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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
Analyst: Health Care Services/Tech Firm's 'Biggest Transaction Gets Even Bigger'
source
https://www.streetwisereports.com/article/2021/06/23/analyst-health-care-services-tech-firms-biggest-transaction-gets-even-bigger.html
Streetwise Reports (6/23/21)
How the acquisition has grown and its effects on CloudMD Software & Services are addressed in a Research Capital Corp. report.
In a June 16 research note, Research Capital Corp. analyst Yue Ma reported that CloudMD Software & Services Inc.'s (DOC:TSX.V; DOCRF:OTCQB; 6PH:FSE) acquisition target Oncidium has grown with a recent asset purchase.
"We view this development as positive," Ma wrote.
The analyst also noted that CloudMD, "a hybrid play," is trading below the healthcare technology sector and above the healthcare services sector when it should be trading at a premium to both. "We believe the company should trade at a premium to both sectors due to its much diversified and differentiated product offerings (clinics + digital services + enterprise health solutions)," he stated.
"We believe CloudMD is an undervalued growth name and view its current market valuation as attractive," wrote Ma.
The analyst discussed the expansion of the company's Oncidium acquisition, CloudMD's largest to date. Oncidium recently got larger when it bought an organization providing independent medical evaluations and health-related services healthcare providers, life and health insurers, law firms and employers.
This added asset, with a 30% gross margin and positive EBITDA, is forecast to generate about $17 million of revenue per year for CloudMD.
"With this tuck-in addition, CloudMD should have an annualized revenue run rate of $137 million," Ma wrote.
Oncidium's now larger size does not change the overall price CloudMD will pay for the company. That concession remains $30 million in cash and $38 million in shares and a $32 million earn-out. It brings down the deal multiple to 1.3 times price/revenues. The transaction is expected to close by the end of this month.
In other news, Ma noted, CloudMD made some management changes to better support corporate growth. The company promoted Karen Adams to president from chief health innovation officer and moved current president Amit Mathur to the newly created president of U.S. operations position.
Factoring in the Oncidium acquisition and the valuation headwinds Canadian healthcare services and tech companies are facing, Research Capital lowered its target price on Buy rated CloudMD to CA$3.30 per share from CA$3.90. The share price now is about CA$1.72.
CloudMD Appoints Karen Adams as President and Provides Update on Oncidium Acquisition.
source
https://finance.yahoo.com/news/cloudmd-appoints-karen-adams-president-113000578.html
Wed, June 16, 2021, 1:30 PM
- Karen Adams is appointed President of the Company to deliver on growth strategy and operational effectiveness.
- Dr. Amit Mathur is appointed to newly created leadership role, President, US Operations, to focus on expansion into the United States.
- Oncidium acquires an organization specializing in independent medical evaluations and health-related services.
- Strategic tuck-in adds $17 million to Oncidium’s revenue run rate.
CloudMD Software & Services I, a healthcare technology company revolutionizing the delivery of care, and its Board of Directors is pleased to announce the appointment of Karen Adams as President of the Company effective June 21, 2021. In her new role as President of CloudMD, Karen will deliver on the Company’s growth strategy and operational effectiveness, while leveraging technology to enable access to care. Karen will continue to oversee Employee Health Solutions (“EHS”) as a core component of her expanded portfolio.
The Company’s previous President, Dr. Amit Mathur, will now take on the primary responsibility of delivering CloudMD’s expansion into the United States, a key component of the corporate strategy. Dr. Mathur’s appointment to the newly created leadership role of President, US Operations is effective June 21, 2021.
Our Company is rapidly growing and I am very proud of the entire team on its ability to continue executing and delivering on our growth strategy. The increasingly complex landscape of the public and private healthcare sector supports our mission of building one, connected healthcare ecosystem through navigation, coordination and seamless delivery of services that addresses all points of a patient’s care,” explained Dr. Essam Hamza, Chief Executive Officer of CloudMD. “Karen has an impressive track record of developing talent, driving innovation and delivering financial performance both within CloudMD and across multiple health and wellness industry sectors. Dr. Amit Mathur is a valuable member of our senior management team and I am excited for him to have a more focused role of leading our expansion in the US and developing a scalable organization.” He concluded, "I look forward to working with both Karen and Amit in their new roles and the rest of our senior management team as we continue to strengthen our rapid but disciplined growth."
Oncidium Acquisition
Further to the recent announcement of the acquisition of Oncidium Inc., the Company is pleased to announce that Oncidium has acquired an organization specializing in independent medical evaluations and health-related services with 30 years of experience in the provision of these services to life & health providers, insurers, law firms and employers. The business is complementary to the existing assessment services division of Oncidium and will enable cost saving synergies through consolidation and integration. The business has also developed a market leading, workflow management solution that Oncidium and CloudMD will be able to incorporate company-wide. 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, and as such, the expected revenue for Oncidium, including the newly acquired business, is significantly increased, while the overall purchase price of Oncidium remains unchanged. CloudMD expects to close the acquisition of Oncidium this month.
Restricted Share Unit Grant
The Company has granted of an aggregate of 141,000 restricted share units (each, an “RSU”), with an award date of June 21, 2021, to certain officers and directors of the Company under the Company’s RSU Plan pursuant to the policies of the TSX Venture Exchange. Each RSU represents the right to receive, once vested, one common share in the capital of the Company for every RSU held.
The granting of RSUs are subject to any necessary regulatory approvals and requirements of the Exchange.
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 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. 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.
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
1 TSX Stock Could Rise 1,000% in 10 Years!
source
https://www.fool.ca/2021/05/30/1-tsx-stock-could-rise-1000-in-10-years/
May 30, 2021
If you’re looking for a TSX stock that’s set to explode, you need to first take a broader approach and look at industries. While one stock is great, what’s really going to practically guarantee growth is an entire industry that’s set to soar. So, I’m going to dig into one of those industries (not e-commerce, electric vehicles, or even cryptocurrency). Then I’ll discuss a stock I would buy today for at chance at 1,000% growth in the next decade.
Back from the brink
Canadians and, indeed, the entire world are finally starting to see signs of a recovery from the pandemic. With vaccinations well underway, many wonder what a post-pandemic world will be like. There are a lot of new industries that have been introduced during the pandemic. Some investors worry that those industries will be all but abandoned in the coming years.
But, at least in one case, that’s simply not true. The healthcare industry received a lot of investment during this time. That’s quite likely to be the case moving forward. It’s very clear now that the world was unprepared for this catastrophe, and that cannot happen again. Investment into healthcare is all but guaranteed.
Beyond this broader theme, I would then zoom in on one aspect of healthcare that saw immense growth, and that’s virtual healthcare. With everyone at home, there needed to be a safe way to see a doctor. Virtual healthcare offered that and more. Patients were seen faster, more often, and were provided a cheaper solution to in-office visits. It is highly unlikely that most places across Canada will simply revert to in-office visits when a doctor shortage has been hurting Canadians for years.
It’s likely that virtual healthcare will start to receive major investment, especially as the industries consolidates. When that happens, a TSX stock you’ll want in your portfolio is CloudMD Software & Services (TSXV:DOC).
The future of healthcare
CloudMD stock may be young, but it’s achieved a lot in a short time. Let’s start with growth. The company came onto the scene back in 2018 with a market capitalization of just $33.2 million. Fast forward just three years, and today the company has increased that market capitalization to a whopping $374.1 million!
A lot of this comes from growth through acquisition. Sure, the company has also taken on debt during that time, but the revenue is already paying off. And it really isn’t all that much. To date, the company has just $7 million in debt, with revenue increasing by a whopping 187% year over year during the latest earnings report.
The company closed five acquisitions during the first quarter, adding $13 million in annual revenue. And between the first quarter and the report, it closed two more and said a further two will close in June. This would bring in an additional $79 million in annual revenue.
Yet the company’s current revenue of $120 million doesn’t even take into consideration expected organic growth or synergies. Plus, it has a strong cash position of $95 million on hand and $35 million remaining after the latest two acquisitions. It therefore is able to receive new debt-financing options, make further acquisitions, and be profitable by the second half of 2021.
What’s the catch?
Part of the reason I believe CloudMD stock will continue to climb by 1,000% in the next decade is simple: it’s cheap. Shares of the TSX stock trade at a measly $1.85 as of writing. So, you could have a small stake in this TSX stock, and a 1,000% growth would increase that to $18.50 per share. That could turn a $5,000 investment into $50,000!
