connects a diverse network of broker-dealers that provide liquidity and execution services. We enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for their investors.
OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.
To learn more about how we create better informed and more efficient markets, visit
https://www.otcmarkets.com/
Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com
Earnings Call Transcript - CloudMD Software & Services Inc. (DOCRF) CEO Essam Hamza On Q3 2021 Results.
source
https://seekingalpha.com/article/4472428-cloudmd-software-and-services-inc-docrf-ceo-essam-hamza-on-q3-2021-results-earnings-call
Nov. 29, 2021 9:03 PM ET
Company Participants
Julia Becker - Vice President, Investor Relations
Essam Hamza - Chief Executive Officer & Director
Karen Adams - President & Director
Daniel Lee - Chief Financial Officer
Conference Call Participants
Scott Schoenhaus - Stephens
Rob Goff - Echelon
Nick Agostino - Laurentian Bank Securities
Yue Ma - Research Capital
Gabriel Leung - Beacon Securities
Operator
Good afternoon and welcome to the CloudMD Q3 Twenty Twenty One Earnings Conference Call and Webinar. My name is Valerie and I will be a conference facilitator today. As a reminder, this conference call is being recorded. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question-and-answer period.
Thank you. It is now my pleasure to turn the call over to Julia Becker, Vice President, Investor Relations with opening remarks.
Julia Becker
Thank you Valerie and good afternoon everyone. Thank you so much for joining us today, November twenty nineth twenty twenty one for our third quarter earnings conference call and webinar. We’ll start the call with our CEO, Dr. Essam Hamza, followed by our President, Karen Adams, and our Chief Financial Officer Daniel Lee who will provide a recap the company's third quarter twenty twenty one financial results before opening up for a question-and-answer period from our covering analysts.
A friendly reminder that today's discussion contains certain forward-looking information which involve inherent risks and uncertainties and other factors that could cause actual results to differ materially from management's current expectation.
Forward-looking statements should not be interpreted as assurances of future performance or results. The risks related to the forward-looking information are described in the company's most recent AIF and then the Management’s Discussion and Analysis for Q3 twenty twenty one which are both available on SEDAR.
We encourage you to review our public disclosure in the context of all forward-looking information that you may here today during this earnings call. Investors are cautioned not to place undue reliance on such forward-looking information and that such information is considered reasonable, based on information available to management as of today. However, the company disclaims any intention or obligation to update and review any forward-looking information as a result of new information, future events or for any other reason except to the extent required by law.
With that, it is my pleasure to turn the call over to Dr. Essam Hamza, CEO of CloudMD.
Essam Hamza
Thank you, Julia. Good afternoon and thank you for joining us for our third quarter twenty twenty one earnings call. We are delighted to share our financial results representing the first full quarter with all of our previously reported acquisitions closed and consolidated. This is the first quarter where our investors can start to see the full impact of CloudMD’s strategy. Through the execution of the strategy, we generated thirty nine point two million dollars in revenue, representing over one thousand percent year-over-year growth and positive adjusted EBITDA, demonstrating the operating leverage inherent in our business model.
We've increased our adjusted EBITDA margin for six consecutive quarters as we've successfully executed on our integration playbook to generate significant synergies. Let me now talk briefly about the underlying philosophy guidance and has led to those outstanding results. CloudMD was born out of the frustration of dealing with inefficiencies and ineffectiveness of the traditionally broken healthcare system. Many of you are here because like us, you recognize the feelings of that system, for example, inefficient use of resources solid care, how data technology, employers or payers dealing with rising cost despite worsening outcomes and doctors and nurses that are overwhelmed and exhausted.
Our team of dedicated medical professionals understand the historical shortcomings and the different pinpoints of those various stake shorts of stakeholders. As a result, we have created a health tech company leveraging proprietary patented technology which is focused on an integrated outcomes based approach to healthcare delivery, and which improves efficiencies provides better access of care and better health outcomes.
We know that payers and providers prefer integrated end-to-end solutions because of simplifies partnerships, improves return on healthcare spend and leads to better individual health outcomes. We've carefully built a leading integrated solution through a combination of strategic acquisitions and purposeful technology innovation.
All these targeted acquisitions fill an essential part of our healthcare ecosystem in either our Enterprise Health Solutions or Digital Health Solutions product roadmap. Most of these were not for sale on the market and we're found that company is that like you align with the CloudMD vision. We are uniquely positioned to deliver a comprehensive integrated health offering based on our Patented Real Time Intervention Platform or RTIP which supports data and profitability, cybersecurity and the ability to merge separate applications into a single platform. It is the backbone of our comprehensive platform and allows us to integrate various health capabilities such as care navigation, physical health, mental health, virtual care, and health education to name a few. This integration allows us to navigate an individual's unique health journey within one connected platform and provide outcome data back to the stakeholders.
Our techniques that much easier and more effective for us to continue adding new capabilities onto the platform share data in real time and operate as an end-to-end solution. It also allows us to scale rapidly and enter new geographical locations by plugging provider networks into our backend. On the call today,
I'm going to have Karen talk about three key focus areas that are driving growth and shareholder value.
- One, we are driving synergies and integrating capabilities to improve growth and profitability.
- Two, through our Enterprise Health Solutions division, we are delivering an excellent end user experience for all stakeholders which is driving successful customer acquisition.
- Three, through our Digital Health Solutions division, we have developed proprietary technology that enables engagements of individuals in supporting health issues, while at the same time empowering regulated health professionals productivity.
I'll now pass it over to Karen to review in detail how we all execute again each one of these focus points. Karen?
Karen Adams
Thank you, Essam. I'm very proud of our strong solid performance in Q3 twenty twenty one. The team has done an incredible job creating a growth oriented efficient profitable business that provides a superior product for the markets we serve. Our business units have accelerated our ability to transform the way healthcare is provided with a focus on an engagement, proactive measurement and health outcomes.
I want to turn to the focus areas that Essam outlined.
- Focus one, we are driving synergies and integrated capability to improve growth and profitability. In our most hypergrowth phase, we completed fourteen acquisitions. This is the first quarter where we can recognize the full benefits of those acquisitions. We have successfully identified and realized significant revenue expansion and cost synergies as we executed on our integration playbook. We've identified and executed on one point five million dollars in annualized synergies this quarter, significantly more than we announced at the time of those acquisitions.
In Q3, we continue to execute on our integration plan by bringing businesses together in our operating divisions creating strong operational leverage. In addition to that, we drove reductions in administrative technology, finance and data costs through implementation of the shared services model. We also continue to reduce customer acquisition cost by increased revenue synergies, unified sales strategy and an expanded client base from these already proven capabilities.
Internally, we are tracking and focusing on attach rate and while it is not a measure we are sharing yet, this cross selling will be a key driver of growth going forward. We are creating clients success teams that enable our ability to work with clients on their health and productivity needs, while creating multi products solutions with measurable outcomes.
We are able to demonstrate declines for the first time evidence that the programs they implement improved symptoms and well-being using the right group benefit program. The results of our hard work are clear, we've grown annualized revenue per share every quarter with that number more than doubling from Q2 to Q3. We've also improved adjusted EBITDA margin each and every quarter this year as we've given synergies and generated operating leverage
We've taken a disciplined approach to integration with well-defined processes and a dedicated team. Our Mental Health Support Services or MHSS is a perfect example of a focus on growth with the right cost structure. We've integrated people process and technologies of three separate EAT and mental health companies into one solution. Providing what our clients are defining as first end market solution.
We are leading the industry and mental health coaching and navigation while seeing client adoption and annualized organic growth of sixteen percent. The acquisition of MindBeacon is expected to solidify our position as we're leading North American comprehensive mental health solutions that uses a clinical data driven approach to engage in monitor improvement for return to function.
The proven capabilities of MindBeacon internet based cognitive behavioral therapy or commonly referred to as iCBT coupled with our employee assistance program and our industry leading health coach and navigation solutions are a powerful synergistic combination of industry leading program. We are confident that with MindBeacon, we will be able to replicate our integration strategy and upon close with a comprehensive product and media cost savings and revenue expansion through our broad client base.
We plan to continue to create a stronger and more profitable company by sticking to our disciplined approach to M&A are well defined innovative capabilities roadmap and executing on our proven integration playbook.
- Focus two, through our Enterprise Health Solutions Division, we are delivering an excellent end-to-end user experience for all stakeholders which is driving successful customer acquisitions. Our Integrated Health services platform continues to provide an outstanding measurable results for our client. We're seeing a net promoter score of over eighty, a ninety eight percent user satisfaction rate for our Mental Health Support Services and increasing client adoption rate quarter-over-quarter.
This points to the fact that we were providing a measurable return on our client's healthcare spend, which is very important as healthcare costs are rising and it becomes increasingly important to demonstrate value to the market you serve. As a result of these outcomes client adoption of our solution accelerated in Q3. Our strong sales conversion experience has resulted in an additional one hundred and sixty four customers adopting our Enterprise Health Solutions offering, up from one hundred and fifty six in the previous quarter. This includes new clients in such, sectors as retail, transportation, financial and two large drug companies. We now have a total of five hundred and sixty thousand lives on the platform up from two hundred and sixty thousand lives in Q2.
It is also important to note, we are performing incredibly well with a win rate of ninety percent based on our strong assessment, navigation and value proposition. We have a number of proposals out with clients in our absence management and occupational health business to provide comprehensive health and wellness support. We are leveraging our assessment business to provide a more comprehensive offering with the addition of our mental health treatment, resulting in reduced disability dates and higher client satisfaction.
I'm also proud of our mental Health Support Solutions team in the announcement this morning by Sun Life. Sun Life started as a paid pilot earlier this year for their employees. The pilot delivered measurable mental health results, including eighty nine percent of those suffering from depression and ninety one percent suffering from anxiety, experiencing major improvement. It also saw forty six percent increase in plan members, utilizing their mental health benefits for the first time.
It is my authorization that during the last year companies are clearly demonstrating their commitment to mental health by expanding EAP programs and including an increase of paramedical spend to ensure access to care. Our EAP program was founded on nurse navigators to improve the planned member experience. This increased spend in paramedical benefits for mental health will only be a benefit when you pair it with health coach to ensure the right program with the right therapist and accountabilities for outcomes. This program is proving to deliver on just that.
Based on the results Sun Life converted from a pilot to a partner and will roll out our health coach product across planned sponsors throughout twenty twenty two as part of its group benefits offering. We are appreciative of the supportive Sun Life in recognizing the importance of this type of program we have developed.
To compete in the future, you need to provide whole person team based care that produces measurable results. Our comprehensive platform is providing this clients and their members driving new client wins and growing share of clients well. Our comprehensive platform addresses mild, moderate and acute and chronic mental and physical health with a variety of treatment options from low intensity to high intensity, and most importantly, one that shows data across all treatment types to continue to improve outcomes for individuals, practitioners and payers.
Finally,
- focus three. Through our Digital Health Solutions division, we are developing proprietary technology that enables engagement of individuals and supporting health issues, while improving regulated health professionals productivity. The Digital Health Solutions division launched a new unpaid pilot program in Q3, which is a long-term care product focused on lowering risks and improving the quality of life through better digital screening, tracking and monitoring. We've also been in user testing for our new online eye examination expected to launch in early twenty twenty two.
These are just some of the examples of our team working hard on new innovations that will drive growth in the future. MindBeacon speaking [Indiscernible] box and another development we are excited about and believe will be additive to the various tools, we can provide practitioners in our clinical network. It has a white label iCBT that they can use to augment their care. One of the other large drivers of growth in the quarter was our real time intervention platform. While RTIP is the backbone of our comprehensive health ecosystem. We also sell it on a contract basis.
During the quarter, it’s strong growth from new contracts with various federal and state level entities in the United States. RTIP is being used in the battle against substance as an innovative health data integration and Security Technologies Solution leveraging various information sharing standards and is already operational across thirty eight states and local agencies to adjust equal point crisis.
With that, I'll pass the call to Daniel to further discuss our financials.
Daniel Lee
Thank you, Karen. By Essam and Karen touched on, this was the first quarter with all of our previously announced acquisitions before we consolidated providing a clear view into our business. We have built this company for sustainable growth and operating leverage which will allow us for future tuck in acquisitions, but we are very pleased to share the early results on those efforts with you. Q3 twenty twenty one total revenue was thirty nine point two million dollars compared to fifteen point seven million dollars in Q2 twenty twenty-one and three point six million dollars in Q3 twenty twenty. The increase is attributed to having a full quarter contribution and the four acquisitions completed in Q2 twenty twenty one. Excluding acquisitions, the company had achieved a strong year-over-year overall organic growth rate of eleven percent.
Enterprise Health Solutions contributed nineteen point six million dollars in the quarter as Q3 included full quarter contribution from Oncidium. During the quarter, Oncidium had elevated revenues above and beyond the previously announced run rate due to some short term pandemic related services. The pandemic has highlighted the need from mental health and are comprehensive offering and help employers improve the well-being of their employees.
The Enterprise Health Solutions Division also achieved a sixteen percent annualized growth rate from the Mental Health Support Services to business compared to Q2 twenty twenty one. As Karen stated, we continue to add new customers in the quarter, and we are excited about the proposed acquisition of MindBeacon and how its iCBT solution will augment our comprehensive offering and expand a number of treatment options for individuals.
We continue to market these solutions as standalone but are winning based on offering a variety of solutions and the option for end-to-end integration care. Digital Health Solutions generated ten million dollars in revenues as we signed and executed new customer contracts adding to our strong recurring and recurring revenue base.
Digital Health Solutions achieved a forty three percent annualized organic growth rate over Q2 twenty twenty one. This increase was primarily due to solid execution of delivering contract services to various U. S. Government agencies. Clinics and pharmacies continues to perform well with nine point six million dollars revenue during the quarter, representing two twenty nine percent year-over-year growth. Including the proposed acquisition of MindBeacon, which will be integrated into the enterprise Health Solutions Division upon close. We expect approximately fifty five percent of our revenues to be earned from the enterprise Health Solutions Division approximately twenty five percent from Digital Health Solutions and approximately twenty percent from clinics and pharmacies.
Looking ahead to Q4, it will be a quarter of strict organic growth as we do not anticipate closing any new acquisitions during the quarter. We target ten percent year-over-year organic growth but recognized that a quarter-over-quarter growth is in straightforward due to things like contract timing and seasonality. Gross profit in the quarter was thirty four percent down from thirty five point five percent in Q2. The slight decline was due to a change in mix of revenue, notably, our online eyewear platform, specialty drug wholesaler and patient support programs which are currently lower margin businesses grew rapidly in the quarter and made up a larger proportion of total revenues. While we expect some fluctuation in gross margins going forward, due to the shifting mix, we continue to target a low to mid thirty percent gross margins. We've done an incredible job and I'll take a second to pause and commend the team on their ability to drive synergies and control costs as we've scaled.
This quarter, we added an incremental twenty three point five million dollars in revenues while only increasing operating expenses by five point six million dollars. To put it another way, we decreased operating expense as a percentage of revenue from seventy nine percent in Q3 twenty twenty to thirty two percent a year later in Q3 twenty twenty one.
We believe we are proving we can integrate acquisitions, drive cost savings and increased profitability. While there may be some momentary step backs in this trend as we consolidate my begin. I have complete confidence in our ability to once again execute and produce a same cost savings and profitability. I'm proud to say that this quarter, we reached positive adjusted EBITDA for the first time. We generated eight hundred thousand dollars in positive adjusted EBITDA were at two percent adjusted EBITDA margin. We expect continued improvement into Q4 as we find additional cost savings and improve our operating leverage for a temporary step back as we consolidate MindBeacon in Q1 twenty twenty two.
We ended in Q3 with fifty four million dollars in cash. Following the closing of the MindBeacon acquisition and after all payments in respect of that transaction, we expect to have over sixty million dollars in cash on hand. We expect that there will be more than enough to continue to execute on a strategic roadmap, integrate our capabilities and improve profitability.
I'll now pass it back to Essam for some final comments.
Essam Hamza
Thank you, Daniel. So, we've outlined the vision for our shareholders of an integrated outcome driven health tech platform. We are executing on that vision adding capabilities through acquisition and innovation to create a full service offering that eliminates Indiscernible care and through our patented data onto our profitability platform interact smoothly together to create individual – better individual outcomes.
Each quarter, the fundamentals of our business have improved, and we demonstrated that the plan we have in place is the correct one and that we have the team necessary to execute on it. Over the last year, we've grown revenues over a thousand percent and even on a per share basis, which accounts for dilution used to build the platform, we've grown it four eighty five percent year-over-year. We've improved profitability every quarter and most importantly, the offering we have represents to – find the represent to client stage is now stronger than when it was years ago – a year ago.
Our recently announced transaction with MindBeacon is another step on our roadmap, which will bring in another important capability by buying the leading product provider in the market today. While we expect to take a short-term step back in profitability, we anticipate that we will once again drive improved profitability and per share revenue as we integrate the scale and scale this new capability. To that end, we've already identified an additional two million dollars in potential synergies over and above will be announced at the time of the – that MindBeacon announcement. I'm incredibly proud of what our team is building. Their hard work, dedication to cost control and focus on delivering superior healthcare outcomes has made this possible.
With that, I'd like to open the call for questions. Operator?
Question-and-Answer Session
Operator
Thank you. Ladies and gentlemen. Our first question comes from Scott Schoenhaus with Stephens. Your is open.
Scott Schoenhaus
Hi Essam and team. Congrats on the strong quarter. I wanted to dig further into the pending MindBeacon acquisition you recently announced. I believe MindBeacon had us around fifty five hundred corporate clients currently, just wondering if there was any client overlap there at all with any of your EHS customers and how you see the cross selling opportunities once this pending acquisition is closed?
