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Cloud DX (CDXH) investor relations material

Cloud DX Q2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Cloud DX Inc
Q2 2024 earnings summary9 Sep, 2024

Executive summary

  • Cloud DX is a remote patient monitoring company serving hospitals and health authorities in Canada and the US, offering proprietary medical devices and a virtual healthcare platform.

  • On June 6, 2024, its main Canadian subsidiary filed a Notice of Intention (NOI) under the Bankruptcy and Insolvency Act to pursue restructuring and creditor protection.

  • The NOI process aims to facilitate a sale or investment in the business, with a court-approved sale and investment solicitation process (SISP) targeted for completion by end of August 2024.

  • Trading of Cloud DX shares was suspended on the TSX Venture Exchange due to the NOI filing, with risk of transfer to the NEX Board if listing requirements are not met.

Financial highlights

  • Revenue for the six months ended June 30, 2024 was $1,209,450, up from $946,373 year-over-year; Q2 revenue was $506,891, up from $378,367.

  • Net loss for the six months ended June 30, 2024 was $4,521,668, compared to $4,998,941 in the prior year; Q2 net loss was $2,301,349, compared to $2,701,680.

  • Gross profit for the six months was $1,162,118, up from $690,505 year-over-year; Q2 gross profit was $497,506, up from $301,580.

  • Operating loss for the six months was $3,835,749, compared to $2,599,550 in the prior year.

  • Basic and diluted loss per share for the six months was $0.05, compared to $0.04 year-over-year.

Outlook and guidance

  • The company’s ability to continue as a going concern depends on successful completion of the NOI restructuring, raising new financing, and achieving profitable operations post-restructuring.

  • There is material uncertainty regarding the company’s ability to meet obligations and continue operations.

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Frequently asked questions

Cloud DX is a leading provider of remote patient monitoring solutions to the healthcare industry. Remote and mobile devices allow customers to manage their patients from anywhere. Featuring secure, HIPAA-compliant network connection, device monitoring and platform integration capabilities, Cloud DX systems are fully scalable to meet the needs of hospital facilities large and small. Cloud DX also offer a selection of patient monitoring beds, vital signs monitors and sensors designed to meet or exceed the most demanding standards.

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