But because the TSX stock is so cheap, even if that share price growth happens — and I believe it will — there is likely to be volatility along the way. Just look at the last year. Shares exploded by 1,180% from its initial public offering in 2018 to October of 2020. Since then, shares have come down with the tech pullback by 42%.
But I believe that leaves a strong opportunity for investors to jump in at a discount. With CloudMD stock trading at 2.9 times book value, this is simply just a TSX stock that will not stay down for long.
Earnings Call Transcript - CloudMD Software & Services Inc. (DOCRF) CEO Essam Hamza on Q1 2021 Results.
source
https://seekingalpha.com/article/4431852-cloudmd-software-services-inc-docrf-ceo-essam-hamza-on-q1-2021-results-earnings-call
May 28, 2021 12:02 AM ET
Company Participants
Julia Becker - Vice President of Investor Relations
Essam Hamza - Chief Executive Officer
Karen Adams - Chief Health Innovation Officer, Global Head of Enterprise Health Solutions
Daniel Lee - Chief Financial Officer
Conference Call Participants
Doug Taylor - Canaccord Genuity
Rob Goff - Echelon
Gabriel Leung - Beacon Securities
Nick Agostino - Laurentian Bank Securities
Operator
Good afternoon and welcome to CloudMD's Q1 earnings conference call and webinar. My name is Jewel 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, VP, Investor Relations for opening remarks.
Julia Becker
Perfect. Thank you Jewel and good afternoon everyone. Thank you so much for joining us today, May 27, 2021 for our first quarter 2021 earnings conference call and webinar. We will start the call with a summary from our Chief Executive Officer, Dr. Essam Hamza, followed by our Chief Health Innovation Officer and Global Head, Enterprise Health Solutions. Karen Adams, who will provide further commentary on our enterprise health solutions division or as we often refer to as our EHS division. Our Chief Financial Officer, Dan Lee will then recap the company's first quarter 2021 financial results before opening up for a question-and-answer period from the analysts.
A friendly reminder to everyone that today's discussion contains 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 read as assurances of future performance or results. The risks related to the forward-looking information are described in the company's Annual Information Form for the period ended December 31, 2020, which is available on SEDAR under the company's profile and in the company's Management Discussion and Analysis for the year ended December 31, 2020 and the quarter ended March 31, 2021, both of which are also available on our profile on SEDAR.
We encourage listeners to review our disclosure in the context of the forward-looking information we make here today during this earnings call. Investors are also cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this call. The company disclaims any intention or obligation, except to the extent required by law, to update and revise any forward-looking statements as a result of new information, future events or for any other reason.
With that done, it is my pleasure to turn the call over to Dr. Essam Hamza, CEO of CloudMD. Essam, the floor is yours.
Essam Hamza
Thank you Julia and good afternoon and thank you for joining us for our first quarter earnings call and webinar. I am very excited to share the details of our record Q1 2021 operational and financial results. CloudMD has made solid strategic and financial progress in the first three months of 2021, following a transformational year in 2020 where we built a foundation that positions us to be leaders in the delivery of healthcare.
In the middle of a global pandemic, we were not only able to keep our operations running but also built consistent growth across our entire business. Through this transition, our mission and vision have never changed. CloudMD is a healthtech company revolutionizing the delivery of healthcare through a patient-focused, whole-person approach to care. By leveraging technology, we are building a complete and connected healthcare ecosystem that addresses all points of a patient's care including primary care, virtual care, mental health support, access to specialist, health navigation and education. This proprietary platform underpins our organic growth strategy which we continue to see across all lines of our business.
The company was built on three foundational pillars that continue to serve us well.
- First, patient-centric longitudinal healthcare is the future and results in better access to care and improved outcomes.
- Secondly, we are led by a team of medical professionals, doctors and industry experts that understand the pain points of the fractured medical system and share their vision of team-based whole-person care.
- And finally, in order to execute on this vision and build a connected ecosystem, we must own our own technology solutions. Technology is the great equalizer that allows us to provide better access to healthcare and connect to siloed aspects through healthcare navigation.
We are delighted with our Q1 2021 operating and financial performance. We reported record revenue of $8.8 million, 187% increase from Q1 2020 and 51% increase from Q4 2020, largely attributable to strategic M&A and organic growth. In the quarter, we closed five acquisitions, adding $13 million in annual revenue and we established our transformational enterprise health solutions division, which Karen will speak to you shortly. In addition, the operating businesses are collaborating to leverage our assets creating the whole-person healthcare ecosystem. All of our acquisitions are high-growth, accretive and synergistic with cross-selling opportunities to drive further organic growth.
In February, we closed an oversubscribed $58 million bought deal financing, which provides us with strategic capital to deploy on mergers and acquisitions. We are well-funded with almost $100 million in the bank. In addition to being well-funded, we have access to debt financing and are looking at options to fund our future M&A activities while conserving cash and equity.
We view our businesses into three categories and it's important to note these categories are not siloed and they capitalize on each other's capabilities and are synergistic with each other.
We categorize our businesses into
- clinic services and pharmacies,
- digital services
and finally
- enterprise health solutions. We are proud to announce that we achieved growth across all divisions in the first quarter and expect to see continued growth throughout 2021.
Our clinics and pharmacies network consists of 14 hybrid clinics, two pharmacies and approximately 100 practitioners servicing over 500,000 patients. Our hybrid clinics include both in-person and telemedicine visits which capture the full revenue potential from a patient. Over the last year, we have seen a significant increase in telemedicine adoption by our clinic network and we have experienced a 20% increase in patient visits in every quarter since the launch of our CloudMD app in February 2020. Our telemedicine service complements our other businesses including the enterprise health solutions division and we are focused on providing longitudinal whole-person care by integrating this service with our other offerings.
Our healthtech solutions collectively make up our digital services category. In Q1, we announced the acquisition of addition of our VisionPros, adding over $35 million in annual revenue. At the end of the quarter, we closed the acquisition of IDYA4, the technology platform used to connect our ecosystem. Since we announced the acquisition in December 2020, IDYA4 has recognized over $1.5 million in contract wins and we expect significant organic growth throughout the year.
The enterprise health solutions division was launched in Q4 2020 and along with Re:Function and assessments in rehabilitation clinic network, it will represent approximately 44% of the company's $120 million annualized revenue run rate. We launched this division with a focus on client needs of cost optimization, targeted clinical solutions that were outcome-based supporting access to care for individuals with health and well-being concerns.
I will now pass it over Karen Adams to give an update on the enterprise health solutions division.
Karen Adams
Thank you Essam. This division was founded on targeted acquisition that had reoccurring revenue and all with strong client bases. Our differentiator is that we created a market-leading position through integrating our clinically, evidence-based capabilities and nurse-care navigator platform for the seamless delivery of mental and physical health to individuals. This access and quality of care creates a better user experience and optimized cost for employers while delivering health outcomes. We continue to make progress on executing our strategic plan while making delivered investment in enhancing our capability.
I am extremely proud of the team's effort in growing our core business capability within enterprise health solutions, EHS and the adoption of our integrated offerings launched in Q1. Our Q1 results fully reflect the effect of last year's acquisition of iMD, Re:Function and Snapclarity. Subsequently, in Q1 we completed the following acquisitions, HumanaCare, a national employee and family assistance program or commonly referred to as EFAP, a mental health solution provider based in Ontario. This acquisition expands our ability to service the employer mental health market need expanding breadth and depth of services to address mental health. HumanaCare has forged solid long-term client relationships and served through client and third-party brokers using innovative solutions.
And Medical Confidence, a national Canadian leader in healthcare navigation. Medical Confidence has built a strong reputation for innovative solutions in managing health issues of those on disability through outcome-driven care pathways and solid long-term relationships with clients. This acquisition enables us to leverage healthcare navigation as foundational to our ecosystem, providing a strong value proposition to ensure brokers and organization to optimize health outcome and cost. These company's financial results are only partially reflected in our Q1 results.
We have seen a strong adoption of our strategy to organic growth, which was slightly above 10%, resulting from a new distribution partnership and a strong sales pipeline. Including assessment and rehabilitation clinic network, EHS revenue was $3.1 million in Q1. This was driven by innovation, technology-enabled products and reoccurring revenue. In Q1, we launched a change management office to execute our integration initiative to better focus on user experience and manage priorities. This has resulted in increased revenue as well as gross margin and EBITDA expansion through several initiatives, including consolidation of our back-office platforms for iMD which is our educational resources, Snapclarity, our mental health online assessment tool and HumanaCare to strengthen the company's position as a leader in mental health support solution.