Essam Hamza
Yes, thanks Scott. It's a great question. The great thing about our roadmap that we had and with each one of our acquisitions that we targeted. There are great companies on their own growing on their own, but together, we saw a lot of opportunities for cross selling. There is some overlap of the customers and I'll have Karen kind of explain a little bit in terms of our cross selling strategies going forward.
Karen Adams
Thanks for the question. So, there are some clients that are overlap, but the interesting thing is that as clients are looking to consolidate capabilities and delivers the superior product to their employee. We see this as a great opportunity for the iCBT product and our Mental Health Support Solutions to come together to provide access to care and really start to align to people's preferences for how they receive treatment. So for us, this is going to be a win win for the clients and our ability to come together with a solution that I think we will provide stronger outcomes for the people using services. And I should mention we've already had some of the clients reach out to both organizations asking to get together to start to talk about what this new products offering can look like as a cohesive platform.
Scott Schoenhaus
Great. That's great color, Karen. Then as a follow-up, how should we think about ongoing growth and adjusted EBITDA margin expansion in the longer term. Should we expect gross margins to expand in EHS past the legacy fifty percent levels that MindBeacon was achieving on the gross margin side given the larger scale and then the cost synergies over the next several years on the EBITDA margin side. Thanks guys.
Essam Hamza
Yeah. Thank you. Dan, if you can speak a little bit to the gross margin and the plans for that.
Daniel Lee
Sure, great. Thanks for your questions, Scott. So with respect to MindBeacon, they do operate a much higher gross margin. And so we do expect that with upon the completion of MindBeacon, which will occur, which we anticipate, will incur sometime in January that will increase our gross margin. For Q3 twenty twenty-one, our gross margin for Enterprise Health Solutions, I believe we reported on our financials forty two point nine percent and so we do expect that to gravitate to the mid-forty percent if not even higher than that. And so we can, we do expect that there will be significant synergies as it relates to the cost of sales within MindBeacon as well as within CloudMD.
With respect to EBITDA, we are – so we did announce initially a ten million dollars and annualized cost synergies. In addition to what Essam had mentioned earlier on the call, we've identified a further two million dollars and so we've begun having discussions with MindBeacon on integration plan and we will provide a further update to the markets following that, but we do have plans to return back to profitability and what I would say is that, we do expect sometime in the back half or as we exit twenty twenty two for us to be approaching back to profitability once we start executing on some of these integration efforts and start realizing synergies.
Scott Schoenhaus
Thanks, Steve.
Operator
Thank you. Our next question comes from Rob Goff of Echelon. Your line is open.
Rob Goff
Thanks for taking my question and congrats on a very [Indiscernible] total of quarter. My question would be on the Sun Life contracts. To the extent possible, can you talk to the model behind the contract? In terms of the potential addressable market for [Indiscernible] perhaps with a competitive win and how MindBeacon fit into this contract?
Essam Hamza
Thanks, Rob and you're right. It has been pretty eventful. We've incredibly excited with our relationship with Sun Life. They're incredible leaders in their space and innovators and they share a lot of the same values that we have, and it validates what we've been talking about in terms of measurable results for employees and showing outcome data the value of that. So we're incredibly excited to partner with them. What I'll do is, I'll hand it over to Karen talk a little bit about the structure and the plans with Sun Life.
Rob Goff
Great. Thank you.
Karen Adams
Thank you. Great question. So, we refer to the throughout the year as the paid pilot where in Sun Life rolled it out to their employees and we're very proud of the results. This is a price, this is basically a model where employee connects as a platform and really start to get some help for mental health through a coach and one of the biggest challenges for individuals to get help is just the whole starting treatment. And so, we find that the coach is really good at producing stigma creating engagement and really creating a treatment plan with objectives that people can adhere to. So, that's really the product that we have created.
It is an evidence based product. I think you would have seen in the press release, we're seeing very good improvements in depression and anxiety that plan members are actually using their mental health benefits now to access for treatment. The plan with Sun Life is to roll it out for all of their plans sponsors over time. And we're just really excited that they selected CloudMD and the program – the platform that has the health coaches that enable people to get access to care.
Rob Goff
Thank you. And if I may one follow-up Karen.
Karen Adams
Sure.
Rob Goff
Skew with the EHS, could you talk to your cadence for contract wins and that win rate on quarter?
Karen Adams
Yes. So, I mean when we get in front of a customer, I think our big opportunity here is just the breadth of services that we provide, and I think that where we've really seen when we do debrief with clients when they select us, and I can ask why they select us. And I think we're seeing quite a traction around the value proposition of the assessment and the tools and the innovation around the platform, but really what speaks to people is that all of the capabilities that we brought to the forefront has been capabilities that have proven for twenty plus years. And so, we've taken them consolidated them and really created one cohesive platform for people to access the service.
From the win rate, so I would say that the largest posture for us is these nurse navigators. In this whole concept of using a regulated health professional as the lead to build the trust to really ensure that people are actually accessing the right group benefit programs. So, it's really getting in front of the customer and that's where that win rate is coming from.
Rob Goff
Thank you again.
Operator
Thank you. Our next question comes from Nick Agostino of Laurentian Bank. Your line is open.
Nick Agostino
Yes, good evening. I guess couple of questions for clarification. First, for Dan, you mentioned gross margins forty percent as you include MindBeacon. Can you just clarify, was that forty percent on the EHS side or was that a forty percent comment or forty five percent comment related to the overall business and what were the timelines on that?
Daniel Lee
Yes. So Nick, just to clarify, so the comment I made was more so just with respect to EHS. So one of the things that we've now disclosed in our notes to our financial statements is the gross margin profile of our divisions and so what you'll find is that we reported forty two point nine percent gross margin for Enterprise Health Solutions in Q3.
Nick Agostino
Okay. That's very helpful. And then on those further two million dollars of identified synergies. Can you guys, can you provide commentary as to what areas like what the nature of the two million dollars of additional synergies? Where is it coming from?
Essam Hamza
Yes. I mean, first of all, when we first announced the first two million dollars with the MindBeacon announcement, it was really the public market costs associated with just running the company and since then, we've continued to work with the teams at time at MindBeacon and internally and those are synergies between the two companies. I'll have Dan maybe speak a little bit more in terms of color around that, but we're also going to keep updating the market next on that so on close we will update that number further.
Nick Agostino
Okay.
Daniel Lee
Yes. So Nick, I can just expand a little bit more in terms of that additional two million dollars. So that's two million dollars and I just want to be clear here as well. So, in addition to the initial ten million dollars that we announced on the announcement date for MindBeacon and in addition to the two million dollars that's Essam mentioned, which is further identification of synergies that we've called out in Q3 itself. We've also executed on identified and execute on further one point five million dollars of annual cost savings that Karen had mentioned. So there's a lot of cost savings and what that is, it’s all coming from the, given the fact that CloudMD has completed, I believe we completed nine acquisitions in twenty twenty one and our integration is very, very much in progress and through those efforts, we've identified, well number one, I think we’ve focused the strategy as part of being CloudMD and advancing our corporate strategy and part of that has helped us be able to be more efficient with other dollar spent and the much more focused in terms of our product roadmap and where we want ahead strategically, but there is also other costs we're taking out the organization just as result of us streamlining our systems. And there has been some duplicate roles where we're now ready to have identified and we will be executing in the very near future. So, two million dollars that Essam had mentioned, it’s, I would say it’s the combination of our existing synergy – synergies from our existing acquisitions we completed in twenty twenty one and partly also influenced by MindBeacon as we welcome them to the organization, hopefully in January.
Nick Agostino
Okay. That was helpful. So, actually just some clear, is that additional two million dollars, was that across, is that MindBeacon specific additional two million dollars or that's MindBeacon plus all your other acquisitions, the additional two million?
Daniel Lee
So it's, I would say it's a bit a book to perfectly on this, right? Because there are, let's just say, two hundred employees from MindBeacon coming in and so we have line of sight in terms of the talent and they have a lot of great people there and so as we – we also did inventory in terms of the people and the processes and cost base within CloudMD as well and so that's why I'm saying it's a bit of both where, we wouldn't be able to execute these ten million dollars in synergies without MindBeacon, right? So, I think it's in anticipation of the other people on the process of some systems that we do have.
Nick Agostino
Okay. Now, that's very helpful. And then just one last question for me on the Sun Life, the coaching angle. Just so I'm unclear with this. You guys provide a coaching service, which I understand when it comes to if there's a therapist that's involved, is that therapist somebody that is on your – somebody internal to CloudMD or is that something you – were you are referring them to a third party group and also maybe speak to how has there been any preliminary discussions with Sun Life to provide iCBT as we move through twenty twenty two on rollouts and adding to all that, can you maybe talk a little bit about what the gross margins are associated with the coaching service.
Essam Hamza
Yeah. Thanks. So with regards to the therapist network. I think we got to kind of talk about two different things. First of all, our comprehensive platform that we offer, we use our own therapist network. So we have steps focus that we can refer to. With regards to the Sun Life one, I'll have Karen speak to the way that was structured?
Karen Adams
So the Mental Health coaching product is a product that we are offering within our Enterprise Health Solution. We have customized it specifically for Sun Life and I would say right now, about fifty percent of the therapist come from a therapist network, it is available on the Lumino platform, that is a Sun Life platform and fifty percent comes from our therapist. It really comes down to preferences type of therapist that they're looking for and the group benefit package that the employer will have. So that's basically where the therapist network comes from with regards to the question on iCBT, we haven't had discussions with Sun Life, it is brand new the MindBeacon, MindBeacon is part of the Sun Life offering. So in due course, we will be able to open up the discussion with Sun Life.
Nick Agostino
Okay. And then with regards to, just maybe a range on gross margins associated with the coaching service?
Essam Hamza
Yes, we don't report on the details of the contract unfortunately at this time.
Nick Agostino
Okay, okay, yeah, appreciate it. Thank you. Thanks guys.
Essam Hamza
Yes. Thank you.
Nick Agostino
Thank you. Bye bye.
Operator
Thank you. Our next question comes from Yue Ma of Research Capital. Your line is open.
Yue Ma
Hi, good afternoon. Thanks for taking my questions. So first for the employer market, the company has been offering multiple solutions. So, for example virtual care, mental health support, we have absence management that's so on. So because my question is based on the curve them, market the penetration rates for those solutions, which area do you expect the generate of the most the cross setting opportunities going forward?
Daniel Lee
Sorry. The most fastest growing…
Yue Ma
Yeah, which area – yeah, which area do you or which solution do you expect generated the most cross setting opportunities?
Daniel Lee
Yes. I mean I think Karen would agree with me, but we can confirm here, but I believe at the Mental Health Services right now is by far what's really driving adoption and it's kind of the leading product and the great thing about it is, it is something that has been underdiagnosed, it's been underutilized, it's been funded and you're seeing kind of right across the board around the world that the stigma has gone and more and more employers and governments and payers are spending more money or allowing more money to be spent on Mental Healthcare and you've seen that with a few announcements from some of the financial institutions where they've increased funding that too, I think ten thousand dollars per member, per employee.
And so the opportunity really is to not only navigate that patient and provide the proper diagnosis, but also provide them the right care and help them identify where to spend that money as well because that's been really where they, I think they fall through the cracks where they don't know exactly what the diagnosis lot of times, they don't get the right therapy and also they don't know how to spend the money and it becomes on spent. Karen, do you have anything else to add it?
Karen Adams
Yes, I'd say I think you asked an interesting question you said and what is, do we anticipate is going to be the highest usage product. So right now, we know that over thirty percent of claim, number of claims for disability or for drug claims is related to mental health and we know that it consumed more than forty percent of the cost for employers. And still, the mental health will continue to be an escalating where people are looking for a solution to truly tackle mental health, not just superficially, but truly tackling report outcome. We anticipate though as a company that health coaching will become our fastest growing service because there's always a large comorbidities between mental and physical health.
So things like carpal tunnel syndrome, things like there's always a comorbidity usually between, not always but you know a large number of cases, the comorbidity where we're presenting with the physical health issue, but the mental health issues rate aside. So what you're going to see I think, from perspective is we will be expanding our Enterprise Health solutions Services to be all income to same to be both a mental and physical health and then you will only see the true impact on absenteeism improving well-being and people reporting better help outcomes.
Yue Ma
Okay. So now you have five hundred sixty thousand covered the lives, based on what you said Mental Health Solutions are expected to be the generally the most cross setting opportunities. Is it fair to say that the market penetration rate of mental health solutions as lowest the penetration rate when you compared to other product solutions?
Essam Hamza
I'm not sure the question, but Karen, did you capture that question?
Karen Adams
Yes. So, I think what you're asking is, I'm going to just answer in a different way you can tell me if it answers your question. There is a large addressable market. I think what we have to be cognizant of is there are a number of solutions out there solving mental health issue and so, I think the market is asking for a more robust solution. They're willing to spend money on it. We've seen a number of organizations increase their paramedical spend. I think that organizations have offered paramedical spend for mental health, the challenge has been employees did not have the right access to care or knowhow to – how do I actually access the therapist spend those dollars. So, I think the addressable market is actually increasing for us. Do we have a low penetration versus some of the larger EAP company? Yes, but we're competing on a comprehensive solution and we're seeing that ninety percent win rate is the adoption rate towards our mental health solutions and enterprise health where people are seeing the benefit of the nurse navigators.
So, we continue to believe that the product developments and the focus we will continue to expand our market share in the verticals that we compete against the capabilities, but we'll also be creating this new market sector around this comprehensive mental health solution. So does that answer your question?
Yue Ma
Yeah. I think so because the way I thought is the product currently has a lower market penetration rate which means has better cross setting opportunities that amount of five hundred sixty thousand cover the lives. That's a point I ask?
Essam Hamza
Yeah.
Yue Ma
I believe that makes sense to you. Okay. I guess my second question is at a high level, can you also please talk about what we can expect for next year in terms of major milestones CloudMD is looking to achieve as well as potential catalysts.
Essam Hamza
Yeah, now, that's a good question. We've done a lot obviously in the last year, we had the roadmap that we laid out and targeted the different acquisitions and brought on different capabilities to execute on what you're seeing now in terms of some of these deliverables. So, we're quite excited about where we are right now, and I don't think you'll see the same acquisition strategy that we had before because we got the – we got most of the capabilities that we needed to execute and so that's important for us. I think now it's about the fact that we've created this, proprietary healthcare platform, it's a health tech conference, it's patented and now we have the ability and to offer it in different locations and so geographical kind of expansion is going to be important, but also being able to offer it and scale basically is really what we're going to be looking for kind of going forward.
And the exciting thing about it is that this is a universal problem that we've kind of identified around North American and around the world. And it's easy to kind of plug and play in the matter where you are with the different service providers and a different provider networks and so that's exciting for us. We have it in different languages and now we are going to look for opportunities to expand it.
So with the MindBeacon acquisition, I think it fits perfectly. We are planning on closing that, I believe in January of this year and we're going to take some time to make sure that we have full integration of that offering. It's a very complementary to what we do. There's going to be a lot of cross selling, we already seeing it as Karen mentioned cross selling interest from our customers, which is great. And then kind of moving forward, I do believe we mentioned earlier that we will be up listen to a senior exchange in the new year and that's going to be another milestone we can look forward to and then just continue to grow and execute on our business plan and what we've shown that we build, it can be scaled quite rapidly. So that would be the main major points.
Yue Ma
Yes, that is helpful. Thank you.
Operator
Thank you. And we do have time for one final question. Our question comes from Gabriel Leung of Beacon Securities. Your line is open.
Gabriel Leung
Good afternoon and thanks for taking my questions. Just a couple of things. First, just wondering if you guys can provide us with a glimpse of what your pipeline currently looks like on the EHS side as it relates to sort of the composition of the potential customers that you're talking to, are they, do you have any more potential customers sort of the quantum of the Sun Life, number one and number two is what product are you finding that you're leading in with most of these potential prospects is that the mental health coaching is that the rehab assessments some of the more traditional EAP stuff, Just curious of your thoughts there?
Essam Hamza
Yeah. Thanks, Gabriel. Great question. I'm not sure if we could to be able to give you the full answer, but I'll hand it over to Karen talk a little bit about the pipeline.
Karen Adams
So we have a robust pipeline. I'm very confident with the pipeline as being able to sustain our organic growth. The pipeline has many facets to a distribution partners and has direct to organizations. I would say for the Mental Health coach, our relationship is with Sun Life and delivering that product through a distribution insurance relationship at this time. We have insurance relationships with all of the insurers for a variety of our products, including disability, assessment businesses. We have a couple of clients in the United States – prospects from the United States who are inquiring around the mental health coach, which would be distribution partners that we are currently engaged in talking to.
So, this is all net new for us as you can imagine going out in the marketplace with this product and because the product the Mental Health Coach is a North American product and has been translated into spanish is quite high adoption rate is quite easy for us in the United States.
We feel really confident that we have the right balance between direct to organizations, insurance, partnerships, and then we call our distribution partnerships are also our brokers and advisors who sell our products on our behalf to the clients that they represent and it's important of that balance because you want to have the relationship with all three in order to create a balanced portfolio. So, we monitor our pipeline, and we measure it on a monthly and quarterly basis with the sales team to ensure that the weighted averages aligned to our sales activities and so far, we're very confident with the sales operations of the way the pipeline flows right now matches to our sales forecast. We're very close every month and every quarter to our sales, which is all based on our pipeline.
Gabriel Leung
Got it. Thanks for answered my question.
Karen Adams
Did I answer your question?
Gabriel Leung
Yeah. Now, that's super helpful. Thank you. And we spend a lot of time in talking about EHS, but can you just spend a minute just talking about some of the key growth initiatives you guys focused on within digital health and perhaps even clinics and pharmacies as well. What do you see as the biggest opportunities, I guess within those two other segments?
Essam Hamza
Yeah, another a great question. So maybe I'll start with clinics and pharmacies. I mean, it's not our main focus, obviously to go and acquire a large network of clinics it typically is low margin type of business. We have to be careful on managing that, but I think what's important about the clinics and pharmacies is that there's incredible amount of patients and providers on that network, but we also own the technology aspects of it in the EHS with the EMR and so we can test everything within the clinics.
And so, for instance now with regards to the MindBeacon acquisition. We're looking forward to integrate that solution right into our EMR into the providers, if seeing the patients in the clinic or online being able to refer to that iCBT program and have that patient go through the dashboard or the mental health coach even on top of it. So the integration between the three divisions, I think is really kind of integral with the EHS, I think Dan mentioned some of the, actually I think it is Karen, sorry, mentioned some of the sales that we're seeing even outside of our own products that we're offering.
So this platform that we talked about this interoperability the RTIP platform has so much potential because one of the big drawbacks in healthcare is the lack of the ability to share information in real time and offer good outcomes data and so that really translates well right outside like right across healthcare and so when she mentions the opioid crisis, that's a big deal and for instance, what happens is that if a patient is seeing a doctor in one clinic, that provider can check in real time to make sure that patient didn't get an over year prescription from a clinic across the street or across the lines or across the country and that is something incredibly important as we start fighting the opioid addiction and a lot of the issues that we're seeing because of this use of these products. So there's a lot of opportunities there.
So, with regards to EHS, you're right, that is definitely our fastest growing division, but I think we've kind of made it clear that all our divisions work together as well. We have the ability to use the resources from each of the others to support the other one and so that is kind of an important strategy that we use internally.
Gabriel Leung
Got it. Thanks for that. And so just one last thing for Dan, just a point of clarification. Dan, just say organic revenue growth in the quarter was, it was ten percent in the quarter?
Daniel Lee
Yes, so it was eleven percent year-over-year.
Gabriel Leung
Got it. Okay. That’s helpful. Perfect. Thanks a lot for your time guys.
Essam Hamza
Thank you.
Operator
Thank you. Ladies and gentlemen, this does conclude today's conference. Thank you all for participating. You may now disconnect. Have a great day.
CloudMD Reports Solid Performance with Third Quarter 2021 Financial Results; Record Revenue of $39.2M and First Quarter with Positive Adjusted EBITDA.
source
https://finance.yahoo.com/news/cloudmd-reports-solid-performance-third-214300123.html
Mon, November 29, 2021, 10:43 PM
- Q3 2021 is the first quarter that fully recognizes the financial results from all previously announced and closed acquisitions.
- Record Q3 2021 revenue of $39.2 million; an increase of 150% compared to Q2 2021 and an increase of 1066% compared to Q3 2020.
- First quarter with positive Adjusted EBITDA of $0.8 million compared to a loss of $0.7 million in Q2 2021 and a loss of $1.3 million in Q3 2020.
- Increased annualized revenue run rate to over $185 million demonstrating strategic capital allocation and strong organic growth.
- Increased engagement on the Comprehensive Integrated Health Platform; added an additional 300,000 employees and family members, resulting in a total of 560,000 individuals.
- Positive client outcomes with Net Promoter Score of 80, 98% satisfaction rate and 164 new clients added in the quarter.
Program with Sun Life delivered proven data-driven individual health outcomes including:
- 89% of those experiencing depression and 91% of those experiencing anxiety noticed ‘major improvements’.
- 82% said they would recommend the service based on their own experience.
- 46% increase in plan members utilizing their mental health benefits for the first time.
CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH), a healthcare technology company revolutionizing the delivery of care, announced its financial results for the third quarter ended September 30, 2021. All financial information is presented in Canadian dollars unless otherwise indicated.
“This was a milestone quarter for CloudMD as it’s the first quarter we recognized full revenue contributions from all the recently closed acquisitions and clearly demonstrated that our whole-person, patient-centric approach to healthcare is working. We’ve onboarded 560,000 individuals onto our Comprehensive Integrated Health Platform and are providing valuable data-driven outcomes, which is proven by our successful program with Sun Life where 89% of those experiencing depression and 91% of those experiencing anxiety noticed major improvements. We’ve also achieved positive client outcomes across engagement, attachment rate, and net promoter scores,” said Dr. Essam Hamza, CEO of CloudMD. “I am extremely proud of the Company’s progress and the team’s ability to execute on our growth strategy across all divisions, which is evident by new clients wins, rapid growth and improved profitability. Our unique, proprietary healthcare offering is an industry first, and I’m confident that we will be able to continue our North American and global expansion.”
Third Quarter 2021 Financial Highlights
- Q3 2021 revenue was $39.2 million, compared to $15.7 million in Q2 2021 and $3.4 million in Q3 2020. The increase is primarily attributable to acquisition growth with 4 acquisitions completed in the preceding quarter, and 14 acquisitions completed in the last 12 months.
- Q3 2021 gross margin was 34.0%, compared to 35.5% in Q2 2021 and 37.5% in Q3 2020. The decrease is due to revenue mix where the Company’s patient support programs and online eyewear platform, currently lower-margin businesses, represented 32% of revenues for the current quarter. The Company expects its gross margin to increase due to ongoing efforts to integrate its acquisitions and increase its operational efficiency.
- Net comprehensive loss attributable to equity holders of the Company in Q3 2021 was $4.2 million or $0.02 per share, compared to $6.2 million or $0.03 per share in Q2 2021 and $2.7 million or $0.02 per share in Q3 2020.
- Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization was $0.8 million in Q3 2021, compared to a loss of $0.7 million in Q2 2021 and a loss of $1.3 million in Q3 2020.
- Cash and cash equivalents were $53.7 million as at September 30, 2021, compared to $60.9 million at June 30, 2021 and $59.7 million at December 31, 2020. The decrease for the period was primarily attributable to payments related to the acquisitions completed near the end of June 2021, which will not reoccur in the future.
Third Quarter & Subsequent Corporate Highlights
- On September 14, 2021, the Company announced a partnership with 19 new post-secondary institutions across Canada to provide its Aspiria Student Assistance Program and multi-layered mental health resources to over 167,000 additional students.
- On September 28, 2021, the Company announced the appointment of KPMG LLP as the Company’s independent auditors to hold office until the end of the next annual general meeting of shareholders.
- On October 5, 2021, the Company announced the appointment of Angel Paravicini as Senior Vice President of Business Development and Customer Success to drive expansion in the United States and globally.
- On October 27, 2021, the Company announced that through one of its subsidiaries, it has received U.S. Patent Approval for its Real Time Intervention Platform (“RTIP”) which is the technology backbone for CloudMD’s comprehensive healthcare platform that addresses all points of a patients care from one, connected platform.
- On November 9, 2021, the Company announced the appointment of Duncan Hannay and Karen Adams to the Board of Directors of CloudMD.
- On November 15, 2021, the Company announced it had entered into a definitive agreement with MindBeacon Holdings Inc. pursuant to which CloudMD agreed to acquire all of MindBeacon’s issued and outstanding common shares for cash and shares of the Company. Under the terms of the Arrangement Agreement, each common share of MindBeacon will be exchanged for $1.22 cash and 2.285 common shares of CloudMD. Closing of the transaction is subject to a number of customary closing conditions, including approval by at least two-thirds of the votes cast at a special meeting of MindBeacon’s shareholders, as well as court and regulatory approval. The MindBeacon shareholder meeting is expected to be held on or about January 10, 2022 and, subject to the satisfaction or waiver of the other closing conditions, closing is expected to occur shortly thereafter, on or about January 14, 2022.
- On November 29, 2021, the Company announced it has partnered with Sun Life to expand the seven month pilot program and start rolling out its Mental Health Coach as part of Sun Life’s Group Benefits offering.
Findings from the pilot include:
- (1) 89% of those experiencing depression and 91% of those experiencing anxiety noticed ‘major improvements’;
- (2) 82% said they would recommend the service based on their own experience; and,
- (3) 46% increase in plan members utilizing their mental health benefits for the first time.
Outlook
CloudMD is creating innovation in the delivery of healthcare services, by leveraging technology to improve access to care leading to better health outcomes. Through its team-based, patient-centric approach, CloudMD provides one, connected platform for patients, healthcare practitioners, and enterprise clients to address whole-person, coordinated care. The Company has a multi-pronged growth strategy which focuses on organic growth, accretive mergers and acquisitions and leveraging assets across all divisions.
The Company’s long term growth will be largely driven by:
- (1) continuing to integrate all its proprietary health technology solutions into its ecosystem, including the recently announced proposed acquisition of MindBeacon;
- (2) realizing cost savings and cross-selling opportunities to new and existing customers across CloudMD;
- (3) winning new customers with its unique healthcare offering and providing meaningful data driven outcomes; and
- (4) continuing to execute on its defined expansion strategy across North America and Globally.
CloudMD has proven out its integration strategy and by leveraging its proprietary technology, has successfully integrated all its recent acquisitions into one connected platform. In respect of the recently announced proposed acquisition of MindBeacon, CloudMD has already identified cost savings of approximately $2 million and cross-sell synergies and has started to plan the integration of MindBeacon’s synergistic healthcare solutions into its mental health services offerings.In addition, the Company believes there are an additional $2 million in potential synergies available over time through the integration of MindBeacon and its other acquisitions.
CloudMD’s proprietary Comprehensive Integrated Health Platform continues to see impressive adoption rates within the Enterprise Health Solutions division, and the Company has onboarded 560,000 employees and family members on the platform who are receiving individualized care. CloudMD has achieved positive client outcomes including a Net Promoter Score of 80, 98% satisfaction rate and 164 new clients added in the third quarter.
CloudMD continues to win new clients and customers including Sun Life and other large organizations in retail, transportation, and financial sectors with its industry-leading approach that delivers important outcomes that measure the patient success and engagement of its connected platform.
The technology that underpins the platform is scalable and the Company will continue looking at opportunities to expand its unique offering to clients across North America and globally. CloudMD has built an experienced sales team, and with the recent addition of Angel Paravicini, expects to drive sales and business development to open new distribution channels and attract new clients in the United States.
Upon close of the proposed acquisition of MindBeacon, CloudMD will have a strong balance sheet with over $60 million in cash and cash equivalents. The Company will continue to deploy capital towards a robust pipeline of accretive, synergistic acquisitions, focused on products, capabilities, clinical specialties, and technologies that are highly scalable and rapidly growing.
CloudMD will continue to focus on delivering meaningful shareholder value by executing on its growth strategy through the continued integration of its comprehensive healthcare offering, winning new business and clients with its unique, Comprehensive Integrated Health Platform, expansion of its scalable product across new geographies including the United States, and strategic capital allocation to drive its rapid growth.
Selected Financial Information
All results were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.
See the tables at:
https://finance.yahoo.com/news/cloudmd-reports-solid-performance-third-214300123.html
Third Quarter 2021 Earnings Conference Call
CloudMD invites all interested parties to join the conference call or webinar:
CloudMD Q3 2021 Earnings Call
Date: Today, November 29, 2021
Time: 2:00 pm PT / 5:00 pm ET
Toll-Free Dial-In Number: (833) 562-0117
International Dial-In Number: (661) 567-1009
Conference ID: 1743143
Webcast Link:
https://edge.media-server.com/mmc/p/nsy2gzh9
Financial Statements and Management’s Discussion and Analysis.
This news release should be read in conjunction with the Company’s condensed interim consolidated financial statements and related notes, and management’s discussion and analysis (“MD&A”) for the three and nine months ended September 30, 2021, and 2020, copies of which can be found under the Company’s profile at:
https://www.sedar.com/
Non-GAAP Financial Measures
In addition to the results reported in accordance with IFRS, the Company uses various non-GAAP financial measures, which are not recognized under IFRS, as supplemental indicators of the Company’s operating performance and financial position. These non-GAAP financial measures are provided to enhance the user’s understanding of the Company’s historical and current financial performance and its prospects for the future. Management believes that these measures provide useful information in that they exclude amounts that are not indicative of the Company’s core operating results and ongoing operations and provide a more consistent basis for comparison between quarters and years. Details of such non-GAAP financial measures and how they are derived are provided below as well as in conjunction with the discussion of the financial information reported.
Since non-GAAP financial measures do not have any standardized meanings prescribed by IFRS, other companies may calculate these non-IFRS measures differently and our non-GAAP financial measures may not be comparable to similar titled measures of other companies. Accordingly, investors are cautioned not to place undue reliance on them and are also urged to read all IFRS accounting disclosures presented in the condensed interim consolidated financial statements and the related notes for the three and nine months ended September 30, 2021, and 2020.
EBITDA
EBITDA is a non-GAAP financial measure that does not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. EBITDA referenced herein relates to earnings before interest, taxes, depreciation and amortization. This measure does not have a comparable IFRS measure and is used by the Company to manage and evaluate the cash operating income (loss) of the business. Please refer to the “Overall Performance and Discussion of Operations – EBITDA and Adjusted EBITDA” section of the MD&A for a detailed reconciliation.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure that does not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. Adjusted EBITDA referenced herein relates to earnings before interest; taxes; depreciation; amortization; share-based compensation; financing-related costs; acquisition-related and integration costs, net; litigation costs and loss provision; change in fair value of contingent consideration; and loss from discontinued operations. This measure does not have a comparable IFRS measure and is used by the Company to evaluate its cash operating income (loss) of the business, adjusted for factors that are unusual in nature or factors that are not indicative of the operating performance of the Company. Please refer to the “Overall Performance and Discussion of Operations – EBITDA and Adjusted EBITDA” section of the MD&A for a detailed reconciliation.
Gross Profit
Gross Profit is a non-GAAP financial measure that does not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. Gross Profit referenced herein relates to revenues less cost sales. This measure does not have a comparable IFRS measure and is used by the Company to manage and evaluate the operating performance of the business.
Gross Margin
Gross Margin is a non-GAAP financial measure that does not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. Gross Margin referenced herein is defined as gross profit as a percent of total revenue. This measure does not have a comparable IFRS measure and is used by the Company to manage and evaluate the operating performance of the business.
About CloudMD Software & Services
CloudMD is digitizing the delivery of healthcare by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources and artificial intelligence (AI). CloudMD’s Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for corporations, insurers and advisors to better manage the health and wellness of their employees and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America.
For more information visit:
https://investors.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"
Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604) 785-0850
$DOCRF Sun Life Partners with CloudMD to Expand Mental Health Coach To All Group Benefits Clients
Press Release | 11/29/2021
Industry-first personalized service focuses on prevention and data analytics to keep Canadians healthy
VANCOUVER, British Columbia and TORONTO, Nov. 29, 2021 (GLOBE NEWSWIRE) -- The need to support Canadians and their mental health has never been greater. To help more people access care, Sun Life is expanding its partnership with CloudMD, the creators of Mental Health Coach. Following a successful seven-month pilot program, Sun Life will begin rolling out Mental Health Coach as part of its Group Benefits offering.
Despite many Canadians experiencing mental health issues, a Sun Life study found over half are not seeking medical care. Cost, access, and feelings of embarrassment are the top barriers to blame. Sun Life and CloudMD are bridging the gap with Mental Health Coach. The service uses data analytics to identify Clients who are at risk of developing a mental health issue. It then proactively reaches out to guide Clients to the right resources and support.
“As the largest provider of group benefits in Canada, we know that tackling the mental health crisis requires dedication and a customized approach. Each person experiences mental health in their own way – no two journeys are the same,” said Dave Jones, President, Sun Life Health. “We’re committed to providing Canadians with innovative and personalized mental health tools to help them wherever they are in their journey. Mental Health Coach is one way we’re helping our Clients live a healthier life.”
A personalized and preventative approach to mental health
A Mental Health Coach team member meets virtually or by phone with the plan member. They walk the plan member through a mental health assessment and create a personalized plan based on the benefits available to them. The Mental Health Coach service monitors the plan members’ progress and provides regular check-ins. They offer feedback and encouragement and can re-assess the plan member at any point in their journey.
During the pilot, Sun Life worked closely with CloudMD to test and refine the Mental Health Coach service. Findings from the Mental Health Coach pilot include:
89% of those experiencing depression and 91% of those experiencing anxiety noticed ‘major improvements’.
73% said they have a better understanding of their benefits.
82% said they would recommend the service based on their own experience.
46% increase in plan members utilizing their mental health benefits for the first time.
“We know that prevention is key when it comes to managing disability claims and connecting plan members with the care they need,” said Karen Adams, President, CloudMD. “The Mental Health Coach provides convenient and effective access to treatment. It can help with many mental health issues before they become severe, which can often lead to people going on disability.”
Select Sun Life Group Benefits Clients will be able to access the Mental Health Coach service as part of their integrated benefits offering. The service will be rolled out and offered across plans throughout 2022.
About Sun Life
Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2021, Sun Life had total assets under management of $1.39 trillion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
About CloudMD Software & Services
CloudMD (TSXV:DOC) is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s Enterprise Health Solutions Division includes the leading Student Assistance Program and one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America. For more information please visit: https://investors.cloudmd.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"
Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604) 785-0850
Gannon Loftus
Director, Corporate Communications
T. 647.228.8244
gannon.loftus@sunlife.com
Forward Looking Statements
This news release contains forward-looking statements that are based on CloudMD’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to its business plans. Although CloudMD believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and CloudMD undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Sun Life Partners with CloudMD to Expand Mental Health Coach To All Group Benefits Clients.
source
https://finance.yahoo.com/news/sun-life-partners-cloudmd-expand-123500937.html
Mon, November 29, 2021, 1:35 PM
Industry-first personalized service focuses on prevention and data analytics to keep Canadians healthy.