We initiated our first phase of integration with shared services for recently acquired companies. Additionally, we executed on cost synergies near the end of the quarter and will realize $500,000 in annual cost savings going forward. Second, expansion enhancement of our client acquisition and servicing team. And third, the introduction of a VP of Product Management to identify workflow solutions that improves the user experience.
I will now touch on some of the business highlight of Q1 as we focus on creating a leading health navigation service in the markets we serve. A key part of our growth strategy is our integrated health navigation platform. In Q1, we focused on implementation of our health navigation platform with a premier 11,000 life group. We have a strong pipeline for the integrated offering and have completed numerous proposals for clients interested in this specific platform to connect well-being for mental and physical health while optimizing their group benefits plan.
In addition, we are in contact with three insurers for our healthcare disability navigation, product that will be leveraging the platform as they reduce disability days and focus on return to work. These contracts will be implemented in the coming quarters.
In our mental health support, which includes EFAP, we added many new contracts to our platform and made our evidence-based mental health assessment tool through Snapclarity available to EFAP customers with an adoption rate of 45% in Q1. We continued to see momentum in new lives added to broker relationships who market our services to their client base. We have several proposals for distribution partnership. We launched the first mental health coaching program with assessment, triage and navigation, as well as a virtual trauma support program. Finally, in our assessment and rehabilitation capability, we earned new contracts with government agencies and have expand to new capabilities in psychological assessments for prevention and early intervention.
We also implemented a new approach to assessments for psychological impairment with a major insurer in providing assessment and treatment for claimants. We are focused on growth but we have identified further cost saving synergies as we continue to integrate capabilities across all of CloudMD, creating margin and EBITDA expansion while providing access to quality clinical care. Client satisfaction rates are trending above our internal targets, solidifying our confidence in continued growth of our strategy in the coming months. We launched our services in the United States and are recipients of a new distribution partnership with a national group benefits provider who will be implemented in the coming quarters.
Our four pillars of performance focus on,
- number one,
continued growth of solid reoccurring revenue in the core businesses.
- Number two,
actively manage integration of the entity that are critical to our product offering and EBITDA growth.
- Number three,
continued development of our technology utilizing the recently acquired health and wellness platform of IDYA4 to enable health navigation in connection of acquired company's associated capabilities. And
- number four,
U.S. expansion through leveraging our health and wellness platform and health capabilities.
Our clients have worked with us to create a market-leading solution that transforms the way health benefits are delivered to employees, resulting in reduced disability days, improved access to care and medical-based navigator through our able to respond and adjust treatment. We continue to focus on access and quality of care through the development of our ecosystem platform connecting both mental and physical health programs, providing one seamless delivery for mental, physical and specialist support.
I will now turn it over to Daniel Lee, our CFO, for the financial update.
Daniel Lee
Thank you Karen. As Essam and Karen touched on, it was a very good quarter for the business. We are very excited by our Q1 2021 results and the framework we have built for scale and growth. I will now walk through our fiscal 2021 first quarter results.
For the quarter, total revenue was $8.8 million, compared to $5.8 million in Q4 2020 and $3.1 million in Q1 2020. The increase is primarily attributable to acquisition growth with five acquisitions completed in the quarter and 11 acquisitions completed in the last 12 months. Excluding the impact of Q1 business acquisitions, the company achieved organic growth from its existing businesses. While the majority of the company's historical revenues were derived from clinic services and pharmacies, we expect enterprise health solutions and digital services to comprise of over 80% of total revenues starting in Q3 due to the company's recently completed and announced acquisitions.
For the quarter, gross margin was 41% in Q1 2021, compared to 40% in Q4 2020 and 37% in Q1 2020. The increase was primarily attributable to revenue mix where higher margin revenues from enterprise health solutions and digital services made up a stronger percentage of overall revenues. Given the completed and announced acquisitions, the company does expect its future gross margin to settle in the 35% range. While both Rxi and VisionPros are profitable, they do operate in high-volume, lower margin businesses which affect our overall gross margin.
For the quarter, adjusted EBITDA was a loss of $1.5 million in Q1 2021, compared to a loss of $1.5 million in Q4 2020 and a loss of $800,000 in Q1 2020. The company expects to improve its adjusted EBITDA performance in the coming quarters, which includes the profitable businesses we acquired in the last 12 months and the cost synergies we have started to realize near the end of Q1.
Turning now to the balance sheet. Cash and cash equivalents were $99 million at March 31, 2021, compared to $60 million at December 31, 2020. In Q1 2021, the company raised gross proceeds of $58 million in a bought deal financing in March 2021 and the company paid $13 million for five acquisitions, net of cash acquired in the quarter. Currently, the company has a cash and cash equivalent position of approximately $95 million and we anticipate the acquisitions of VisionPros and Oncidium to close some time in June 2021.
Lastly, given our Q1 2021 financial performance, we reiterate that CloudMD's annualized revenue run rate exceeds $120 million. We calculate our annualized revenue run rate based on a combination of, one, the last 12 month of revenues from our existing businesses and two, 2020 annualized revenue run rate for acquisitions completed since October 2020 and acquisitions announced but not yet closed, including VisionPros and Oncidium. CloudMD's annualized revenue run rate is intended to serve as a baseline for the business. This baseline does not include the organic growth that we are currently witnessing within the enterprise health solutions division or post-acquisition cross sell synergies we are seeing in our other businesses, discerned as an upside to our numbers. We are well-positioned for growth and this is why we are very excited about the future of CloudMD.
With that said, I would like to turn the call back to Essam for closing remarks of a very successful quarter.
Essam Hamza
Thank you Daniel. Everyone at CloudMD is proud of the work we are doing to transform the delivery of healthcare and the momentum we are seeing in the market. I would personally like to take a moment to thank our incredible team at CloudMD for their hard work and dedication to our vision. The company is well-funded to execute on its strategy with a strong financial position and access to capital. Our mission is to provide better access and improved healthcare outcomes to patients globally and we are very excited about the growth of CloudMD in the coming quarters and years. I thank our shareholders and analysts for their continued support.
And with that, I will ask the operator to open up for calls.
Question-and-Answer Session
Operator
And our first question comes from Doug Taylor with Canaccord Genuity. Your line is now open.
Doug Taylor
Yes. Thank you. Good evening. In the past, you provided a couple data points that helped us think about the organic growth post-acquisition of some of the elements mostly within the EHS segment. I know, Karen, you walked through a number of areas of success. But I wonder if you could provide us with or offer up any sort of quantitative numbers that help us think about the organic growth that you are seeing now to layer on top of that baseline $120 million revenue that you speak to?
Karen Adams
Dan, do you want me to take that?
Daniel Lee
Why don't I answer that first and Karen, feel free to add more comments to that. So Doug, so we did announce back in March about $5 million of new contract wins within enterprise. And so within Q1, we did realize about $250,000 of revenues coming from those contracts. And in Karen's prepared remarks, she did mention that we did experience a 10% organic growth within enterprise. And basically how the number is derived is taking our 2020 EHS revenue run rate. So when we had acquired those companies, we had a baseline and so the organic growth coming from these contract wins were adding about, call it about, $1.5 million of revenues to our 2021 numbers. So kind of just to answer your question, we have $120 million revenue run rate. And that increases by about $1.5 million specifically for 2021.
Doug Taylor
Okay. That's helpful in helping us think about that. You mentioned the cost synergies that you have achieved since, I believe, last time you talked to about $0.5 million. Can you just talk to what you have recognized out of that? And whether $0.5 million is still the number that you confirmed that that's the number that you are still seeing? Or have you uncovered anymore in addition to that?
Daniel Lee
Yes. So I will start, just in terms of talking about Q1, Doug. And Karen can certainly provide more color. So in terms of Q1, we did execute those synergies near the end of the quarter. And so there hasn't been a lot of savings baked into our Q1 numbers. But we will see $0.5 million annualized run rate in our model going forward, starting in Q2.
Karen Adams
Yes. The only other piece I would add is, we continue to look for the synergies through the change management office and identifying as new acquisitions come onboard. Shared services and integration of capability is a focus for us around the future identification of synergies going forward. So it's an active focus and now part of our onboarding of acquisitions.
Doug Taylor
Right. We will obviously look for once those remaining acquisitions close. I believe the guidance you provided here was for positive EBITDA now in the second half of the year. And I just want to understand, should I be reading anything into that versus the prior Q3? Is there a distinction there? Or am I just overthinking that?