The need to support Canadians and their mental health has never been greater. To help more people access care, Sun Life is expanding its partnership with CloudMD, the creators of Mental Health Coach. Following a successful seven-month pilot program, Sun Life will begin rolling out Mental Health Coach as part of its Group Benefits offering.
Despite many Canadians experiencing mental health issues, a Sun Life study found over half are not seeking medical care. Cost, access, and feelings of embarrassment are the top barriers to blame. Sun Life and CloudMD are bridging the gap with Mental Health Coach. The service uses data analytics to identify Clients who are at risk of developing a mental health issue. It then proactively reaches out to guide Clients to the right resources and support.
“As the largest provider of group benefits in Canada, we know that tackling the mental health crisis requires dedication and a customized approach. Each person experiences mental health in their own way – no two journeys are the same,” said Dave Jones, President, Sun Life Health. “We’re committed to providing Canadians with innovative and personalized mental health tools to help them wherever they are in their journey. Mental Health Coach is one way we’re helping our Clients live a healthier life.”
A personalized and preventative approach to mental health.
A Mental Health Coach team member meets virtually or by phone with the plan member. They walk the plan member through a mental health assessment and create a personalized plan based on the benefits available to them. The Mental Health Coach service monitors the plan members’ progress and provides regular check-ins. They offer feedback and encouragement and can re-assess the plan member at any point in their journey.
During the pilot, Sun Life worked closely with CloudMD to test and refine the Mental Health Coach service.
Findings from the Mental Health Coach pilot include:
- 89% of those experiencing depression and 91% of those experiencing anxiety noticed ‘major improvements’.
- 73% said they have a better understanding of their benefits.
- 82% said they would recommend the service based on their own experience.
- 46% increase in plan members utilizing their mental health benefits for the first time.
“We know that prevention is key when it comes to managing disability claims and connecting plan members with the care they need,” said Karen Adams, President, CloudMD. “The Mental Health Coach provides convenient and effective access to treatment. It can help with many mental health issues before they become severe, which can often lead to people going on disability.”
Select Sun Life Group Benefits Clients will be able to access the Mental Health Coach service as part of their integrated benefits offering. The service will be rolled out and offered across plans throughout 2022.
About Sun Life
Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2021, Sun Life had total assets under management of $1.39 trillion.
For more information please visit:
https://www.sunlife.com/en/
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
About CloudMD Software & Services
CloudMD (TSXV:DOC) is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s Enterprise Health Solutions Division includes the leading Student Assistance Program and one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America.
For more information please visit:
https://investors.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"
Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604) 785-0850
Gannon Loftus
Director, Corporate Communications
T. 647.228.8244
gannon.loftus@sunlife.com
How This Healthtech Company is Transforming The US$11.9 Trillion Industry With A Connected, Whole-Person Approach To Care.
source
https://microsmallcap.com/cloudmd-software-services/doc-1/need-for-telemedicine-north-america/lp-g1?utm_source=FNM&utm_campaign=FNM-tickertag_DOC_FNM_MSC-LP-G1_FNM_cmt_CA-US_M-F_704065&utm_medium=tickertag&utm_term=utm_term&utm_content=DOC-LP-G1
Nov 17, 2021
CloudMD Software & Services Inc.’s (TSXV:DOC) (OTC:DOCRF) (FRA:6PH) is using its patented comprehensive healthcare platform to penetrate market share across North America.
Every year, companies across North America bleed hundreds of billions in hidden costs.
The culprit? Productivity losses caused by illness and chronic diseases, including conditions such as depression, stress, and anxiety.
US employers lose an estimated $530 billion every year in lost productivity.
Canadian employers lose C$122 billion annually (not including C$68 billion in direct healthcare costs).
And that was before the pandemic.
Today, the situation is more dire than ever.
Mental health cases are continuing to skyrocket.
Over the last 12 months, 1 in 5 Americans sought mental health support.
But that’s not even the worst of it…
Today, 1 in 6 US youth between the ages of 6 to 17 have a mental health condition.
Despite these troubling numbers, access to the right services has been difficult or even impossible for some.
In fact, 11.1% of Americans with a mental illness are uninsured, while 8.1% of youth had private insurance that didn’t cover mental health.
Luckily, there is a saving grace that emerged to combat this worsening crisis and it has completely revolutionized the $11.9 trillion global healthcare market.
We’re talking about Telehealth.
This sector has helped revolutionize traditional healthcare industries, by leveraging technology to provide more accessible care to patients.
A lot has changed in the world of healthcare, but nothing as big as the recent shift towards digital health.
Investors have already begun pouring billions into this growing industry and in turn, experienced some serious gains last year.
By Q3 2021, digital healthcare funding hit a record $21.3 Billion, shattering 2020’s full-year record.
It’s clear that the digital health revolution is far from over, meaning there are still plenty of wins to be made.
And we’ve found a company that is not just Telehealth but rather offers a holistic healthcare solution that covers both prevention and cure using a proprietary integrated platform.
Introducing CloudMD Software & Services Inc.), a vertically integrated health tech company that is rapidly becoming a leader in the space.
What makes this company so exciting?
CloudMD has grown significantly in the last year, and has a unique product offering – a proprietary, comprehensive healthcare platform that connects all points of a patient’s care, from ONE connected platform which is resulting in better access to care and improved outcomes. They are one of the ONLY companies to offer this holistic offering and large customers are starting to take notice.
The company has made several strategic acquisitions – including four new deals in Q2 2021 that added $96 million of annual revenue. CloudMD has a revenue run rate of $140 million and expects to turn profitable in Q3 2021.
CloudMD Software & Services Inc.) network includes:
7,000+ psychiatrists, 4,500 therapists and counsellors and 4,000 psychologists, 22,000+ family physicians, 34,000+ medical specialists, and 1,500+ allied health professionals across North America…
…And it’s just getting started.
Oh, and did we mention that CloudMD’s mission for market dominance is being supported by talented former execs from healthcare and insurance heavyweights like Teladoc, Morneau Shapell and LifeWorks?
CloudMD Software & Services Inc. is positioned to become one of the leading digital healthcare players of 2022 and beyond.
In fact, here are 6 reasons CloudMD Software & Services Inc. is a rare healthtech opportunity worth paying attention to.
REASON #1:
CloudMD Software & Services Inc. is Expanding its Reach and Growing Rapidly
Thanks to a spate of strategic acquisitions plus organic growth, CloudMD Software & Services Inc. has reported exponential revenue growth.
In the first half of 2021, its revenue climbed from C$5.9 million to C$24.4 million, while its gross profits more than quadrupled from C$2.2 million to C$9.2 million.
That’s a 318% growth in revenue and a 325% increase in gross profits.
For 2021, CloudMD Software & Services Inc is currently expecting a C$140 million revenue run rate – putting it on track for almost 200% growth and 2022 looks even stronger.
CloudMD made a number of strategic acquisitions over the last year to support its holistic platform across physical health, mental health, health navigation, specialists, assessments and education.
All of these services are connected by its proprietary technology backbone that seamlessly moves a patient through their healthcare journey and back to health faster!
REASON #2:
CloudMD Software & Services Inc. Proprietary Patented Technology is Disrupting the Healthcare Industry.
CloudMD’s business is broken into three main divisions, and its proprietary technology supports patients, providers and corporations. This technology provides the FULL healthcare ecosystem.
CloudMD’s just received US Patent Approval for its Real Time Intervention Platform (RTIP), which is the backbone for its healthcare platform. The RTIP has already been tested and is being used by various local, state and federal agencies like the US Department of Justice and US Department of Health and Human Services.
The company has leveraged its proprietary medical technology that both engages patients and clients, empowers doctors and mental health providers and adds value to payors.
CloudMD for Patients:
Provides easy access to see a Doctor or Therapist online as well as through a network of hybrid on the ground clinics. A team based approach that puts the patient first and empower them to take control of the healthcare.
CloudMD for Providers:
A “clinic in a box” solution that streamlines processes and functions with cloud-based medical records and billing software, plus an online patient portal that includes telemedicine, secure messaging, online booking and more!
CloudMD for Payors/Employers:
The Company’s fastest growing division contributing to over half its revenue. Provides a connected system of health solutions that recognize the unique physical and mental health needs of each person. Delivers customized care programs with Nurse Navigators who support and guide patients through their journey, resulting in better access to care and improved healthcare outcomes.
A Transformative Full-Service Employer Solution.
CloudMD Software & Services Inc. has created a proprietary, revolutionary employer health solution to better manage the health and wellness of their employees and family members. With PROVEN outcomes.
But Why?
Because employers are taking WAY more of the healthcare burden because of rising costs, increase in chronic disease including mental health and public system limitations. Annual premiums paid by employers are US$19 Billion, and employer healthcare costs are projected to increase by +130% by 2025.
CloudMD’s whole-person solution includes virtual, primary, and mental health support, as well as access to specialist and educational resources, and fixes the Employer’s challenge of using multiple vendors that are siloed and don’t work together. Employers are demanding better return on investment (ROI) on their health and wellness plans and want to see improved outcomes. Because CloudMD Software & Services Inc. owns all its proprietary technology, and has integrated an interoperability and data sharing technology backbone, it can provide important data, analytics and outcomes in REAL-TIME to its clients.
There’s already a significant amount of employer health solutions in the market, but none have connected all these health services from one, comprehensive platform.
One of CloudMD’s key differentiators is that it uses Nurse Navigators, or personalized health coaches to guide and support individuals through their care journeys and provide valuable resources and education, resulting in better access to care and improved outcomes. Patients can access the integrated platform and connect to a nurse navigator, who creates a customized care plan and pairs individuals to the right professionals and the right care.
The early results of this comprehensive platform are incredible. CloudMD has already onboarded over a quarter of a million individuals in a short amount of time, and more importantly can provide employers valuable data and outcomes to better manage their health and wellness spend.
Leveraging technology and an array of services that provides a connected care journey and improves health outcomes. As a leader in providing better care, CloudMD’s services have seen the following success outcomes:
- 215 Days Faster Access To Specialists Through Health Navigation.
- 86% Usage Rate On Its Integrated Platform.
- 92% Customer Satisfaction Rate.
- 98% Overall Client Retention Rate.
- 70% Symptom Improvement For Depression.
Yet, despite all of this:
REASON #3:
CloudMD Software & Services Inc. is Still Trading at a Valuation That Could Imply Substantial Upside (With Strong Growth Catalysts on the Horizon).
With a revenue run rate of $140 million CloudMD is trading at 2.4x P/S Ratio – Significantly undervalued compared to peers.
For tech companies growing at this rate, it has usually become prohibitively expensive for investors to still capitalize on the opportunity.
But when it comes to CloudMD Software & Services Inc., there is a significant opportunity for growth as it is currently trading at a far lower price-to-sales ratio compared to its peers – giving it significant upside potential.
We’ve already seen many examples of healthtech stocks seeing rapid growth that delivered significant returns to investors who got in early.
And CloudMD Software & Services Inc. could be next because it is still trading at a price-to-sales multiple many times below that of both its smaller and larger healthtech peers.
Meaning the market has yet to “catch up” to its true potential – even as the company sprints forward and blows past one milestone after another.
This is exceedingly rare in a technology-enabled sector, where valuations can sometimes seem to run too far ahead of revenue.
Especially when CloudMD’s proprietary platform has been acknowledged to have the widest capabilities and strongest scalability potential.
But this “valuation gap” may not last much longer because CloudMD is planning to uplist to the main exchange – a move that could quickly narrow the valuation gap once more investors catch on to the company’s true potential.
And at the valuations it is currently trading at, the potential for upside is phenomenal – especially considering the company’s exponential revenue growth.
Although CloudMD Software & Services Inc. growth numbers may seem high to some, we think it could actually be conservative.
REASON #4:
CloudMD Software & Services Inc. is Embarking on a Strategic, Multi-Pronged Expansion Plan Throughout North America.
Grandview Research puts the global corporate wellness market size at $58.2 billion in 2021 – and expects it to grow to $93.4 billion by 2028 – as companies grasp the necessity of holistically supporting their employees’ health and wellbeing.
While CloudMD Software & Services Inc.’s strategic acquisitions have already helped drive an exponential rise in revenue, the company is just getting started.
Now that its integrated platform is in place, CloudMD is embarking on an aggressive yet strategic expansion into the US – a major growth catalyst.
With C$50 million in cash in the bank, CloudMD Software & Services Inc. already has the funds needed to drive its expansion.
By following the same disciplined strategy of only targeting highly value-accretive opportunities, CloudMD is poised to take its revenue to the next level.
Each potential acquisition will be carefully scrutinized to ensure it fits into the company’s broader vision – solving problems across the entire healthcare spectrum using the power of technology.
That means it will penetrate the healthcare market from multiple angles, from physical and mental health to health aging and health at work.
In short, CloudMD is pursuing business diversification that will also allow it to enhance the capabilities of all its solutions.
And it’s not just solely focusing on M&As – it’s also growing its global sales team to further boost organic growth.
Offering holistic healthcare solutions to employees is looking like one of the best ways to help solve this urgent problem by combating worker stress, boosting productivity, and increasing retention.
To really make a difference and seize the opportunity being presented, companies must offer a holistic healthcare solution that covers both prevention and cure.
An ideal solution would:
- Offer everything from mental and occupational health support (both virtual and in-person) to rehabilitation and quicker access to care.
- Support the physical and mental health of employees while saving costs for employers through reduced absences and improved engagement.
- And deliver all these benefits through a single integrated digitally-enabled platform.
In other words, an ideal solution would look like what CloudMD Software & Services Inc. is already offering and is expanding across North America.
CloudMD’s solution offers:
- Virtual care
- Mental health support
- Health navigation (aka quicker and better access to care)
- Rehabilitation (virtual and in-person)
- Adjudication and assessments
- Absence management
- Occupational health
- Educational resources
All in one!
It’s why an analyst from Stephens – one of the largest privately-owned investment banks in the US – calls CloudMD a “one stop shop” for employer clients with a platform that “offers the broadest scope and extensive scale to take market share.”
And now…
REASON #5:
CloudMD’s Cutting-Edge and Patented Integrated Platform Can Deliver a Personalized and Seamless End-To-End Healthcare Journey – Plus the Potential to Quickly Scale.
On October 27, 2021, CloudMD Software & Services Inc. announced that it had received US patent approval for its proprietary Real Time Intervention Platform.
This platform is the “backbone” of all CloudMD’s offerings – connecting and integrating all its capabilities, from primary care and mental health to rehab and education.
Such integration will generate substantial synergies, allowing the company to offer the full range of its services through one single package – boosting cross-selling potential and enabling scale.
In technology, scalability is the key to success.
And in today’s world, consumers want everything to be available “all in one” in a personalized and seamless package.
That’s exactly what CloudMD’s platform delivers, which is why investment bank Stephens notes that:
- “CloudMD offers a broad range (if not the broadest range) of on-site and virtual healthcare services in the industry and is growing geographical reach, making it a one-stop shop for payer/provider/employer clients.
- We expect CloudMD to continue to grow market share by this breadth and depth of services and see a compounding multiple effect…”
But while CloudMD has multiple near-term catalysts on the horizon, it is much more than just a short-term play.
REASON #6:
CloudMD is Also Strategically Positioned to Capitalize on Multiple Megatrends Happening in the $6.2 Trillion US Healthcare Industry.
US healthcare spending stood at $3.6 trillion in 2018 and is estimated to hit $6.2 trillion by 2028.
It’s an absolutely gargantuan industry.
Which is why it’s so important for investors to pay attention to the “megatrends” – the long-term trends shaping the very structure of an industry – to get ahead of them.
BlackRock, the world’s largest asset manager, says that investing in megatrends allows for a “longer-term and less cyclical approach”.
And the good news?
CloudMD Software & Services Inc. is strategically positioned at the intersection of several megatrends happening in healthcare right now, including:
- A rapid “digitalization wave” spreading through healthcare, resulting in things like telehealth going mainstream.
- Rising expectations of healthcare consumers who now want healthcare to be as personalized, seamless, and convenient as possible.
- The normalization of seeking mental health treatment and an awareness that the mental health crisis is larger than most expected.
- Continually rising healthcare costs handing the advantage to scalable digital platforms that can help mitigate cost increases.
In short, CloudMD is a rapidly-growing yet undervalued company with multiple short-term growth catalysts that has also positioned itself to benefit from multiple healthcare megatrends.
CloudMD is Led by a Management Team With Over 100 Years of Healthcare Experience Who Understand How to Solve the Specific Challenges Every Player in the Healthcare System is Facing.
Dr. Essam Hamza MD – CEO:
Dr. Hamza completed his MD and Family Practice degree at the University of Alberta in 1999. He founded HealthVue in 2005 and grew the business to include four interconnected high-tech clinics serving over 100,000 patients. He also has extensive capital markets experience, taking private companies public and sitting on public company boards. He has successfully raised approximately $140 million and led CloudMD to a $500 million market cap with a revenue run rate of $140 million.
Karen Adams – President:
Karen brings over 20 years of success driving growth in public, private and not-for- profit companies with a focus on supporting employee/consumer health and wellness. Karen has worked in senior executive positions at Shepell.fgi (now Morneau Shepell), SCM Insurance, Snapclarity and past Chair of Ontario Shores Centre for mental health foundation. At Morneau Shepell, she was part of a team that helped grow the company from $25 million to $150 million in 8 years through both organic and strategic acquisition. Part of her specialty includes creating industry-leading sales teams who have been able to achieve outstanding growth – something she is bringing to her role at CloudMD.
Angel Paravicini – SVP of Business Development and Customer Success:
Angel is a dedicated, passionate and growth minded executive with over 15 years’ experience in healthcare sales, sales management, vendor relations, pipeline management, relationship building, contract negotiating and training. She has a proven track record of building new distribution channels and expanding relationships through outstanding networking and product presentations. In Angel’s most recent role, she spent over 4 years as the Head of North American Partnerships and Sales for Lifeworks, a global leader in digital healthcare. She was responsible for leading the company’s successful expansion into new mental health employer markets across North America. Before LifeWorks, she held senior leadership roles at Teladoc and HealthiestYou, leading high-performance sales and partnership development teams in North America and globally.
RECAP: 6 Reasons
CloudMD Software & Services Inc. (TSXV:DOC) (OTC:DOCRF) (FRA:6PH) is a Fast-Growing, Undervalued Opportunity in the Healthcare Space.
1
Has already displayed exponential revenue growth stemming from both organic growth and strategic acquisitions.
2
Proprietary technology that is disrupting the US$11.9 trillion global healthcare industry.
3
Rolling out a strategic, multi-pronged North American expansion plan – with C$50 million of cash in the bank to fund it.
4
Still substantially undervalued compared to its peers – P/S ratio of 2.4X is one of the lowest in the industry.
5
Patented integrated healthcare platform gives it a great shot at capturing market share and quickly scaling.
6
Strategically positioned to capitalize on multiple megatrends happening in the healthcare industry – from digitalization to normalization of mental health treatment.
Health Insurers and Telehealth Companies Say Digital Care Can Save Costs and Improve Outcomes.
source
https://www.prnewswire.com/news-releases/health-insurers-and-telehealth-companies-say-digital-care-can-save-costs-and-improve-outcomes-301424958.html
Nov 16, 2021, 08:45 ET
Telehealth seems to be going strong with no signs of slowing down in the post-pandemic era. As telehealth companies develop programs to support online care, insurance companies like Humana have developed affordable healthcare plans for those seeking online healthcare. In addition to supporting telehealth, these companies are seeing an increase in the adoption of digital healthcare and cost savings associated with the same. Meanwhile, telehealth companies such as CloudMD Software & Services Inc. (TSXV: DOC) (OTCPK: DOCRF), Veeva Systems, Inc. (NYSE: VEEV), 1LifeHealthcare, Inc. (NASDAQ: ONEM), Teladoc Health (NYSE: TDOC), and Allscripts Healthcare Solutions Inc. (NASDAQ: MDRX) are engaging in various initiatives to make digital healthcare available to more patients and tap into the market opportunities telehealth creates.
CloudMD Software & Services Inc. (TSXV: DOC) (OTC: DOCRF) has continued to expand its reach across North America and beyond via strategic acquisitions. On November 15, CloudMD announced that it has signed a definitive agreement to acquire MindBeacon, one of North America's leading clinically-validated iCBT solutions. MindBeacon's platform provides a cost-effective, stigma-reducing avenue to deliver mental health therapy that will complement CloudMD's holistic, integrated solution. MindBeacon, which has established relationships across B2C and B2B distribution channels, has delivered very positive outcomes, with 82% of iCBT clients reporting self-improvement in mental health, and 67% reporting clinically significant improvement.
CloudMD's combined digital health platform is expected to be one of North America's leading fully-integrated health offerings, with a clinically-validated, broad continuum of care to address mild, moderate, acute and chronic mental and physical care.
"MindBeacon's mental health services and iCBT platform adds another important capability to our robust healthcare ecosystem and further positions us with a leading, clinically-validated mental health solution," said Dr. Essam Hamza, CEO of CloudMD. "Our proprietary, integrated end-to-end healthcare offering focuses on whole-person care that addresses the comorbidities between mental and physical care. By uniting traditionally siloed care, we are able to better leverage data to inform and provide improved patient outcomes.
Once the acquisition is closed, CloudMD expects to have an annualized revenue run rate of $185 million and gross margin of approximately 35%.
Earlier this month, CloudMD Software & Services Inc. announced a partnership with Apotex Latinoamerica to provide access to its database of educational resources across Mexico, Costa Rica, Panama, and Nicaragua. Apotex, which has focused on improving the health and well-being of patients in Latin America for 25 years will provide CloudMD's flagship IMD platform with more than 5,600 medical topics and more than 110,000 resources in simple-to-use formats and multiple languages (Spanish is the core language) to educate healthcare professionals and patients about various health conditions.
Through the partnership with CloudMD, patients and healthcare providers will have access to peer-reviewed and trustworthy healthcare resources to support them through the healthcare journey.
The partnership between the two companies will rely on the integration into Apotex's physician web portal and integration into a public-facing web portal.
CloudMD also received US patent approval for its proprietary Real-Time Intervention platform (RTIP). The company's RTIP technology connects and integrates CloudMD's capabilities and supports all points of patient care through a single platform. The technology also allows data sharing across caregivers to provide a holistic approach to patient care.
Not only is the company's RTIP technology proven in its ability to deliver secure and real-time health data integration, but it also continues to be used in local, state, and federal agencies including the US Department of Justice and the US Department of Health and Human Services with additional use cases in law enforcement, substance use disorders, health and wellness among others.
For more information about CloudMD Software & Services Inc. (TSXV: DOC) (OTC: DOCRF), click here.
https://microsmallcap.com/cloudmd-software-services/doc-1/need-for-telemedicine-north-america/lp-g1?utm_source=FNM&utm_campaign=FNM-tickertag_DOC_FNM_MSC-LP-G1_FNM_cmt_CA-US_M-F_704065&utm_medium=tickertag&utm_term=utm_term&utm_content=DOC-LP-G1
MindBeacon completes acquisition of US-based, Harmony Healthcare, accelerating its North American expansion.
source
https://finance.yahoo.com/news/mindbeacon-completes-acquisition-us-based-124900351.html
November 1, 2021
MindBeacon Holdings Inc. (TSX: MBCN), a leading provider of digital mental and behavioral health therapy across the entire continuum of care, today announced that it has closed the acquisition of all the issued and outstanding shares of Harmony Healthcare from the largest pure-play provider of mental health and substance abuse treatment in the Unites States. The transaction marks an important milestone in the Company's North American expansion and provides MindBeacon with scale and presence in the United States.
Harmony Healthcare provides a full spectrum of mental health and addiction treatment for children, adolescents and adults in the State of Nevada. Harmony's services include Employee Assistance Program (EAP), individual and group therapy, medication management, substance abuse programs, crisis management and inpatient, utilization review and utilization management services. Harmony has built a strong reputation for concierge level service with its commercial, labour and trust clientele over the past 30 years.
MindBeacon will bring its digital mental health solutions to Harmony's current and future customers across the United States, supporting government, labour and trust organizations, regional health plans, and other risk-bearing providers. Harmony will expand the capabilities that MindBeacon can offer to their current customers across Canada and the United States. Harmony's clinical expertise and infrastructure, coupled with MindBeacon's innovative technology solutions will enable MindBeacon to accelerate its US expansion plans.
"We're thrilled to have Harmony, its CEO Allen Flagg, and the Harmony leadership team join the MindBeacon family", said Dan Clark, CEO of MindBeacon. "I've followed Harmony for the last several decades and long respected the strong customer loyalty they have built based on their clinical excellence, proven outcomes and unwavering dedication to customer service."
ABOUT MINDBEACON HOLDINGS INC.
MindBeacon provides a continuum of mental healthcare that includes self-guided psychoeducational and wellness content, Peer-to-Peer Support, Therapist Guided Programs and Live Therapy Sessions all offered virtually through its secure and private platform. As one of the first commercially available, digitally-native platforms to offer therapist-assisted internet-based Cognitive Behavioural Therapy in Canada, MindBeacon's professional service is designed around end users – their health, their way. Working with employers, insurance carriers and government ministries, MindBeacon offers services that are accessible, available, affordable and, most importantly, proven to be effective. MindBeacon is changing the therapy landscape by making professional care available to every Canadian, no matter when, where and how they choose to access it.
For more infortion at:
https://www.mindbeacon.com/
ABOUT HARMONY HEALTHCARE
Harmony Healthcare has been a leader in the behavioral health services industry servicing the Las Vegas community for the last 30 years. Harmony Healthcare provides specialized employee benefit programs for health plan carriers with approximately 300,000 covered lives for self-insured/multi-employer Taft Hartley funds, private industry employers, public sector agencies and third-party administrators. Additionally, Harmony Healthcare complies with the highest industry standards in all areas of clinical service delivery and operations.
For more infortion at:
https://www.harmonyhc.com/
MindBeacon Announces Third Quarter 2021 Financial Results.
source
https://www.newswire.ca/news-releases/mindbeacon-announces-third-quarter-2021-financial-results-826754383.html
Nov 15, 2021, 06:30 ET
Please read the FULL REPORT at:
https://www.newswire.ca/news-releases/mindbeacon-announces-third-quarter-2021-financial-results-826754383.html
CloudMD to Acquire MindBeacon, One of North America's Leading Clinically-Validated iCBT Solutions.
source
https://finance.yahoo.com/news/cloudmd-acquire-mindbeacon-one-north-110500241.html
Mon, November 15, 2021, 12:05 PM
- Combined digital health platform will be one of North America's leading fully-integrated health offerings, with a clinically-validated, broad continuum of care to address mild, moderate, acute and chronic mental and physical care.
- CloudMD's already established mental health platform offering assessment and navigation paired with MindBeacon's clinically-proven iCBT and other solutions provide users with streamlined access to effective stepped care.
- CloudMD's Digital Health Services division and network of over 20,000 regulated healthcare professionals complements and accelerates the adoption of MindBeacon's "Beacon in a Box" white label internet-based cognitive behavioural therapy ("iCBT") SaaS offering.
- Accelerates U.S. expansion through additional capabilities, modalities, cross selling synergies and MindBeacon's recent acquisition of a U.S.-based mental health provider (Harmony Healthcare https://www.harmonyhc.com/ ).
- One of the fastest growing healthcare segments, the global behavioural healthcare market is expected to grow to US$242 billion by 2027, with CAGR growth of 5.02% between 2020 and 20271.
- Adds scale and strengthens CloudMD's financial profile – combined company will have annualized revenues of approximately $185 million (a 19% increase from CloudMD's current revenue run rate of $155 million), as well as improved gross margin of 35%.
- CloudMD to offer $4.78 in cash and share consideration per MindBeacon share, resulting in an implied purchase price of $116 million.
- The implied transaction enterprise value is approximately $62 million, representing an enterprise value to 2022 expected revenue multiple of 1.9x.
- CloudMD is projected to have cash on hand exceeding $60 million, post-close.
CloudMD Software & Services Inc. (TSXV: DOC) (OTCQB: DOCRF) (Frankfurt: 6PH) and MindBeacon Holdings Inc. (TSX: MBCN), jointly announce they have entered into a definitive arrangement agreement under which CloudMD will acquire all of MindBeacon's issued and outstanding common shares for a combination of cash and shares valued at approximately $116 million. Under the terms of the Arrangement Agreement, each common share of MindBeacon will be exchanged for $1.22 of cash and 2.285 common shares of CloudMD (the "Exchange Ratio"). The implied offer price of $4.78 and premium of 49% is based on the 7-day volume weighted average price ("VWAP") of the common shares of MindBeacon as of November 12, 2021.
MindBeacon is a leading digital mental healthcare platform that provides a continuum of care, focusing on iCBT, which is an effective therapy provided through a computer or a mobile device. iCBT has become a fast-growing intervention channel compared to conventional psychotherapy. MindBeacon's platform provides a cost-effective, stigma-reducing avenue to deliver mental health therapy that complements CloudMD's holistic, integrated offering. MindBeacon has established relationships across a broad spectrum of B2C and B2B distribution channels, including healthcare providers, employers and governments. MindBeacon delivers positive outcomes, with 82% of iCBT clients reporting self-improvement in mental health, and 67% reporting clinically significant improvement.
The addition of MindBeacon to CloudMD is expected to be immediately synergistic for a number of key reasons:
- Combined digital health platform expected to be one of North America's leading fully-integrated health offerings, with a clinically-validated, broad continuum of care to address mild, moderate, acute and chronic mental and physical care.
- MindBeacon's mental health services will be integrated into CloudMD's Comprehensive Integrated Health Services Platform, which is expected to amplify the reach and expand the breadth of interactive technologies and tool sets within behavioural health to support clients with longitudinal multi-dimensional care, and data interoperability is expected to provide additional data around healthcare outcomes and improve network effects.
- Significant cross selling opportunities through a combined network of 5,500 corporate clients, over 5 million lives, and extensive government contracts.
- Drives U.S. expansion potential through additional capabilities, modalities, cross selling synergies and MindBeacon's recent acquisition of a U.S.-based mental health provider.
- Leverage CloudMD's Digital Health Services division and network of over 20,000 regulated healthcare professionals to promote MindBeacon's "Beacon in a Box" white label iCBT SaaS offering.
- On a consolidated basis, CloudMD expected to have an annualized revenue run rate of $185 million and gross margin of approximately 35%.
- Identified immediate cost synergies exceeding $2 million.
"We continue to rapidly execute on our product roadmap through strategic acquisitions to build a leading North American healthcare and wellness offering. MindBeacon's mental health services and iCBT platform adds another important capability to our robust healthcare ecosystem and further positions us with a leading, clinically-validated mental health solution," said Dr. Essam Hamza, CEO of CloudMD. "Our proprietary, integrated end-to-end healthcare offering focuses on whole-person care that addresses the comorbidities between mental and physical care. By uniting traditionally siloed care, we are able to better leverage data to inform and provide improved patient outcomes. As a doctor, I'm heartened by the fact that we are realizing one of CloudMD's founding principals of have a full tech-enabled patient-centric ecosystem that is already demonstrating measurable improved outcomes for patients."
Karen Adams, President of CloudMD further commented, "Mental health and the variety of treatments available represent a large market and access to care is a global concern. It is widely recognized that obtaining assessment and coordinated care supports access to care. CloudMD has developed a comprehensive health and wellness platform focused on health outcomes that provides access to treatment options from subclinical to clinical mental health needs and acquiring a leading iCBT platform helps provide a spectrum of treatment options. MindBeacon's iCBT is synergistic to our patented, Comprehensive Integrated Health Services Platform and our EFAP HumanaCare program that is available throughout North America. This will give users the ability to utilize iCBT, will encourage engagement by reducing stigma based on the discreet nature of iCBT and ultimately will create a more efficient, valuable solution for patients, providers, payors, and governments."
"The need for mental health treatment is accelerating daily. Further, its impact on physical health and chronic conditions is also well known. Unfortunately, traditional methods of care are ineffective due to restrictive access, exorbitant costs, and ingrained stigma. Governments and employers are looking for an end-to-end solution that treats the whole person," said Dan Clark, CEO of MindBeacon. "MindBeacon's proven effectiveness in leveraging technology, data science and personalized, multi-modal treatment to improve mental health outcomes has set us apart. Now, combined with CloudMD's, end-to-end, whole-person care, our integrated solutions are truly unique and world-class. I'm excited about our future together and believe CloudMD is the ideal partner for our collective patients, customers and shareholders."
Terms of the Transaction
CloudMD will acquire 100% of the issued and outstanding common shares of MindBeacon, including its cash on hand of $53.9 million as at September 30, 2021. The total transaction consideration is comprised of approximately $29.5 million in cash and 55.5 million common shares of CloudMD. Under the terms of the Arrangement Agreement, each common share of MindBeacon will be exchanged for $1.22 of cash plus 2.285 common shares of CloudMD. Based on the 7-day VWAP of the common shares of CloudMD as at November 12, 2021, the implied purchase price is approximately $116 million or $4.78 per share. The offer price represents a premium of 49% to MindBeacon's 7-day VWAP as at November 12, 2021.
The transaction will be carried out by way of a court-approved plan of arrangement under the Canada Business Corporations Act. On completion of the transaction, shareholders of MindBeacon will hold approximately 18.8% of pro forma CloudMD.
Completion of the transaction is subject to a number of customary conditions, including approval by at least two-thirds of the votes cast at a special meeting of MindBeacon shareholders. In addition to shareholder and court approvals, the transaction is also subject to the satisfaction of certain other closing conditions customary in transactions of this nature, including TSX Venture Exchange approval. The transaction is not subject to any financing condition. The Arrangement Agreement contains customary provisions, including non-solicitation, "fiduciary out" and "right to match" provisions, as well as a $4.1 million termination fee payable to CloudMD under certain circumstances. The Arrangement Agreement, which describes the full particulars of the transaction, will be made available on SEDAR under the issuer profiles of CloudMD and MindBeacon at:
https://www.sedar.com/homepage_en.htm
TD Securities Inc. has provided an opinion to the Board of Directors of MindBeacon to the effect that, as of the date thereof, and based upon and subject to the assumptions, limitations and qualifications set out in such opinion, the consideration to be received by MindBeacon shareholders under the transaction is fair, from a financial point of view, to such shareholders.
The transaction has been unanimously approved by the Boards of Directors of both companies. MindBeacon's Board of Directors unanimously recommends that MindBeacon shareholders vote in favour of the transaction.
The directors, officers and certain shareholders of MindBeacon, collectively holding approximately 28% of its issued and outstanding common shares, have entered into voting support agreements under which they have agreed to support and vote in favour of the transaction.
Echelon Capital Markets is acting as an exclusive financial advisor to CloudMD in connection with the transaction. Cassels Brock & Blackwell LLP is acting as a legal advisor to CloudMD. TD Securities Inc. is acting as a financial advisor to MindBeacon, and Credit Suisse is acting as a strategic advisor to MindBeacon, each in connection with the transaction. Osler, Hoskin & Harcourt LLP is acting as a legal advisor to MindBeacon.