Daniel Lee
Yes. So in terms of EBITDA, we are expected to be EBITDA positive. We are getting closer to EBITDA positive, Doug. But with Oncidium and VisionPros being completed sometime in the next month or so, we do expect for us to be EBITDA positive on the backend. In addition to the acquisitions, we will be realizing the cost synergies that we have already executed but also we are identifying more savings down the road. So that will certainly help us on the backend.
I don't know if that answers your question or not.
Doug Taylor
I just want to confirm that there is really no change in your timetable or expectation there? It was just a change in the language that I am reading too much into? Is that fair?
Daniel Lee
Yes. So there is no change in our --
Doug Taylor
Well, I just wanted to clarify. I have had questions about it already. Last question for me and I guess this one to both Essam and Karen. I think in the last time you reported and since you have signaled a period where you are looking to digest all these targeted acquisitions that you have executed the last year. Would you say that's still the stance right now while you are awaiting the close of the remaining couple of acquisitions? Or are you still open to additional activity here in the near term?
Essam Hamza
Maybe I will start there, Karen. We are always open and do have a strong pipeline still of potential acquisitions that follow kind of the mandates that we talked about earlier when I mentioned kind of that are profitable growth companies that are synergistic with what we do. The difference now that I would say, Doug, that honestly is that we built the foundation already and we are able to now go and find really good value that can tuck into that infrastructure we have already built. And so I think there is going to be even greater opportunity to find additional add-in to what we do already. We don't need to find the big puzzle pieces because we have already created those acquisitions already and put them together. So we are going to be adding other M&A opportunities over the next few quarters.
Doug Taylor
Okay. Thank you for clarifying. And I will pass the line.
Operator
Thank you. Our next question will come from Rob Goff with Echelon. Please go ahead.
Rob Goff
Good afternoon and thank you for taking my question. I am going to ask two questions, if I may. The first one would be on VisionPros. If you could perhaps give us an update on what you are seeing there in terms of momentum on the subscription front? Anything around its new vision test? The other question was on the EHS side where Karen mentioned launching into the U.S. and adding distribution capabilities. If you could perhaps elaborate on that, it would be appreciated?
Essam Hamza
Thanks Rob. With regards to VisionPros, we are working on closing it right now. And so over the next month here, as Dan referred to, we should have that closed and announced to the market. At that time, I think we will update the market on what we are seeing in our expectations with VisionPros. Until then, we are probably not going to give any guidance on what we are seeing before we close it, if that's okay, Rob.
Rob Goff
Good. Understand.
Essam Hamza
Yes. And I will have Karen maybe expand on our U.S. expansion here.
Karen Adams
Yes. So we have put somebody in place who is in charge of our growth strategy for the U.S. for our enterprise health division, specifically around the mental health. And they are actively, they have a sales person reporting to them and they are completing proposals and have been successful in securing a distribution partnership with a benefits broker in the U.S. And we will be looking to roll that out over the next couple of quarters with that specific distribution partner.
Rob Goff
And perhaps, in terms of your distribution partner, would you be targeting large enterprise, mid enterprise or any sort of target profiles you could provide?
Karen Adams
Yes. I think with this specific distribution partner, I would say we are looking in the mid-market which is still large in the U.S., as you know. So we are looking at the mid-market right now and using the mental health assessment and the navigation platform becomes relatively easy for us to deliver across the U.S. So we are very excited about earning this opportunity with this broker.
Rob Goff
Very good. Thank you.
Karen Adams
Thank you.
Operator
Thank you. Our next question comes from Gabriel Leung with Beacon Securities. Your line is now open.
Gabriel Leung
Good afternoon and thanks for taking my questions. A couple things. First, just curious if you guys are able to provide an update on, I guess, the large corporate client that was onboarded on the enterprise side, I guess, a couple of months ago? Whether you have an update on how things are progressing there?
Karen Adams
So we launched that client and things to the client satisfaction is very high. It's very early to tell the outcome because we are in the client launched at the beginning, the end of April, beginning in May. So we are still in the early days. So most of the first quarter was in the implementation of that large client.
Gabriel Leung
Got you. So what are some of the metrics that you or your client will be gauging, will be reviewing to gauge whether the pilot is a success or not?
Karen Adams
That's a great question. So the first thing is access. So the number of people who access the program is our first metric. So they have a population base who are looking for access. So far, it is the most successful program they have launched. Note, those are their words. So we will be looking at access. We will also be looking at the people who utilize the resources. So we do have a number of online resources, both through iMD which is our educational resource company and through Snapclarity. So we will be gauging those. And then the third is people who are in need of treatment and the success ratio around the treatment. But those will be longer term metrics, just by the nature of the number of sessions required for people to actually get help through mental health. So the short term metrics that we are really focused on is, access, satisfaction with the resources and then access to care, if that makes sense.
Gabriel Leung
Got you. And then just staying on enterprise for a minute here. As I think about growth going forward, I think about pipeline of new potential customers. I also think about increasing utilization by members themselves. So I am curious if you can talk a little bit about both. What you are seeing in terms of pipeline opportunities, number one? Number two is, I guess on the EAP side, with HumanaCare, it's obviously early, but whether you have seen any evidence of increased utilization by members via some of the additional services that you can now offer?
Karen Adams
Yes. So it's early days. I always have to remind myself that it's early days. We did see, in the first quarter, an increase of 17% utilization of EFAP services. What I think you will see in the coming month, one the metrics that we are starting to measure is the number of customers utilize more than one services. As I mentioned in my remarks, we have through the integration team, structured a cross-sell team. So the sales people have all been trained on the product and are now in the process of taking to their clients the combined product offering. And so that is that is we are measuring and selling through our pipeline at this point.
And I guess, the other thing I should say, I guess the other thing just that I should mention that's important to bring you, it just occurred to me as you said it. the EFAP really has, in the first quarter, I think when you look at the number of new lives that they added to the platform and the utilization, they have done an incredibly good job in the first quarter. So we are up over Q4 as far as utilization. And most of that is attributed to the distribution partnership that they were able to secure in Q4 that launched in January of Q1. So that really is where we saw the uptick on the number of lives added to the platform, which was just over 6,000 lives.
Gabriel Leung
Got you. And actually just on that front, going forward, as Oncidium is brought into the mix and as the EAP practice gets bigger, to help us model, I guess, would you think that CloudMD will be in a position to provide metrics around members and so the PMPM and things like that? So you think that will be coming down the road?
Karen Adams
Yes. So we will just have to look at that because the Oncidium business is on a price per employee per month model. So the Oncidium model is more of a case price. They do medical management, case management, which is a case price. And then, of course, the EFAP is a price per employee per month. So I think it would be fair to assume tat we will be in a position to talk about cross-selling our ability to take EFAP product and market it to the Oncidium clients to create that market-leading product. We believe we have a market leading product that those customers are going to want. And so we will be in a position to talk about that at that point as those quarters rollout.
Gabriel Leung
Got you. That was helpful. And maybe one last question.
Karen Adams
Sure.
Gabriel Leung
Just as I think about growth going forward, is there sort of a target bookings number that management is aiming towards achieving whether in calendar 2021 or calendar 2022, now that you are very close to getting everything onboarded? Is there a number that you guys thought about or sort of targeting at this point?
Karen Adams
Daniel, did you want to take that?
Daniel Lee
Sure. So Gabe, we do internal meetings about this. We are not, I guess, at this time just ready to share that information. But we do analyze our business and review not only just our financials but also all key APIs, internal targets, et cetera. But we will certainly take it under advisement in terms of just additional information to share with you on what's going forward.
Gabriel Leung
Got you. I appreciate the feedback. Thank you.
Operator
Thank you. Our next question comes from Nick Agostino with Laurentian Bank Securities. Your line is now open.
Nick Agostino
Hi. Yes. Good afternoon. I guess my first question, I just want to make sure I heard clearly and then ask the question on the back of that is, Essam, did you say, you are seeing 20% increase in patient visits every quarter, I guess, since you launched the virtual care program? And if the number being the case, can you maybe provide some clarity around what the split is between virtual, the use your telehealth program versus in-person into your clinics? And then adding to that same question, how much repeat business are you guys seeing on the whole virtual care side of it?
Essam Hamza
Yes. Thanks Nick. So you are right. The number I think I did quote was 20%, I believe, quarter-over-quarter. That is with regards to the CloudMD app. So let me step back for a second and kind of describe what we have and what we have built. So we have the clinics, our clinics that are brick-and-mortar that we have converted into that hybrid clinic and when COVID hit, a lot of clinics around the country and around the world had to shutdown and unless you had a way to reach out to the patients, a lot of them lost revenue. We didn't.