Full details of the transaction will be included in the MindBeacon information circular, which is expected to be mailed to shareholders and made available on SEDAR under the issuer profile of MindBeacon at:
https://www.sedar.com/homepage_en.htm
CloudMD Acquisition of MindBeacon Conference Call
Investors are invited to participate in a live webinar with CloudMD and MindBeacon's management to discuss the acquisition.
CONFERENCE CALL DETAILS
DATE: Monday, November 15, 2021
TIME: 8:30 a.m. Eastern Time
DIAL-IN NUMBER: North American Toll Free: 888-390-0605, Toronto: 416-764-8609
WEBCAST LINK: https://produceredition.webcasts.com/starthere.jsp?ei=1513071&tp_key=f350454138
TAPED REPLAY: Dial-In Number: 888-390-0541, Replay Code: 373317 #
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient's healthcare journey and provides better access to care and improved outcomes. Through CloudMD's proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD's Enterprise Health Solutions Division includes the leading Student Assistance Program and one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America.
For more information visit:
https://investors.cloudmd.ca/
About MindBeacon Holdings Inc.
MindBeacon provides a continuum of mental healthcare that includes self-guided psychoeducational and wellness content, Peer-to-Peer Support, Therapist Guided Programs and Live Therapy Sessions all offered virtually through its secure and private platform. As one of the first commercially available, digitally-native platforms to offer therapist-assisted internet-based Cognitive Behavioural Therapy in Canada, MindBeacon's professional service is designed around end users – their health, their way. Working with employers, insurance carriers and government ministries, MindBeacon offers services that are accessible, available, affordable and, most importantly, proven to be effective. MindBeacon is changing the therapy landscape by making professional care available to every person, no matter when, where and how they choose to access it.
For more information visit:
https://www.mindbeacon.com/
ON BEHALF OF THE BOARD OF DIRECTORS
"Dr. Essam Hamza, MD"
Chief Executive Officer
CloudMD Announces Preliminary Q3 2021 Financial Results.
source
https://finance.yahoo.com/news/cloudmd-announces-preliminary-q3-2021-123000505.html
Tue, November 9, 2021, 1:30 PM
- Q3 2021 is the first quarter that fully recognizes the financial results from all announced acquisitions.
- Q3 2021 preliminary revenue of $38 million to $40 million, with positive Adjusted EBITDA.
Adjusted EBITDA is defined as earnings before interest; taxes; depreciation; amortization; share-based compensation; financing-relating costs; acquisition-related and integration costs, net; litigation costs and loss provision; change in fair value of contingent consideration; and loss from discontinued operations.
- Increased annualized revenue run rate from $140 million to over $155 million demonstrating continued strong organic growth.
- CloudMD to reports Q3 2021 financial results on November 29, 2021 after market.
CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH), a healthcare technology company transforming the delivery of care, is pleased to announce its preliminary financial results for the three months ended September 30, 2021.
The three months ended September 30, 2021 is the first quarter the Company will fully recognize the financial results from all announced acquisitions, with the two largest acquisitions having closed near the end of June 2021. Based on its preliminary results, the Company anticipates revenue to be in range of $38 million to $40 million with positive Adjusted EBITDA for the quarter. CloudMD has also increased its annualized revenue run rate from $140 million to $155 million.
CloudMD will release its financial results for the three and nine months ended September 30, 2021, on Monday, November 29, 2021 after market close. Management will host an earnings conference call and webinar on the same day to review and discuss the quarterly operational highlights and financial results, followed by a question and answer period. Questions can be asked through the dial-in numbers only.
Conference call details:
Date and Time: Monday, November 29, 2021 at 5:00 pm Eastern Time (2:00 pm Pacific Time)
Toll-Free Dial-In Number: (833) 562-0117
International Dial-In Number: (661) 567-1009
Webcast Link: https://edge.media-server.com/mmc/p/nsy2gzh9
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources and artificial intelligence (AI). CloudMD’s Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for corporations, insurers and advisors to better manage the health and wellness of their employees and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals across North America.
For more information visit:
https://investors.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"
Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604) 785-0850
CloudMD Partners with Apotex Latinoamérica to Drive Expansion of Health Educational Resources Across the Region.
source
https://finance.yahoo.com/news/cloudmd-partners-apotex-latinoam-rica-113000894.html
Wed, November 3, 2021, 12:30 PM
CloudMD Software & Services Inc. (TSXV: DOC, OTC: DOCRF, Frankfurt: 6PH), a healthcare technology company transforming the delivery of care, is excited to announce an expanded partnership with Apotex, a Canadian-based global pharmaceutical company, to provide Apotex Latinoamérica with its flagship IMD Health digital education resource platform to support doctors, patients and individuals in Latin America and provide access to its robust database of trusted health educational resources. The IMD platform will be available in Mexico, Costa Rica, Panama and Nicaragua.
For the last 25 years, Latin America has been a key focus area for Apotex with the goal of improving the health and well-being of patients in the region by providing affordable, innovative, and high-quality solutions.
The IMD educational platform is Canada’s largest digital education health database with over 5,600 medical topics (anatomy, conditions and procedures) in a simple-to-use format with over 110,000 resources in a variety of formats including articles, images, infographics and short videos, in several languages (including Spanish). The content is customized by audience, so healthcare professionals or patients can learn more valuable information about an illness, treatment, or other healthcare topics.
Together, CloudMD and Apotex Latinoamérica have partnered to provide better access to healthcare resources for doctors and patients in Latin America.
The partnership focuses on two core platforms:
(1) an integration into a Apotex-operated physician web portal and,
(2) integration into a public facing web portal. CloudMD’s educational platform will provide access to trusted, peer-reviewed healthcare resources that will assist and support doctors and patients throughout their care journey. The platform has developed Spanish as a core language option on the offering which provides further opportunities for global expansion.
“Over the last 25 years, we have been committed to improving the health and well-being of patients and families in Latin America. Our Partnership with CloudMD to adopt its IMD Health education platform reinforces our commitment to provide trusted healthcare resources to support and educate individuals through their health journeys. Trusted health information is essential to patient health, and we are excited to support our doctors, patients and the general public with access to this credible digital health information,” commented Américo García, Vice-President and General Manager, Apotex Latinoamérica.
Dr. Essam Hamza, CEO of CloudMD commented, “We are excited to announce an expansion of our partnership with Apotex into Latin America. Our IMD Health education platform has a robust database, and we feel very fortunate to be able to provide credible, trusted healthcare resources to practitioners and patients to support their health needs.”
About Apotex Inc.
Apotex Inc. is a proudly Canadian, global pharmaceutical company that produces high-quality, affordable medicines for patients around the world. Apotex employs almost 8,000 people worldwide in manufacturing, R&D, and commercial operations. Apotex Inc. exports to more than 100 countries and territories and operates in more than 45 countries, with a significant presence in Canada, the US, Mexico, and India. Through vertical integration, Apotex is comprised of multiple divisions and affiliates including Apotex Inc., focused on generics; Apotex Corp., an affiliate of Apotex Inc. which markets and sells product in the United States; Apobiologix, a division of Apotex Inc. focused on biosimilar development; Aveva, an affiliate of Apotex Inc. fully integrated global developer and manufacturer of complete transdermal solutions; Apotex Consumer Products, a division of Apotex Inc. focused on brand name products; and Global Active Pharmaceutical Ingredients (GAPI), a division of Apotex Inc. focused on the manufacturing of active pharmaceutical ingredients (API) for Apotex and third parties.
For more information visit:
https://www1.apotex.com/global
For more information, contact Jordan Berman, VP Global Corporate Affairs jberman@apotex.com
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s Enterprise Health Solutions Division includes the leading Student Assistance Program and one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America.
For more information visit:
https://investors.cloudmd.ca/
FOR ADDITIONAL INFORMATION, CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604) 785-0850
CloudMD Receives U.S. Patent Approval for its Proprietary Real Time Intervention Platform (RTIP).
source
https://finance.yahoo.com/news/cloudmd-receives-u-patent-approval-113000361.html
Wed, October 27, 2021, 1:30 PM
- This platform is the technology that supports interoperability and provides the integration of all of CloudMD’s healthcare capabilities.
- Platform is trusted by various local, state and federal agencies including the U.S. Department of Justice and U.S Department of Health and Human Services.
- RTIP will power the Company’s data warehouse to support real time analytics, data and outcomes.
- One of five companies awarded a six year contract by the State of Nebraska to assist in the modernization of Health and Human Service systems.
CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH), a healthcare technology company transforming the delivery of care, is pleased to announce that through its subsidiary, IDYA4 LLC., it has received U.S. Patent Approval for its Real Time Intervention Platform (“RTIP”) which is the technology backbone for CloudMD’s comprehensive healthcare platform that addresses all points of a patients care from one, connected platform. Given the continued rapid growth of the Company, receiving patent approval is both timely and very important for CloudMD, as it protects its proprietary intellectual property.
This technology connects and integrates the Company’s capabilities and supports a data exchange across primary care, mental health, specialists, rehabilitation, occupational health, and education, providing a holistic approach to managing the health and wellness of individuals.
CloudMD is targeting the employer market with its comprehensive healthcare platform and has already onboarded over 260,000 individuals who are receiving customized health plans. A key component of this technology is the ability to report data, analytics and outcomes to measure the success of programs securely with all the required privacy controls. This connected approach to care is already receiving positive outcomes with a net promoter score of 78% and results where 91% of reassessed individuals with depression showing improvement and 89% of reassessed individuals with anxiety showing symptom improvement.
Dr. Essam Hamza, CEO of CloudMD commented, “Receiving this patent now is both extremely critical and timely as it safeguards our proprietary technology, which is core to our integrated healthcare platform. The RTIP technology connects all our different capabilities and shares valuable data in real-time. We have already seen significant growth across the United States as various modules of our platform are being rolled out to support a number of key health and wellness programs. As a key part of our expansion strategy, we will continue to roll out these programs across North America.”
Karen Adams, President of CloudMD commented, “The RTIP platform will support CloudMD’s data warehouse infrastructure making it capable of receiving, transforming and storing personal health data from care plans, provider-based electronic medical records, health profiles, health apps, wearables, devices, and benefit providers. This infrastructure will drive further insights and recommendations to personalize care, in real time, for providers and users. Traditional healthcare systems and programs are siloed and hard to navigate. CloudMD’s proprietary platform delivers connected, holistic care resulting in better access to care and improved health outcomes. The RTIP technology is the cornerstone to our comprehensive health services platform, and we believe that this technology is a key differentiator in confidentially being able to connect users, analyze data and ensure effective health outcomes.”
The RTIP platform’s patent is a testament to its purposeful ability to deliver real-time health data integration in a secure manner. The platform has been tested and continues to be used by the U.S. Department of Justice, U.S. Department of Health and Human Services as well by various other government agencies at the federal, state and local level. The RTIP platform has multiple use cases within the U.S. including, but not limited to, law enforcement health and wellness, substance use disorder programs and in the realm of opioid addiction.
Within the law enforcement community, the RTIP platform is the foundation of the integrated platform and is being used to provide access to health and wellness resources and support to the law enforcement community. Individuals can access the platform and resources from one point within their own private environment without compromising their privacy and data security. This platform is being used widely across various states and counties and currently 1,500 law enforcement officials have access.
The RTIP platform is also being used to identify and eliminate overdose deaths due to substance use disorders. This program has already been onboarded by a county in New Jersey and additional funding has been received to expand the program to additional counties within the state. CloudMD has built a scalable platform and is focused on creating a national model that can be expanded to support additional states across the U.S.
The RTIP platform is also being used to support the national opioid crisis, connecting public health, social services, and public safety systems to address the real time needs of the individuals who have overdosed or may be at risk. This program funded by the U.S. Department of Justice and a local public safety agency and is already operational in New Jersey. CloudMD has been awarded an additional contract by the State of Nebraska to assist in the modernization of Health and Human Service systems for the state. The contract covers a six year period and CloudMD is one of the five companies that has been collaboratively awarded the contract.
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources and artificial intelligence (AI). CloudMD’s Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for corporations, insurers and advisors to better manage the health and wellness of their employees and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals across North America.
For more information visit:
https://investors.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"
Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604) 785-0850
Canadian digital health stock with Buy rating.
source
https://www.cantechletter.com/wp-content/uploads/2020/12/healthcare-scaled-991x661.jpg.webp
October 14, 2021
It’s a space that’s expected to see accelerated growth for years to come as physicians, clinics, hospitals and health units join the digital transformation that has already overtaken a number of sectors. For healthcare, the development means using information technology-based solutions and services to better facilitate all facets from team communication and data analytics to the use of artificial intelligence to improve diagnostics and procedures. And Canadian companies are playing a role in the revolution on a number of levels, leaving investors with lots of options in digital healthcare.
CloudMD Software & Services (TSXV:DOC) is the owner of onsite clinics and telemedicine services as well as an IT solutions platform for clinical practitioners.
Total revenues as per its latest quarter were $15.7 million with adjusted EBITDA just below the line at negative $0.7 million and after a number of acquisitions over the past year the company’s annualized revenue run rate is now over $140 million.
Research Capital Corporation analyst Yue Ma has given CloudMD a “Buy” rating, maintaining the rating and target price of $3.30 per share in a late August update to clients.
https://www.cantechletter.com/2021/08/cloudmd-is-undervalued-says-research-capital/#
Ma said with its three verticals established in clinic services and pharmacies, digital services and enterprise health solutions, CloudMD has solid growth prospects.
“DOC closed multiple acquisitions during 2020 and H1 2021, establishing an ecosystem of various product offerings and a large client base, creating significant cross-selling opportunities. DOC continues integrating those newly acquired businesses – based on which the company has launched a Complete Health Platform that targets approx. 260K employees covered by existing sales contracts in digital services and EHS,” Ma wrote.
“During the pilot phase, 11K employees have been onboarded to the platform and achieved a retention rate of 48 per cent and a satisfaction score of 73 per cent – above DOC’s expectations. We believe the initial success of the Complete Health Platform should attest to the feasibility of DOC’s organic growth strategy – boding well for future growth,” Ma said.
CloudMD’s share price is down about 40 per cent for the year so far, but Ma is expecting upside to the name, with his $3.30 target representing at the time of publication a projected one-year return of 76 per cent.
CloudMD Adds Comprehensive Health and Wellness Coaching to Proprietary Integrated Health Services Platform.
source
https://finance.yahoo.com/news/cloudmd-adds-comprehensive-health-wellness-113000677.html
Wed, October 13, 2021, 1:30 PM
- CloudMD has created program offerings for the total benefit category of group benefits that offers comprehensive care while tracking and reporting symptom improvement.
- In 6 months, over a quarter million individuals have been onboarded on the integrated platform, receiving personalized care with a net promotor satisfaction score of 78%.
- The platform combines proprietary online assessment and personalized care – with 88% of individuals showing improvement.
- Real-time data analytics deliver insights into individuals’ health journeys and just-in-time approach to dynamically adjust treatment.
- Employers have full visibility into anonymized user progress through an interactive dashboard, enabling better decision making on group benefits program design.
- Companies are adopting CloudMD’s revolutionary, integrated platform based on evidence that it creates engagement and ability to measure health outcomes resulting in accelerated return to function.
CloudMD Software & Services Inc. (TSXV: DOC, OTC: DOCRF, Frankfurt: 6PH), a healthcare technology company transforming the delivery of care, is excited to announce that it has added comprehensive and enhanced health and wellness coaching services to its industry first proprietary Integrated Health Service Platform. This platform utilizes health coaches and technology to create engagement with a focus on ongoing support for prevention, intervention and return to function. It is also one of the only platforms that offers the user tools and treatment for at work, casual absence and disability.
CloudMD is committed to helping individuals understand health issues with a focus on engagement and ability to support through prevention, intervention and return to function. Employers are now focused on ensuring that individuals have access to group benefits that shift from self-selection to full-service navigation. The Integrated Health Services Platform makes it easy for individuals to access the widest range of digital health and wellness through journeys that are actively guided by health and wellness Nurse Navigators and/or Nurse Coaches. This revolutionary platform differentiates itself with the engagement workflow and analytic supporting health outcomes. The platform connects individuals to all of their health and wellness needs by providing industry-leading services including primary care, access to specialists, complex care navigation, mental health risk assessment, mental health services, employee assistance programs (“EAP”), occupational health services, learning/education, provider search, remote testing services, and much more through a single platform. Powered by several of CloudMD’s proprietary and wholly-owned technology assets and its multidisciplinary team, the platform provides a holistic, team-based approach resulting in better access to care and improved outcomes. Since launching the Integrated Health Services Platform
https://investors.cloudmd.ca/cloudmd-announces-rapid-growth-of-enterprise-health-solutions-division/
in April 2021, over a quarter million individuals already have access to the platform and are receiving personalized navigation and care.
The Company’s early data shows that once individuals have had a successful coaching experience, they tend to re-engage with the coach as a trusted resource for continued support. The impact of the program is yielding positive results with examples where 91% of reassessed individuals with depression showing improvement and 89% of reassessed individuals with anxiety showing symptom improvement.
Karen Adams, President of CloudMD commented, “We are committed to improving the recovery of individuals with mental and physical health issues. Organizations are ensuring that employees receive benefits that can provide better health outcomes and return to function. We are proud that we pioneered a comprehensive platform with predictive analytics that is able to track health outcomes, adjust treatment and focus on return to function utilizing our connected care technology. Employers are able to ensure benefit programs contain the right spend and access to solve issues that make individuals and businesses thrive.”