We were able to close the physical door and open up our virtual doors immediately and those doctors in our network that are seeing patients for our company were continue to see them through our virtual platform that's seamless basically. So the same platform they use to see a patient in-person is the same platform that they can use to see the patient virtually, the same chart and everything else. So our own doctors within our network were able to turn on virtual care for the most part 100% of their visits in early on and still a great majority right now are virtual basically for those doctors seeing their own patients.
On top of that, we launched our CloudMD app in BC and Ontario. And that CloudMD app was for patients that didn't have a doctor or didn't have an access to doctor, it was amazing when we first launched it. Obviously with COVID, it allowed a lot of patience to see a doctor when they had no other options. And they were in distress and so on. So they are very grateful and we had great success with it. But on top of it, we have seen 20% quarter-over-quarter growth in that and those are repeat customers as well. So they are coming in.
They are seeing our doctors. It's not just, we don't only have family doctors that are seeing these patients. We have nurses. We have mental health professionals and so on that can help, we can send them for bloodwork. We can send them for referrals. We follow-up with them. We can address their concerns. We reach out to them and their families and so on. So we provide full care for them, not just episodic care. So that's the growth in the number of visits through the app is what we were referring to there and it continues to grow going forward.
Why I bring this up though is that we have created this full platform and this ecosystem that is going to continue even post-COVID because it is providing the full ecosystem of care to those patients. It's full care for all their needs basically. And it also has the ability to cross into and support our enterprise health division as well. So that's the reason that we build it the way we built it. It's sustainable. It's profitable. And it's growing not only as a standalone but as integrated with our EHS and our other divisions as well. So that's what we were referring to, if that helps.
Nick Agostino
Yes. Okay. Great. Thank you. And my second question is, I believe you have closed five acquisitions in the quarter itself, if I recall reading correctly. My question is, now that you had these companies as part of the CloudMD umbrella, you are able to look under the hood, any surprises upwards or downwards and specifically on revenue? In other words, is the revenue you are generating off of each and every one of those acquisitions that you closed in line with what your expectations that you provided?
Essam Hamza
Yes. Nick, I will start with that and I can hand it over to Karen or Dan. But yes, the reason we bought, remember these are companies we strategically went out and pursued. They were not for sale. They joined us because they share the same kind of vision in where healthcare is going. And the great thing about it is, they are already growth companies. They are already profitable. And we are able to add fuel to what they are offering immediately and have the ability to provide our network of patients and providers to what they already had. So the cross-selling has helped every one of our companies that we bought on so far. We did make reference to it in an earlier press release in the quarter, if you remember, mentioning the fact that as of the first two, three months of that quarter in the enterprise health division that they were able to recognize $5 million of new contracts just early on, just from since we closed it to the them that we released that press release.
So maybe Karen, you can refer a little bit to that. But before you do, we also mentioned IDYA4 in the same realm as well, saying that they were awarded another $1.5 million at the time that we announced that close.
Karen Adams
Yes. So I would just say a couple of things, Nick, to add to that. So yes, we are seeing organic growth that is, I would say, in line with our expectations because as Essam mentioned these were targeted strategic. They were known to us. I understand their capabilities very, very well. And to putting them together in a way that with a strong client base made sense. The second piece and I have to remind myself that these acquisitions being Q1, being January, we have done some incredible work around the synergies. And these synergies, I think, are coming together naturally because of the understanding of the people who work within these acquisitions, the importance of putting these products together. So they are motivated to be part of a synergistic exercise as opposed to when you do acquisition sometimes the synergistic opportunities have to be forced and you are looking for rationale for people. So people are gravitating quite easily. So when we look to the acquisitions from Q4 and we look at the ones we are doing now, including IDYA4, the traction to come together is very easy.
And the other piece, I think is important to acknowledge is we are leveraging capabilities outside of EHS, meaning we have had Snapclarity integrated into the virtual care product. We are using the digital services and we will be using the acquisitions we have talked about going forward that might be outside of the EHS as capabilities that will be connected in the ecosystem.-And I am pretty proud of the team that we have been able to not only get the $1.5 million in inorganic growth, but also the synergies that we have been able to recognize and the team working forward and the clients are coming to us and asking for proposals for these integrated offering, which is accelerating the need for the synergies. So where I sit, I am very pleased and I would say we are right where we expected to be with the traction. I would say, probably maybe even a little ahead of time as far as the activity base goes getting us to move forward with the synergies. So I am very pleased.
Nick Agostino
Okay. Thank you. That was all.
Operator
As there are no further questions, this concludes today's conference call. Thank you for participating. You may now disconnect.
CloudMD Reports Record Revenue of $8.8 Million in First Quarter 2021.
source
https://finance.yahoo.com/news/cloudmd-reports-record-revenue-8-200900295.html
Thu, May 27, 2021, 10:09 PM
- Q1 2021 revenue of $8.8 million; an increase of 187% compared to Q1 2020 and 51% compared to Q4 2020.
- Q1 2021 gross margin1 of 41% attributable to strong revenue mix.
- Closed 5 acquisitions in Q1 2021, providing the foundation for scale and growth across North America and Europe.
- Closed Aspiria and Rxi subsequent to Q1 2021 and anticipated to close VisionPros and Oncidium in June 2021. These acquisitions are expected to add an additional $79 million in annual run rate revenue.
- Strong 2021 financial expectations with annualized revenue run rate exceeding $120 million and positive Adjusted EBITDA1 in the second half of 2021.
1 Gross margin and Adjusted EBITDA are non-GAAP measures as described in the Non-GAAP Financial Measures section of this News Release.
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, 2021. All financial information is presented in Canadian dollars unless otherwise indicated.
Dr. Essam Hamza, CEO of CloudMD commented, “We are excited to share our record Q1 2021 financial results that continue to improve quarter over quarter. Q1 was a transformative period for CloudMD, as we closed 5 acquisitions, adding $13 million in annualized revenue and establishing the foundation for our Enterprise Health Solutions division. I am very proud of the strategic roadmap we have built and the team’s ability to execute on our growth strategy. We identified key acquisition targets that were synergistic to our overall vision and we remain focused on building a complete healthcare ecosystem, providing connected, holistic care. We continue to integrate all of our capabilities into one comprehensive platform, which is the foundation for scale and expansion. Within our Enterprise Health Solutions division, we have already seen significant early adoption and through cross-selling opportunities, attained over $5 million in new multi-year contracts in the first quarter. Equally exciting is that CloudMD already has a revenue run rate of over $120 million, and through highly profitable acquisitions coupled with organic growth and realization of cost synergies, we expect to be profitable in the second half of 2021.”
First Quarter 2021 Financial Highlights
- Q1 2021 revenue was $8.8 million, compared to $5.8 million in Q4 2020 and $3.1 million in Q1 2020. The increase is primarily attributable to acquisition growth with 5 acquisitions completed in the quarter, and 11 acquisitions completed in the last twelve months. Excluding the impact of Q1 business acquisitions, the Company achieved organic growth from its existing businesses.
- Q1 2021 gross margin was 41%, compared to 40% in Q4 2020 and 37% in Q1 2020. The increase is primarily attributable to revenue mix where higher margin revenues from Enterprise Health Solutions (“EHS”) and Digital Services made up a stronger percentage of overall revenues.
- Net comprehensive loss attributable to equity holders of the Company in Q1 2021 was $5.3 million or $0.03 per share, compared to $5.2 million or $0.04 per share in Q4 2020 and $1.6 million or $0.02 per share in Q1 2020. In the quarter, the Company completed numerous strategic initiatives, including the completion of 5 acquisitions in the quarter and raising $58.2 million in gross proceeds from a bought deal short form prospectus offering, which the Company expects will contribute to strong future growth of the Company.
- Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) was a loss of $1.5 million in Q1 2021, compared to a loss of $1.5 million in Q4 2020 and a loss of $0.8 million in Q1 2020. The Adjusted EBITDA calculation adjusts for share-based compensation, costs related to financing, acquisitions, integration, litigation including associated loss provisions, and change in fair value of contingent consideration. Adjusted EBITDA is used by management to evaluate the Company’s cash operating performance, and a complete definition and calculation are provided further below.
- Cash and cash equivalents were $99.2 million as at March 31, 2021, compared to $59.7 million at December 31, 2020. In Q1 2021, the Company raised gross proceeds of $58.2 million in a bought deal short form prospectus offering in March 2021 and the Company’s current cash balance is approximately $95 million.
First Quarter & Subsequent Highlights
- During January 2021, the Company closed the previously announced acquisitions of HumanaCare, Medical Confidence and Canadian Medical Directory, strengthening the Company’s EHS division by adding a leading Employee Assistance Program and healthcare navigation platform.
- On February 8, 2021 the Company closed the acquisition of 51% of West Mississauga Medical Clinic, expanding the Company’s hybrid clinic footprint in Ontario.
- On February 16, 2021, the Company announced that it signed a binding term sheet to acquire VisionPros, a rapidly growing digital eyecare platform with a robust suite of digital vision care tools.
- In March 2021, the Company closed the short form prospectus offering, on a bought deal basis, including the full over-allotment option for total gross proceeds of $58.2 million.
- On March 18, 2021, the Company provided an update on the rapid growth of its Enterprise Health Solutions division, realizing over $5 million in new multi-year contracts since the beginning of 2021.
- On March 23, 2021, the Company announced that it closed the acquisition of IDYA4, the technology platform used to integrate all of our healthcare solutions, providing a fully automated, seamless patient experience.
- On April 6, 2021, the Company announced that it closed the acquisition of Aspiria, adding another leading Employee and Student-focused assistance program to the Company’s EHS division.
- On April 8, 2021, the Company announced that it entered into a binding term sheet to acquire Oncidium, creating one of the largest providers to the employer market in Canada.
- On May 12, 2021, the Company announced that it closed the acquisition of Rxi, a proprietary specialty drug management and patient support platform.
Outlook
The Company is focused on revolutionizing the healthcare industry by leveraging technology to digitalize its delivery in providing more efficient access to care and achieving better health outcomes. CloudMD is integrating its health technology solutions to build one, connected healthcare ecosystem that addresses all points of a patient’s care from one platform. The Company remains on track to launch a fully automated, connected solution later in 2021. This connected platform is the foundation for scale and growth and the Company will continue expanding its footprint across North America and strategically in Europe.
CloudMD’s current revenue run rate is over $120 million which does not take into consideration any expected organic growth or cross-selling synergies. CloudMD expects to see continued organic growth across all divisions of its business largely due to the integration of its health technology solutions and cross-selling synergies in the EHS division.
The Company has a strong cash position with approximately $95 million on hand, and approximately $35 million remaining after the closing of the acquisitions of VisionPros and Oncidium, which both are expected to close in June 2021. With a strong balance sheet, CloudMD is able to seek debt financing options to conserve cash and equity. The Company is on track to be profitable and expects to be Adjusted EBITDA-positive in the second half of 2021.
CloudMD will continue to focus on delivering meaningful shareholder value by executing on its growth strategy through accretive, synergistic acquisitions, achieving organic growth across all divisions, and the full integration of its healthcare solutions to provide one, connected platform that addresses all points of care for patients.
Selected Financial Information
All results were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.
To see the table please look at:
https://finance.yahoo.com/news/cloudmd-reports-record-revenue-8-200900295.html
First Quarter Earnings Conference Call
CloudMD invites all interested parties to join the conference call or webinar:
CloudMD Q1 2021 Earnings Call
Date: Today, May 27, 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: 7655837
Webcast Link:
https://edge.media-server.com/mmc/p/ozdza9aq
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 for the three months ended March 31, 2021 and 2020, copies of which can be found 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 audited consolidated financial statements and the accompanying notes for the years ended December 31, 2020 and 2019.
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 section on EBITDA for 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 section on Adjusted EBITDA for 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, 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
CloudMD to Report First Quarter 2021 Financial Results on May 27, 2021.
source
https://finance.yahoo.com/news/cloudmd-report-first-quarter-2021-073000674.html
Thu, May 20, 2021, 9:30 AM
CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH), a healthcare technology company revolutionizing the delivery of care, announces that it will release its first quarter 2021 financial results on Thursday, May 27, 2021 after market close. Related earnings release materials can be found in the Investors section on the Company’s website.
Management will be hosting an earnings conference call and webinar on the same day (Thursday, May 27, 2021) at 2:00 pm Pacific Time / 5:00 pm Eastern Time to review and discuss the quarterly operational highlights and financial results, followed by a question and answer session.
CloudMD invites all interested parties to join the conference call or webinar:
Date: Thursday, May 27, 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
Webcast Link:
https://edge.media-server.com/mmc/p/ozdza9aq
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 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. 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.
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
Really hoping we get bought or go super big with this
CloudMD Closes Acquisition of Rxi, Providing an Established Specialty Drug Management and Patient Support Program to the Employer Market.
source
https://finance.yahoo.com/news/cloudmd-closes-acquisition-rxi-providing-113000696.html
Wed, May 12, 2021, 1:30 PM
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 closed the previously announced acquisition of Rx Infinity Inc., Rxi Pharmacy Inc., and Rxi Health Solutions Inc., enhancing its specialty health services to patients, providers, insurers, and corporations in Canada.
Rxi’s pharmaceutical logistic services include drug distribution, patient navigation assistance, a preferred pharmacy network of over 500 pharmacies and real-time universal disease management software. As a proven solution to the currently siloed healthcare system, Rxi’s combined offerings provide a one-stop solution and centralized platform that breaks down treatment barriers by offering a team-based, real time, longitudinal approach to patient care and disease management. Rxi oversees several national and provincial patient support programs currently specializing in Oncology, Infectious Diseases and Inflammatory Bowel Disease (IBD). Rxi will be expanding its offering, launching a number of additional support programs in the imminent future. The company also provides administrative and drug benefit management services to a large third-party benefits provider, servicing more than 300,000 patients across Canada. Rxi is licensed as a National Wholesaler (GMP-certified) and is approved by Health Canada.
The acquisition of Rxi is synergistic across CloudMD’s platform of healthcare technology solutions and its Enterprise Health Solutions (“EHS”) division. The addition of Rxi expands CloudMD’s pharmacy offering, and distribution and fulfillment channels across Canada. CloudMD has access to Rxi’s network of 500 independent pharmacies to provide better, more localized, access to care. Rxi will be integrated with CloudMD’s electronic medical records (EMR) software, educational resources, healthcare navigation, patient portal and enterprise health services.
CloudMD can now offer employers access to Rxi’s specialty drug and case management platform to better manage the chronic care of employees. These speciality drugs are often very costly and can result in high exposure to employers if not managed correctly. Currently, 50% of new drugs developed are speciality drugs
https://www.claimsecure.com/media/1305/understanding-and-managing-specialty-drugs-brochure-en.pdf
and it is anticipated that this number will continue to grow. Furthermore, 42% of employer drug spend are based on specialty drugs,
https://www.manulife.ca/business/group-benefits/services/drug-management.html
and employers are faced with an increase in employees needing or accessing specialty drugs. Rxi’s patient support and a targeted intervention program help ensure that drugs are effective and are being used appropriately, which results in better employee health outcomes and reduced employer costs.
Rxi is a high growth, profitable business, with annualized revenue for calendar year 2020 of approximately $16.6 million with earnings before interest, taxes, depreciation and amortization (“EBITDA”) of approximately $600,000.
Annualized revenue figures are calculated based on annualizing the available results for the 11-month period ending November 30, 2020, as announced on January 26, 2021.
Rxi generates revenue through:
(1) wholesale and dispensary services,
(2) licensing for its proprietary technology, and
(3) pharmacy partnerships.
Upon closing, the acquisition of Rxi will be immediately accretive to CloudMD with synergies the Company believes will drive further revenue and increased EBITDA margins through cross-selling and integration across its portfolio of healthcare technology solutions.
Terms of Acquisition
In consideration for the purchase of 100% of the outstanding securities of Rxi, CloudMD has paid shareholders of Rxi aggregate consideration of $9.5 million payable as follows: (i) $2.5 million in cash, subject to a working capital adjustment; (ii) $4 million in common shares of the Company; and (iii) a performance-based earnout of $3 million, which is payable in common shares of the Company in equal annual issuances over a period of two years. For full terms, please see the press release dated January 26, 2021.
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 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. 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.
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
Introducing iMD’s New Partner – St. Joseph’s Care Group.
source
https://www.imdhealth.com/2021/05/05/introducing-imds-new-partner-st-josephs-care-group/
May 5,2021
Improved access to digital health resources through partnership between St. Joseph’s Care Group and iMD Health Global.