Many people suffering from mental health issues are held back from seeking treatment due to stigma. Further, not every mental health condition requires psychotherapeutic treatment or psychoactive medications. Often, a personalized mental wellness coaching relationship can effectively address stress in the workplace, mild to moderate depression, social awkwardness, irritability, sleep disruptions, or other mental health symptoms. CloudMD’s preventative, action-oriented coaching service provides individuals with the support they need to remain productive and engaged despite the ups and downs of daily life. Speaking to a coach can be an important first step in getting the help a person needs. Similar to care pathways in physical health, there is value in delivering access to customized care pathways in mental health that are evidence-based but don’t over treat or under treat. Individualized mental wellness coaching is a critical first step in an organized stepped-care pathway.
Karen Adams added, “For many people, a mental health action plan that addresses immediate, specific circumstances combined with the support of a trained coach is all they need to move forward. Progress like this can also break the hold of a mental health issue, preventing someone from sliding into a disorder and it can also be very important for those who need help in preparing to engage in therapy. This is one aspect of our broader comprehensive health and wellness coaching services that has been designed as an effective, supportive doorway enabling individuals to access the services they need.”
In addition, the Company announces it has engaged Native Ads, Inc. (“Native Ads”) to provide strategic digital media services, marketing, and data analytics services. The Company has agreed to pay Native Ads CAD$150,000 in consideration for the services to be provided. Native Ads will not receive any securities of the Company as compensation for the services. The Company has also engaged Grit Capital Corp. (“Grit”) for a 24 week marketing and advertising campaign and has agreed to pay Grit US$100,000 in consideration for the marketing services provided. Grit will not receive any securities of the Company as compensation for the services.
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s Enterprise Health Solutions Division includes the leading Student Assistance Program and one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America.
For more information visit:
https://investors.cloudmd.ca/
FOR ADDITIONAL INFORMATION, CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604) 785-0850
CloudMD Sales
sales@Cloudmd.ca
CloudMD Appoints Angel Paravicini as SVP, Business Development and Customer Success to Drive Expansion Across North America and Globally.
source
https://finance.yahoo.com/news/cloudmd-appoints-angel-paravicini-svp-113000004.html
Tue, October 5, 2021, 1:30 PM
- Over 15 years’ executive sales leadership; Senior roles at LifeWorks and Teladoc
- Proven track record of building new distribution channels and penetrating new global markets
- Accelerate CloudMD’s momentum and expansion into the United States
CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH), a healthcare technology company transforming the delivery of care, is excited to announce that it has appointed Angel Paravicini as Senior Vice President of Business Development and Customer Success to drive expansion in the United States and globally. Angel’s responsibilities will encompass sales team leadership, growing CloudMD’s revenue through expansion in new geographies, development of new distribution channels, and contributing to the Company’s marketing and business strategies.
Angel is a dedicated, passionate and growth minded executive with over 15 years’ experience in healthcare sales, sales management, vendor relations, pipeline management, relationship building, contract negotiating and training. She has a proven track record of building new distribution channels and expanding relationships through outstanding networking and product presentations. In Angel’s most recent role, she spent over 4 years as the Head of North American Partnerships and Sales for Lifeworks, a global leader in digital healthcare. She was responsible for leading the company’s successful expansion into new mental health employer markets across North America. Previous to LifeWorks, Angel held senior leadership roles at Teladoc and HealthiestYou, leading high-performance sales and partnership development teams in North America and globally.
As SVP, Business Development and Customer Success at CloudMD, Angel will be a crucial part of the Company’s expansion across North America and into new geographies. She will lead organic growth and customer retention by driving CloudMD’s enterprise health solutions including EAP, Mental Health coaching and technology solutions for substance use disorders and health and wellness for behavioural health into new markets.
“I am honored to join the CloudMD team and excited to help build on the solid foundation of mental and physical health products. CloudMD is perfectly positioned to help its clients digitally transform the way healthcare is provided to their employees using technology to provide a better user experience and health outcomes,” stated Angel Paravicini, SVP, Business Development, CloudMD.
Karen Adams, President of CloudMD commented, “Angel is a recognized leader in building sales teams and ensuring employers receive market leading solutions to manage employee health. She is an outstanding addition to CloudMD, as she brings a deep blend of channel experience and what it takes to deliver client success. As we continue to accelerate our growth in employee health navigation solutions, Angel’s sales leadership and her strong background in building top performing sales teams will be an important part of our successful delivery.”
“We are thrilled to welcome Angel to CloudMD, and we are confident that she will be successful in bringing our innovative healthcare solutions to new North American and global networks,” added Dr. Amit Mathur, President of US Operations at CloudMD.
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources and artificial intelligence (AI). CloudMD’s Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for corporations, insurers and advisors to better manage the health and wellness of their employees and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals across North America.
For more information visit:
https://investors.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"
Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604) 785-0850
CloudMD Strengthens Board with New Director Nominations and Announces Change of Auditors.
source
https://finance.yahoo.com/news/cloudmd-strengthens-board-director-nominations-113000444.html
Tue, September 28, 2021, 1:30 PM
Adds Significant Leadership and Experience Across Technology, Finance and Healthcare.
CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH), a healthcare technology company transforming the delivery of care, is excited to announce that the Company will be nominating two new, experienced business leaders to its Board of Directors for the 2021 annual general meeting of shareholders scheduled for November 9th, 2021. The new Board of Directors will consist of five directors, including two new nominees for election.
The new nominees for the Board of Directors are:
Duncan Hannay (Independent Director)
Mr. Hannay is currently the Chief Executive Officer of the Ontario Lottery and Gaming Corporation (“OLG”) and brings more than 25 years of experience growing businesses across industries, channels and locations around the world. Before joining OLG, he was President and CEO of Street Capital Group Inc, a Canadian public company offering best-in-class retail banking products through its Schedule I bank platform. He previously served as Chief Operating Officer at Finastra, a global leader in software solutions for retail banking, transaction banking, lending, and treasury and capital markets. He also served as an executive leader at the Canadian-based financial technology provider D+H, as President of Global Lending Solutions and as President of D+H Canada. In addition, Duncan has held senior executive positions with global financial services providers Scotiabank and E*TRADE Financial. Mr. Hannay holds a Bachelor of Engineering degree from McMaster University.
Karen Adams (President and Director)
Ms. Adams is currently President of CloudMD as well as its Global Head, Enterprise Health Solutions. She is a senior executive with more than 20 years of creating growth through innovation, people, process and technology in the employee wellbeing market. Karen has experience in the evolution of healthcare in mental and physical health through innovation and evidence-based outcomes for employers, employees, insurers, advisors and consumers. Karen has worked in senior executive positions at Warren Shepell, Shepell.fgi, Morneau Shepell, SCM Insurance, Snapclarity and current director and past Chair of Ontario Shores Centre for Mental Health Sciences foundation.
The three incumbent directors for re-election are Mark Kohler (Chairman), Christopher Cherry (Independent) and Essam Hamza (CEO).
Dr. Essam Hamza, CEO of CloudMD commented, “We are thrilled to welcome Duncan and Karen to our Board of Directors as their collective experience and leadership will be extremely valuable to the continued growth of our Company. Their experience in governance, advisory, and executive leadership strengthens and complements our incumbent Board of Directors. Each of these outstanding individuals brings valuable expertise and insight that will help position CloudMD for long-term success as an innovative healthcare company.”
Change of Auditors
The Company also announces that is has appointed KPMG LLP, Chartered Professional Accountants (“KPMG”) as the Company’s independent auditors to hold office until the end of the next annual general meeting of shareholders.
Effective September 9th, 2021, at the request of the Company, CloudMD’s predecessor auditors, Harbourside LLP, Chartered Professional Accountant (“Harbourside”), resigned as auditors and KPMG was appointed to fill their vacancy for the fiscal year ended December 31, 2021.
In accordance with the requirements of National Instrument 51-102 of the Canadian Securities Administrators (51-102), a notice of change of auditor dated September 9th, 2021 with an effective date of September 9th, 2021 (the “Notice of Change”) was sent to KPMG and Harbourside, each of whom have provided a letter to the securities regulatory authorities in each of the jurisdictions where the Company is a reporting issuer stating that they agree with the statement made in the Notice of Change.
Stock Options and Restricted Share Unit Grants
The Company has granted stock options and restricted share units (“RSU’s”) in the ordinary course to certain directors and officers, under its Stock Option Plan and RSU Plan to purchase an aggregate of 1,250,000 common shares of the Company. The exercise price of the stock options granted was set at $1.75 per share. The stock options and restricted share units are subject to the terms of the Company’s Stock Option Plan and RSU Plan and any necessary regulatory approvals.
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources and artificial intelligence (AI). CloudMD’s Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for corporations, insurers and advisors to better manage the health and wellness of their employees and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals across North America.
For more information visit:
https://investors.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"
Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604) 785-0850
CloudMD Partners with 19 New Post-Secondary Institutions to Provide Integrated Mental Health Support Programs to Students.
source
https://finance.yahoo.com/news/cloudmd-partners-19-post-secondary-113000082.html
Tue, September 14, 2021, 1:30 PM
- CloudMD’s Aspiria SAP is a leading student mental health provider in Canada.
- Adds over 167,000 new students to CloudMD platform.
- Increases partner network to 141 K-12 and post-secondary institutions across Canada.
- Various sizes ranging from 200 students to 48,000 students.
CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH), a healthcare technology company revolutionizing the delivery of care, is excited to announce that it has partnered with 19 new post-secondary institutions across Canada to provide its Aspiria Student Assistance Program (“Aspiria SAP”) and multi-layered mental health resources to over 167,000 additional students.
With growing mental health concerns surrounding the pandemic and students returning back to school, CloudMD is onboarding the network of colleges and universities of various sizes ranging from 200 students to 48,000 students to provide additional resources to support the increased demand for mental health programs for younger individuals. The prevalence of positive screens for major depressive disorder, generalized anxiety disorder, and probable PTSD are over three times higher among young adults than among older adults. For example, 27% of young adults aged 18 to 24 have screened positive for major depressive disorder compared with 7% cent of adults aged 65 and older(1).
(1) = Statistics Canada’s ‘Survey on COVID-19 and Mental Health:
https://www150.statcan.gc.ca/n1/daily-quotidien/210318/dq210318a-eng.htm
Furthermore, during COVID-19 imposed social isolation, youth were most likely to report a negative impact to their mental health. 41% aged 15-24 have reported symptoms of moderate-severe anxiety(2).
(2) = Statistics Canada:
https://www150.statcan.gc.ca/n1/daily-quotidien/200527/dq200527b-eng.htm
CloudMD’s Aspiria SAP is a leading student mental health provider in Canada and has partnered with 141 K-12 and post-secondary institutions across the country. The service works collaboratively with on-campus health centres to provide additional mental health resources and additional access points of care for students. The integrated mental health service includes a suite of digital tools, including an initial clinical assessment and triage process, combined with a traditional short-term counselling model designed to positively impact outcomes. Students have access to the service 24/7, 365 days a year, and the services are available in person, by phone, web, and mobile chat/text. These features are very important as students can receive support where and when they need it, and in a way they feel most comfortable.
Karen Adams, President of CloudMD commented, “We are proud to partner with these schools to support students with our mental health programs that enable choice and provide the care they need at a critical time in their lives. We provide personalized wellness plans that consider each person’s unique needs and coaching to enable change. Ensuring support and access to care is important as students are returning to school. One of the key differentiators our platform offers is the initial clinical assessment allowing for triaging and treatment plans using nurse navigators. For students, this process results in better access to care, matching the right clinician to the right care pathways, with a focus on return to function. The Aspiria SAP provider is already a market leader in Canada, and we are focused on expansion into the United States.”
About CloudMD Software & Services
CloudMD is transforming delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources and artificial intelligence (AI). CloudMD’s Enterprise Health Solutions Division includes the leading Student Assistance Program and one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers and advisors to better manage the health and wellness of their students, employees and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America.
For more information visit:
https://investors.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"
Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
(604) 785-0850
Media Contact: media@cloudmd.ca
Inagene and Aspiria team up to improve mental health care for post-secondary students.
source
https://finance.yahoo.com/news/inagene-aspiria-team-improve-mental-100000897.html
Mon, August 16, 2021, 12:00 PM
With student mental health issues on the rise from COVID-19, effective treatment has never been more important as students return to campus
Canadian pharmacogenetic (PGx) testing provider, Inagene Diagnostics Inc., has partnered with Student Assistance Program provider Aspiria Corp., a CloudMD company, to provide post-secondary students with more personalized mental health support as they return to school this fall. The pandemic-driven mental health “echo pandemic” has significantly hit Canadian youth and after more than a year of uncertainty, social isolation and missed milestones at home, students need access to the right support tools to succeed both academically and personally in the coming, critical years of their lives.
“Students are returning to in-person or hybrid learning following a 17-month long period of stress, with many facing new or worsening symptoms of depression, anxiety and post-traumatic stress disorder (PTSD),” said Eric Rubel, Vice President, Clinical Experience at Aspiria Corp. “Together with Inagene, we can offer students a clearer path to the treatment of these conditions, providing both the tools and resources they need to better manage their mental health. Expanding our services to offer PGx testing helps us ensure that we are providing students with effective, personalized care to help speed recovery.”
Over the course of the COVID-19 pandemic, the prevalence of positive screens for major depressive disorder, generalized anxiety disorder, and probable PTSD reached record levels, and were over three times higher among young adults than among older adults.
https://www150.statcan.gc.ca/n1/daily-quotidien/210318/dq210318a-eng.htm
If not treated quickly and effectively, students can soon find themselves in a discouraging downward spiral of worsening symptoms, medication “trial and error,” and troublesome side effects, all of which can negatively impact academic performance. Poor medication experiences can also drive treatment adherence issues and present the risk of students resorting to self-medicating with street drugs or alcohol. With reports of record suicide attempts and substance abuse issues fueled by the pandemic,2 many parents are particularly concerned as their children return to school or leave home for university this fall.
Every individual is unique in how they respond to different medications. Studies show that up to two out of three individuals fail the first treatment prescribed for mental health conditions like depression and anxiety, leaving them spending weeks, months or even years in a cycle of “trial and error” with multiple drugs and doses.2 “But with innovations in genetic testing, this doesn’t have to be the case,” said Nancy White, CEO of Inagene Diagnostics Inc. “With PGx testing, students can gain insight into which medications will be most compatible with their DNA. The test report acts as a personalized roadmap of which drugs and doses are likely to work best and which to avoid, enabling more targeted and personalized treatment.”
“Youth struggling with depression and anxiety coming out of a tough year deserve the best chance for a speedy recovery,” says White. “A personalized treatment plan can make the difference between a schoolyear spent struggling with ongoing symptoms and side effects, and doctor visits, or a year spent focusing on re-connecting with friends and achieving academic success.”
Aspiria takes a personalized approach to student assistance programs and counselling services, starting with an extensive assessment process that tailors the plan to each individual student, matching them with a therapist in less than 5 business days. Incorporating PGx testing to complement Aspiria’s counselling services further enhances the personalized approach, helping to get to the right, holistic treatment plan faster to speed recovery.
About Inagene Diagnostics Inc.
Inagene™ Diagnostics Inc. is a CLIA accredited Canadian pharmacogenetic testing company located in Toronto. Inagene’s Personalized Insights™ tests focus on providing comprehensive and reliable genetic tests to guide drug selection and treatment. Learn more at:
https://inagene.com/
About Aspira Corp.
Established in 2003, Aspiria Corp. is a mental health solution-based company that provides Employee and Student Assistance Services to over 750 organizations in the employer and education sectors. Servicing over 1 million employees, students, and families, Aspiria is known for its quality services, excellent customer service, and high value it provides to its clients. Learn more at:
https://aspiria.ca/
About CloudMD Software & Services
CloudMD (TSXV:DOC) is revolutionizing the delivery of healthcare by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, educational resources and artificial intelligence (AI). CloudMD’s Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for corporations, insurers and advisors to better manage the health and wellness of their employees and customers. CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America. Learn more at:
https://investors.cloudmd.ca/
Note to Editors:
For further information please contact:
Samantha Campana, Agnostic
scampana@thinkagnostic.com
CloudMD Issues 55,249 Common Shares to Dr. Sohal Goyal.
source
https://finance.yahoo.com/news/cloudmd-issues-55-249-common-200000425.html
Fri, July 9, 2021, 10:00 PM
CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH), a healthcare technology company revolutionizing the delivery of care, announces that it has issued $100,000 in common shares of the Company to Dr. Sohal Goyal, Head of Corporate Development, Ontario, in consideration for services rendered pursuant to the terms of a contractor services agreement dated June 17, 2020, as amended on February 5, 2021.
A total of 55,249 common shares of the Company were issued with a deemed price of $1.81 per common share, which was calculated by using the volume-weighted average closing share price of the Company’s common shares for the last 10 trading days prior to the anniversary date of the contract services agreement.
See the Company’s news releases dated June 18, 2020 and November 9, 2020, for more information.
About CloudMD Software & Services
CloudMD is digitizing the delivery of healthcare by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, educational resources and artificial intelligence (AI). CloudMD’s Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for corporations, insurers and advisors to better manage the health and wellness of their employees and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America.
For more information, visit:
https://investors.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"
Chief Executive Officer
FOR ADDITIONAL INFORMATION CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
Video - The Rise in virtual healthcare!
CloudMD CEO at BNN Bloomberg - Pandemic is driving the 'the future of healthcare delivery'.
source
https://www.bnnbloomberg.ca/technology/video/pandemic-is-driving-the-the-future-of-healthcare-delivery-cloudmd-ceo~2056173
Essam Hamza, CEO of CloudMD Software & Services, joins BNN Bloomberg to discuss the market space for telemedicine amid COVID-19 and shares his own company's approach to helping patients remain connected to their doctors.