St. Joseph’s Care Group (SJCG) and iMD Health are partnering to make it easier for clients, families, and staff to find up-to-date resources and information on a wide and constantly growing range of healthcare topics.
iMD Health is Canada’s largest digital patient education platform that brings together content on more than 2,100 medical topics in a simple-to-use format with over 80,000 resources in a variety of formats from articles, images and infographics to short videos. Content is customized by audience, whether you are a healthcare professional or a client who wants to learn more about an illness, treatment or other healthcare topics.
“In this digital age, people rely on technology as another way to learn more about our health and wellbeing. We are pleased to partner with iMD to make this free, 24-hour a day educational resource available to our clients and staff.” Tracy Buckler, President & CEO, St. Joseph’s Care Group.
“We are excited about our new partnership with St. Joseph’s Care Group. This partnership is a positive step forward to improving access to trusted patient education content, reducing the need for their clients (patients) to search the internet and determining for themselves if the health content is accurate,” says Kevin Delano, President & CEO of iMD Health Global. “We look forward to working with SJCG to assist in providing access to their clients and families throughout the Thunder Bay region, improving their health literacy”.
There are a number of ways to access SJCG’s iMD Health portal:
- Click the iMD Health link found on SJCG’s library page;
https://sjcg.net/departments/library/main.aspx
- Search the iMD Health public portal at:
https://app.imdhealth.com/channels/kiosk/welcome
on a smart device using the free WiFi available at most SJCG sites; or
- Use a free-of-charge computer at St. Joseph’s Hospital’s Library.
About St. Joseph’s Care Group
St. Joseph’s Care Group (SJCG) is a health care provider located in Thunder Bay, Ontario, that combines tradition and innovation in responding to the unmet needs of the people of Northwestern Ontario since 1884. SJCG offers a broad range of programs and services in Addictions & Mental Health, Rehabilitative Care, and Seniors’ Health, and is located in Thunder Bay, Ontario, Canada.
With over 2,400 staff and growing, SJCG is recognized as a leader in delivering safe, high-quality health care and is Accredited with Exemplary Standing, the highest level awarded by Accreditation Canada. SJCG’s vast service area and culturally diverse client population includes many remote and isolated communities where access to specialized health services is a challenge. To meet that challenge, SJCG finds new and innovative ways to deliver care through technology and strong partnerships, and is Northwestern Ontario’s regional lead for Wound Care, Rehabilitative Care, Behavioural Supports, Seniors’ Care, Rapid Access Addiction Medicine, and Palliative Care.
For more information, visit
https://www.sjcg.net/
For more information, contact SJCG Communications, Engagement & Client Relations 1-807-768-4455 / sjcg@tbh.net
About iMD Health Global
iMD Health Global is a Toronto-based eHealth software development company, focused on innovating healthcare education and improving the health literacy of both healthcare providers and patients. Since 2010, iMD has grown into Canada’s largest digital patient engagement platform. Healthcare providers use iMD’s cloud-based platform (during in person or virtual consults) to engage with their patients at a deeper level and optimize knowledge transfer surrounding a patient’s condition and treatment plan. Patients engage with the iMD platform at home for searches, or reviewing the resources emailed by their provider or from many of iMD’s portal integrations. iMD has over 80,000 images, booklets, and video resources, (covering 2,100 medical topics) in an award-winning user interface that makes patient education both efficient and effective. At the end of a an iMD experience, a summary of all the resources viewed can be emailed to the patient to review and continue their learning journey or share with a family member, improving their health literacy and adherence to their treatment / recovery plans. The iMD platform is utilized by over 10,000 clinicians (doctor’s, nurses and pharmacists in, clinics, hospitals, pharmacies, infusion clinics and in homecare settings) and is accessed by millions of Canadians coast to coast.
For more information please visit:
https://www.imdhealth.com/
and
https://app.imdhealth.com/channels/kiosk/welcome
For more information, contact Jared Sonnenberg, VP jared.sonnenberg@imdhealth.com
About CloudMD Software & Services (TSXV: DOC)
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 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 millionindividuals across North America. 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.
For more information visit:
https://cloudmd.ca/
For more information, contact Julia Becker, VP Investor Relations julia@cloudmd.ca
I really need my other stocks to hit so I can load this baby.
Telehealth: Buy the Dip.
source
https://www.fool.ca/2021/05/02/telehealth-buy-the-dip/
May 2, 2021
With the health crisis receding, investors seem to have lost their appetite for telehealth stocks. Some of the biggest players in this industry have lost nearly half their value in recent months. Canada’s telehealth stocks have held up slightly better, but are still trading below their all-time-highs.
If this dip is worth buying into or is the telehealth industry a losing play as the economy reopens? Here’s a closer look.
Telehealth is here to stay
It’s worth noting that there was a surge in the number of virtual clinic appointments booked last year. However, physical clinics were not shut during the lockdown. People could visit their family doctor and get the medical attention they needed throughout the pandemic. However, many chose to visit virtually. This is because a video call with a doctor is clearly more convenient.
Convenience is what makes these services sticky and is probably why the industry has plenty of runway ahead, despite the concerns of investors. The ongoing dip potentially creates an opportunity.
Telehealth stocks
WELL Health Technologies (TSX:WELL) is still the market leader in Canada. The stock is trading 17% lower than its all-time-high, but its underlying fundamentals remain as strong as ever. The company is expanding its footprint in the U.S. this year and is on track to exceed its $300 annual revenue run rate. Meanwhile, its market value is just four times higher at $1.25 billion.
The WELL health team clearly believes the stock is undervalued, which is why they’ve initiated a Normal Course Issuer Bid (NCIB) to buy back shares.
CloudMD Software & Services Ltd. (TSXV:DOC) is another one of the telehealth stocks that has felt the full force of the broader tech sell-off. After a 200% rally in 2020, the stock is down by about 30% year to date. Amid the recent pullback, there is no disputing that the company has a solid growth path going by its acquisitions over the past year.
CloudMD has carved a niche for itself as a leading provider of cloud-based software for medical practitioners. The company offers telehealth services, an employer healthcare platform, and a mental health solution. Its telehealth solutions are currently being used by over 500 clinics and 4,000 licensed practitioners.
With the world unlikely to revert to the traditional methods of seeing healthcare providers in person, CloudMD remains well-positioned to see strong demand for its telehealth solution. After acquiring company after company last year, the company now has a solid growth path with revenue expected to surge with this strategy.
CloudMD Prospects
Aggressive acquisition strategies mean CloudMD can now operate as a telehealth provider in several industries. Its annualized run rate has already crossed the $60 million mark. Meanwhile, the team is actively diversifying its revenue streams which is another green flag for investors.
That being said, the recent pullback means the stock is fairly valued. The stock is trading at just abopve seven times annualized revenue. The company is expected to deliver superior returns over the long run, given the favorable industry trends supported by an aggressive acquisition strategy.
CloudMD Reports Record Fourth Quarter 2020 Revenue; On Track for Significant Growth in 2021.
source
http://www.digitaljournal.com/pr/5055440
April 28, 2021
- Q4 2020 revenue of $5.8 million; up 138% compared to Q4 2019 and 73% compared to Q3 2020.
- Q4 2020 gross margin 1 of over 40% attributable to strong revenue mix
Strong balance sheet with current cash position of approximately $100 million.
- Fast growing Enterprise Health Solutions (“EHS”) Division 2 has current revenue run rate of $53 million and over 10% Adjusted EBITDA 3.
- Achieved annual organic growth across all businesses including medical clinics during COVID-19 shutdowns.
- Continued growth by adding over $92 million in annualized revenue already in 2021 through strategic M&A.
- Strong 2021 expectations with annualized revenue run rate exceeding $120 million and positive Adjusted EBITDA.
1 Gross margin is a non-GAAP measure as described in the Non-GAAP Financial Measures section of this News Release.
2 Enterprise Health Solutions Division plus Re:Function Health Group, a rehabilitation clinic network for enterprise clients, insurers and corporations.
3 Adjusted EBITDA is a non-GAAP measure as described in the Non-GAAP Financial Measures section of this News Release.
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 fourth quarter and year ended December 31, 2020. All financial information is presented in Canadian dollars unless otherwise indicated.
Dr. Essam Hamza, CEO of CloudMD commented, “I am very pleased with our fourth quarter and full year 2020 financial results which are consistent with our internal and consensus estimates. The fourth quarter was a foundation-building quarter for CloudMD with the completion of five strategic acquisitions and the launch of our Enterprise Health Solutions Division. I am proud that we have seen healthy organic growth across all verticals of our business despite the long closures due to COVID-19. As we see communities starting to re-open, in addition to the majority of the acquisitions closing in first quarter 2021 and the roll out of our fully connected healthcare ecosystem, we expect to see significant revenue growth in the upcoming quarters.” Dr. Hamza continued, “We have a current revenue run rate of over $120 million, which does not account for any of the organic growth and cross selling synergies we are anticipating this year. In addition, we are also expecting to be Adjusted EBITDA-positive in the latter half of 2021 with healthy gross margins. We are well-positioned as leaders in the digital healthcare space and I am very excited to see the continued growth of our business in 2021.”
Fourth Quarter 2020 Financial Highlights
- Q4 2020 revenue was $5.8 million, compared to $2.4 million in Q4 2019. The increase is primarily attributable to acquisition growth with 5 acquisitions completed in the quarter. Excluding the impact of business acquisitions, the Company achieved organic growth across all of its businesses, aided by:
(1) market adoption of telehealth services;
(2) new product features and enhancements to the Company’s digital platforms; and
(3) positive impact from marketing campaigns.
- Q4 2020 gross margin was 40%, compared to 44% in Q4 2019. In the current year, the Company reclassified certain expenses within its income statement to cost of sales, which resulted in an overall decrease in gross margin as compared to Q4 2019. Excluding the impact of the reclassification, gross margin for the underlying businesses remained healthy and stable.
- Net comprehensive loss attributable to equity holders of the Company in Q4 2020 was $5.2 million or $0.05 per share, compared to $1.5 million or $0.02 per share in Q4 2019. In the quarter, the Company completed numerous strategic initiatives, including the completion of 5 acquisitions in the quarter and raising $37.3 million in a bought deal short form prospectus offering, which it expects to result in strong future growth of the Company.
- Adjusted EBITDA was a loss of $1.5 million for Q4 2020, compared to a loss of $0.6 million in Q4 2019. The Adjusted EBITDA calculation adjusts for share-based compensation, costs related to financing, acquisitions and litigation including associated loss provisions, change in fair value of contingent consideration and loss from discontinued operations. Adjusted EBITDA is used by management to evaluate the Company’s cash operating performance, and a complete definition and calculation are provided further below.
- Cash and cash equivalents as at December 31, 2020 were $59.7 million. Subsequent to December 31, 2020, the Company raised $58.2 million in a bought deal short form prospectus offering in March 2021, and the Company’s current cash balance is approximately $100 million.
Fourth Quarter Operational Highlights
- On October 8, 2020, the Company launched CloudMD on-Demand, an online, virtual care service for companies, insurers and pharmacies to offer their customers easier, more convenient access to virtual telemedicine.
- On October 15, 2020, the Company announced that it closed the acquisition of Snapclarity Inc., an on demand, digital platform that provides an assessment for mental health disorders.
- On October 19, 2020, the Company announced that it appointed Mena Beshay to Global Head, Corporate Development, and Daniel Lee as Chief Financial Officer.
- On October 26, 2020, the Company announced that it closed the acquisition of an 87.5% interest in Benchmark Systems Inc.
On October 26, 2020, the Company announced that it closed the acquisition of a US-based medical clinic as part of a comprehensive strategy to provide end to end healthcare services for chronic care patients.
- On November 9, 2020, the Company announced that it closed a $37.3 million oversubscribed, bought deal financing.
- On November 12, 2020, the Company launched its new EHS division, which provides one connected healthcare platform for corporations, insurers and advisors to address the comprehensive health and wellness of their employees and their families.
- On November 18, 2020, the Company announced that it closed the acquisition of iMD Health Group Corp., a novel award winning, education platform.
- On November 19, 2020, the Company announced that it closed the acquisition of Re:Function Health Group Inc., a profitable rehabilitation clinic network of 8 clinics and 37 specialists and allied health professionals across British Columbia.
- On December 7, 2020, the Company announced that it is expanding its already established relationship with Save-On-Foods, Western Canada’s largest grocery chain.
Key Highlights Subsequent to the Quarter
- During January 2021, the Company closed the previously announced acquisitions of HumanaCare, Medical Confidence and Canadian Medical Directory.
- On January 26, 2021, the Company announced that it entered into a binding agreement to acquire RXI Group of companies, an established one-stop patient support logistics company and leading customer relationship management technology provider.
- On February 6, 2021 the Company announced that it closed the acquisition of West Mississauga Medical Clinic.
- On February 16, 2021, the Company announced that it entered into a binding agreement to acquire VisionPros, a rapidly growing digital eyecare platform with a robust suite of digital vision care tools.
- In March 2021, the Company closed the previously announced bought deal financing, including the full over-allotment option for a total of $58 million.
- On March 18, 2021, the Company provided an update on the rapid growth of its EHS division, realizing over $5 million of organic growth since the beginning of 2021.
- On March 23, 2021, the Company announced that it closed the acquisition of IDYA4; and subsequently on April 6, 2021, the Company announced that it closed the acquisition of Aspiria Corp.
- On April 8, 2021, the Company announced that it entered into a binding agreement to acquire Oncidium, creating one of the largest providers to the employer market in Canada.
Outlook
The Company is focused on revolutionizing the healthcare industry by leveraging technology to digitalize its delivery to provide better access to care, which leads to better health outcomes. CloudMD is building one, connected healthcare ecosystem that addresses all points of a patient’s care from one platform. CloudMD has already started the integration of its health-tech solutions, and plans to launch a fully automated, connected platform later in 2021. CloudMD’s organic growth will be largely driven by its hybrid clinic network, digital services and EHS division. Through its recent acquisitions, there are opportunities for cross-functional synergies and cross selling that will drive further organic growth. CloudMD expects to see continued organic growth across all divisions of its business largely due to an increase in virtual healthcare visits, an increase in digital services and cross selling synergies in the EHS division. The Company has already seen over $5 million in organic revenue growth since January 2021 and has actualized cost synergies of over $500,000. Furthermore, the Company is on the road to profitability and expects to be Adjusted EBITDA-positive starting in Q3 2021.
CloudMD’s current revenue run rate is over $120 million which does not take into consideration any expected organic growth or cross selling synergies. The Company has a strong cash position with approximately $100 million, and approximately $35 million left after the closing of the three outstanding acquisitions. With a strong balance sheet, CloudMD has an opportunity to look at debt facility options to conserve cash and decrease dilution.
CloudMD will continue to focus on delivering meaningful shareholder value by executing on its growth strategy through accretive, synergistic acquisitions, achieving meaningful organic growth across all divisions, and the full integration of its healthcare solutions to provide one, connected platform that addresses all points of care for patients. CloudMD is positioned as a leader in digital healthcare and a leading provider to the employer healthcare market in Canada. The Company will continue expanding its footprint across North America and strategically in Europe. CloudMD anticipates reporting its Q1 2021 financial statements at the end of May 2021.
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 table at:
http://www.digitaljournal.com/pr/5055440
Financial Statements and Management’s Discussion and Analysis
This news release should be read in conjunction with the Company’s audited consolidated financial statements and related notes, and management’s discussion and analysis for the years ended December 31, 2020 and 2019, copies of which can be found at
https://www.sedar.com/homepage_en.htm
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 audited consolidated financial statements and the accompanying notes for the years ended December 31, 2020 and 2019.
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 section on EBITDA for 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 and other related 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 section on Adjusted EBITDA for 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 Profit 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, educational resources and artificial intelligence (AI).
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. 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.
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
Agreed. I’m holding for a couple of years at least.
It is in the Canadian wilderness only accessible through the otc by the brave souls who have the stomach to navigate it. I do not think it will be our little secret for much longer. :)
Those kind of acquisitions usually means lots of huge spikes on pps, in this case multiples. IMHO. I’m buying more Monday. Out of cash today, loading H*MC.
Hey Jerry, been holding awhile — I was wondering the same the same thing. They keep on acquiring and acquiring — soon hope to be doubles
STockpicker, I'm new to this stock, but not the market, and I've been doing well in bio-techs, but, to be honest, I've never seen a stock with the incredible history as DOCRF, and it's only at 1.60.
From an outsider's view, it looks like she should be in double digits, immensely undervalued.
It's in a friggin huge market, all new medical communication technology, but I'm not hesitating, I'm buying more.
Presentation Transcript of the Oncidium Acquisition as PDF Document.
Look at
https://investors.cloudmd.ca/wp-content/uploads/2021/04/Presentation_ORBIT-FINAL-.pdf
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