See the full video at:
https://www.bnnbloomberg.ca/technology/video/pandemic-is-driving-the-the-future-of-healthcare-delivery-cloudmd-ceo~2056173
How might technology transform chronic illness treatment and prevention?
source
https://www.theglobeandmail.com/events/article-how-might-technology-transform-chronic-illness-treatment-and/
GLOBE AND MAIL EVENT June 30, 2021
Event summary produced by The Globe and Mail Events team. The Globe’s editorial department was not involved.
As part of its ongoing Virtual Health Care Event Series, The Globe and Mail hosted the Chronic Illness: How will technology transform care? webcast on June 16. The Globe’s Health Reporter and Columnist André Picard was joined by a panel of health care practitioners and advocates to discuss the ways in which new remote health care technology might be more fully integrated into Canada’s public health care system, even after the country reaches the vaccination levels required to lift more of its COVID-19 restrictions.
Joining Picard were Dr. Essam Hamza, CEO of CloudMD Software and Services (a provider of remote health care technology); Dr. Fatimah Jackson-Best, who oversees the Black Health Alliance’s Pathways to Care mental health care project; Consuelo Benson, a patient with lived experience and advocate for the Arthritis Society; and Dr. Rui Su, a co-founder and the Chief Clinical Officer of MedMe Health, a startup providing clinical technology services to pharmacists.
The full playback of the group’s discussion, which included the panel’s thoughts on inequities in the health care system, the pros and cons of virtual care, the patient journey and more, is available to view below. To revisit the first two events in The Globe’s Virtual Health Care series, you can find May 19's Health Equity webcast,
https://www.theglobeandmail.com/events/article-health-equity-in-the-virtual-era/
and April 21's Virtual Care in the Long Term webcast
https://www.theglobeandmail.com/events/article-virtual-health-care-for-the-long-term/
For more information on The Globe and Mail Events, including links to register for upcoming webcasts, visit our virtual event hub:
https://www.theglobeandmail.com/events/
Webcast Playback | Chronic Illness: How will technology transform care?
https://vimeo.com/563926324
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Health equity in the virtual era.
source
https://www.theglobeandmail.com/events/article-health-equity-in-the-virtual-era/
PUBLISHED MAY 27, 2021
Event summary produced by The Globe and Mail Events team. The Globe’s editorial department was not involved.
The global pandemic precipitated a rapid shift to virtual appointments and telemedicine. As services that once took place in offices and clinics shift to online, what considerations should we keep in mind related to patient care?
The Globe and Mail hosted a webcast on May 19 to discuss risks, opportunities and considerations related to health care and technology. André Picard, health reporter and columnist with The Globe and Mail moderated a panel discussion including viewpoints from a technology provider, health care professionals and a patient advocate.
Speakers shared their experiences with virtual care to date, citing the benefits of technology for connecting patients in hospital to family members, and in allowing patients to access services such as mental health care from home. They also discussed challenges related to virtual patient care such as lack of access to technology, devices and data, especially in marginalized communities.
Missed the live event or would like to view it again? Scroll down to the video below.
The panel included the following speakers:
- Karen Adams, chief health innovation officer and global head of Enterprise Health Solutions with CloudMD Software & Services Inc.
- Dr. Thomas Ungar, psychiatrist-in-chief with St. Michael’s Hospital of Unity Health Toronto.
- Dr. Simerpreet Sandhanwalia, emergency room physician and co-founder of the South Asian COVID Task Force.
- Jase Watford, patient advocate and peer mentor.
Watch the full video below (60 minutes):
https://vimeo.com/553067262
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Virtual health care for the long term.
source
https://www.theglobeandmail.com/events/article-virtual-health-care-for-the-long-term/
PUBLISHED APRIL 27, 2021
Event summary produced by The Globe and Mail Events team. The Globe’s editorial department was not involved.
The global pandemic precipitated a hasty build-out of telemedicine and virtual health care services. Seemingly overnight, appointments that had been taking place in clinics and physicians’ offices moved online. The question now is where do we go from here?
The Globe and Mail hosted a panel discussion on April 21 to bring health care experts together to share views on virtual health care for the long term. Panelists discussed learnings from the pandemic and shared their visions for high-quality, accessible and inclusive virtual care for the future.
If you missed the live event or would like to view it again scroll down to the video player, below.
André Picard, health reporter and columnist with The Globe and Mail, moderated the panel, which featured the following participants:
- Dr. Essam Hamza, CEO, CloudMD.
- Claire Snyman, author, blogger and patient advocate.
- Dr. Joy Hataley, family practice anesthetist.
- Huda Idrees, founder and CEO, Dot Health.
The panel discussed issues including:
Why it took so long for Canada to embrace virtual health care;
What patients need and value in their interactions with care providers;
How electronic access to patient records must be part of health care;
Strategies for physicians to connect with patients during virtual appointments.
View the full webcast (60 minutes) below:
https://vimeo.com/539844868
CloudMD Software and Services explained in Videos!
source
https://vimeo.com/search?q=cloudmd
- CloudMD
CloudMD is a rapidly growing technology company focused on digitizing the delivery of healthcare by providing patients access to all points of their care from their phone, tablet or desktop computer.
https://vimeo.com/398879559
- Cloud MD - App
The CloudMD app enables a virtual clinic that patients can access for free, allowing them to see a doctor in real-time from their smartphone or desktop device. The app is easy to use, secure and provides access to care beyond regular clinic hours including evenings and weekends.
https://vimeo.com/398923609
- CloudMD
https://vimeo.com/399240103
- CloudMD Demo
https://vimeo.com/401971381
- CloudMD - Kiosk
https://vimeo.com/437939449
- CloudMD - Livecare Cart
https://vimeo.com/437939110
- “What If” - CloudMD
https://vimeo.com/404081452
- CloudMD - HRPA Video
https://vimeo.com/501051463
Chronic Illness and Virtual Care.
source
https://vimeo.com/563926324
The Globe and Mail's André Picard leads a webcast discussion on the future of virtual care and technology's role in improving chronic illness treatment and prevention.
See the video at:
https://vimeo.com/563926324
Digital Transformation of Healthcare: Leaders of CloudMD Driving Explosive Revenue Growth with Innovation and M&A.
source
https://finance.yahoo.com/news/digital-transformation-healthcare-leaders-cloudmd-133600818.html
Wall Street Reporter
Tue, June 29, 2021, 3:36 PM
Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at CloudMD (OTC: DOCRF) (TSX.V: DOC).
CloudMD CEO, Dr. Essam Hamza: “CloudMD: The Future of Healthcare Is Here - NOW”
CloudMD CEO Dr. Essam Hamza, M.D. shared with Wall Street Reporter’s investor audiences how CloudMD is addressing a multi-billion dollar market opportunity by digitizing the delivery of healthcare, with a focus on “whole persons health” - including mental health - providing patients access to all points of their care from their phone, tablet or desktop computer. DOCRF closed out 2020 with a series of blockbuster acquisitions and flush with cash from oversubscribed capital raises, positioned for its next exciting growth phase.
Sharing his vision for DOCRF in 2021, CEO Dr. Essam Hamza said: “The growth of 2020 was just a preview for what’s to come... Now that we have the team, infrastructure, and capital in place, we are ready for the real growth phase. 2021 will be the real inflection point for CloudMD - and we are just getting started... ”
June 28 - DOCRF announces closing acquisition of Oncidium Inc., one of Canada’s leading healthcare providers to employers. Oncidium has built a difficult-to-replicate ecosystem of over 500 clients servicing more than 2 million employees across Canada and more than 2,000 health care providers and medical assessors. Oncidium has an annualized revenue run rate of $54 million with an Adjusted EBITDA margin of 10%, is highly accretive to CloudMD. On a consolidated basis, CloudMD has an annualized revenue run rate of approximately $140 million with overall gross margin of 35% and positive Adjusted EBITDA.
CloudMD Announces Closing of Oncidium Acquisition and Secures Credit Facilities of up to $62 Million.
source
https://finance.yahoo.com/news/cloudmd-announces-closing-oncidium-acquisition-113000696.html
Mon, June 28, 2021, 1:30 PM
- Oncidium is one of Canada’s leading health management companies with a loyal client base of over 500 corporate and public sector clients across various industries.
- Strategic tuck-in acquisition increases Oncidium’s annualized revenue run rate to $54 million with strong baseline growth of blue-chip customers.
- Award-winning technology platform used for workflow management and health care provider engagement.
- Rounds out holistic employer health approach with additional occupational health and onsite medical management solutions.
- The acquisition is funded by a combination of cash on hand, CloudMD shares, and new credit facilities of up to $62 million.
- CloudMD’s overall annualized revenue run rate will be approximately $140 million, with approximately $55 million of cash on hand.
CloudMD Software & Services Inc., a healthcare technology company revolutionizing the delivery of care, is pleased to announce that it has closed the previously announced acquisition of Oncidium Inc., one of Canada’s leading healthcare providers to employers. Oncidium has built a difficult-to-replicate ecosystem of over 500 clients servicing more than 2 million employees across Canada and more than 2,000 health care providers and medical assessors.
The acquisition of Oncidium enables CloudMD to evolve its ecosystem of healthcare services through occupational health, medical management and assessment services. COVID-19 has accelerated the need for employers to have robust health and safety solutions resulting in increased demand for new approaches in the workplace. The new capabilities will be a key component of the Company’s Enterprise Health Solutions (“EHS”) Division and provide Oncidium’s clients with access to our new connected healthcare platform. This transformative acquisition expands CloudMD’s national footprint to include 5,500 clients and over 5 million individual lives touched.
Since announcing the binding agreement, Oncidium acquired an organization specializing in independent medical evaluations and health-related services to employers and insurers. The strategic tuck-in is complementary to Oncidium and will provide immediate cost saving synergies through consolidation and integration. The business has also developed an award-winning technology platform that offers workflow management that will be used across CloudMD with our provider networks. The highly accretive business generated $17 million in revenue with positive earnings before interest, tax, depreciation and amortization (“EBITDA”) for the 12-month period ending April 2021.
“With over 25 years in the employer healthcare market, Oncidium is an ideal fit with the overall CloudMD strategy for the Enterprise Health Solutions Division,” said Luciano M. Barbuto, CEO of Oncidium, “We are at a pivotal time where employers are dependent on their solution providers to support their workforce’s health and wellness issues, and to assist in providing leadership and guidance with respect to their ongoing, increasing healthcare costs.”
“It is a time of rapid innovation and accelerated adoption of digital healthcare services by employers,” commented Karen Adams, President of CloudMD. “At the core of our offering is that employers can choose to offer their employees a solution that encompasses medical management through health and safety, onsite medical management and navigation with a focus on cost-effective personalized care plans.”
The addition of Oncidium is immediately synergistic to CloudMD with cross-selling opportunities through a combined network of 5,500 loyal corporate clients and over 5 million covered lives. Oncidium is a rapidly growing business in the fastest growing segment of the Canadian healthcare industry, providing a significant competitive advantage compared to industry peers with a comprehensive platform, addressing whole-person healthcare through assessment, triage and support services across mental health, specialist care, healthcare navigation, short-term and long-term support, and educational resources.
The acquisition of Oncidium, which has an annualized revenue run rate of $54 million with an Adjusted EBITDA margin of 10%, is highly accretive to CloudMD. The acquisition also enables revenue and margin expansion for the Enterprise Health Solutions division 1 with an annualized revenue run rate of $70 million with a healthy gross margin of 38% and Adjusted EBITDA margin of 10%. On a consolidated basis, CloudMD has an annualized revenue run rate of approximately $140 million with overall gross margin of 35% and positive Adjusted EBITDA.
1. Enterprise Health Solutions Division plus Re:Function Health Group, a rehabilitation clinic network for enterprise clients, insurers and corporations
Terms of Acquisition
In consideration for the purchase of 100% of the outstanding securities of Oncidium, CloudMD has paid shareholders of Oncidium:
- (i) $30 million in cash, subject to an estimated negative net working capital adjustment of $524,279; and
- (ii) $38 million in common shares of the Company, at a deemed price of $2.30 per common share. In addition to the closing considerations, the Company may pay a performance-based earnout of up to an additional $32 million in common shares of the Company or cash, at the election of the Company, and is based on Oncidium meeting certain performance milestones with respect to Oncidium’s revenue and Adjusted EBITDA following closing. Specifically, the Company will pay an additional $13.5 million to the vendors if Oncidium meets or exceeds the revenue and Adjusted EBITDA targets for the year ending December 31, 2021, an additional $13.5 million if Oncidium meets or exceeds the revenue and Adjusted EBITDA targets for the year ending December 31, 2022, and an additional $5 million if Oncidium meets or exceeds the revenue and Adjusted EBITDA targets for the year ending December 31, 2023. The common shares will be subject to certain contractual restrictions on trading for a period of 30 months from the date of issuance.
Credit Facilities
Concurrent with the closing of the acquisition, CloudMD is pleased to announce that it has secured credit facilities of up to $62 million with Oncidium entering into a senior credit agreement with the Bank of Montreal (“BMO”).
BMO will be providing a committed senior term loan of up to $25 million to fund a portion of the initial cash consideration of the transaction with Oncidium. In addition, BMO has also provided an uncommitted senior term loan structured to fund $24 million of any performance-based earnouts over a 3-year period at the time of payment. Lastly, BMO has also provided a committed revolving facility for working capital purposes and an uncommitted accordion facility for future acquisitions in the amounts of $3 million and $10 million, respectively.
The credit facilities will have a term of 3 years and are secured by a first ranking security interest in all the present and future assets and subsidiaries of Oncidium, including a guarantee from CloudMD.
The credit agreement contains usual representations, warranties and covenants associated with a financing transaction of this nature.
After closing the acquisition of Oncidium, CloudMD will have approximately $55 million in cash, that is available to fund future growth.
Echelon Capital Markets acted as the exclusive financial advisor to CloudMD in the arrangement of their credit facilities and in connection with the acquisition.
KES 7 Capital Inc. acted as the exclusive financial advisor to Oncidium in connection with the transaction with CloudMD.
About CloudMD Software & Services
CloudMD is digitizing the delivery of healthcare by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, educational resources and artificial intelligence (AI). CloudMD’s Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers a comprehensive, digitally connected platform for corporations, insurers and advisors to better manage the health and wellness of their employees and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America.
For more information visit:
https://investors.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"
Chief Executive Officer
FOR ADDITIONAL INFORMATION CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
Tel: (604) 785-0850
CloudMD Closes Acquisition of VisionPros, a Rapidly Growing Digital Eyewear Platform.
source
https://finance.yahoo.com/news/cloudmd-closes-acquisition-visionpros-rapidly-113000857.html
Thu, June 24, 2021, 1:30 PM
VisionPros had revenue surpassing $22 million with Adjusted EBITDA margin exceeding 10% during 2020.
CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF,), a healthcare technology company revolutionizing the delivery of care, is pleased to announce that it has closed the previously announced acquisition of VisionPros 1, a vertically integrated digital eyewear platform that has serviced almost 1 million unique customers across North America.
1 VisionPros, collectively, is comprised of 0869316 BC Ltd., 1143556 BC Ltd. and 1153046 BC Ltd.
VisionPros conveniently delivers contact lenses and glasses right to their customer’s door, anywhere in North America, and at a fraction of the cost of traditional retail optical stores. The highly scalable business model includes a rapidly growing, e-commerce platform and innovative suite of digital vision care tools. VisionPros also offers a unique subscription offering, with flexible monthly billing options, at some of the lowest prices in North America. The multi-disciplinary platform also includes a brick-and-mortar clinic, online/in-person dispensary and a lens laboratory that manufactures and distributes lenses to eyecare partners for their own affordable KIND eyewear line.
VisionPros’ digital platform shares many synergies with CloudMD’s existing platform and provides significant opportunities for cross-selling and integration. The e-commerce platform gives CloudMD direct access to almost 1 million unique customer accounts and further secures the Company’s footprint across North America. VisionPros’ revenue for the year ended December 31, 2020, surpassed $22 million with adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) margin exceeding 10%.
Terms of Acquisition
In consideration for the purchase of 100% of the outstanding securities of VisionPros, CloudMD has paid shareholders of VisionPros:
- (i) $30 million in cash, subject to an estimated negative net working capital adjustment of $995,353; and
- (ii) $30 million in common shares of the Company at a deemed price of $2.75 per common share. In addition to the closing considerations, the Company may pay a performance-based earnout of up to an additional $40 million in common shares of the Company or cash, at the election of the Company, and is based on VisionPros meeting certain performance milestones with respect to VisionPros’ revenue and technological developments following closing. Specifically, the Company will pay an additional $10 million to the vendors if VisionPros meets or exceeds the revenue target for the six months ending December 31, 2021, and an additional $10 million if VisionPros meets or exceeds the revenue target for the year ending December 31, 2022. In addition, the Company may pay the vendors up to an additional $20 million upon the development of certain new technologies prior to December 31, 2022. The common shares will be subject to certain contractual restrictions on trading for a period of 24 months from the date of issuance. Additionally, the Company will pay a finders' fee to an arm's-length party in accordance with TSX Venture Exchange policies by issuing 986,842 common shares of the Company at a deemed price of $3.04.
About CloudMD Software & Services
CloudMD is digitizing the delivery of healthcare by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, educational resources and artificial intelligence (AI). CloudMD’s Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for corporations, insurers and advisors to better manage the health and wellness of their employees and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America.
For more information, visit:
https://investors.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"
Chief Executive Officer
FOR ADDITIONAL INFORMATION CONTACT:
Julia Becker
VP, Investor Relations
julia@cloudmd.ca
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