CLOUD DX Signs Multi-Year Contract with Provincial Health Authority

This agreement is the 4^th Provincial Health Authority contract for Cloud DX remote patient monitoring (RPM) services, alongside Alberta, the Yukon and Prince Edward Island.

News in Summary

· After a successful competitive RFP process, on April 23, 2024 the Company executed a Province-wide contract for Remote Patient Monitoring (RPM) products and services.

· The contract has a term of 36 months with 2 extensions of 12 months each. The average contract value of each individual subscription is expected to be approximately $1,520 CAD per year which covers the cost of the Connected Health Kit prescribed to patients, software and connectivity.

· The Company now supplies Connected Health remote patient monitoring products and services across Canada with 4 Provincial-level contracts including Alberta, Yukon, PEI and a Master Services Agreement with Mohawk Medbuy, the country's largest hospital procurement agency.

· In the 4 months to April 30, 2024 Cloud DX has announced 26 new contracts with hospitals, paramedic services, US clinics and now 2 Canadian Provinces indicating an inflection point in the company's growth.

KITCHENER, ON / ACCESSWIRE / May 7, 2024 / Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leading North American provider of virtual care and remote patient monitoring platforms is pleased to announce the execution on April 23, 2024 of a Remote Patient Monitoring Agreement for Cloud DX RPM Services with a Canadian Provincial Health Authority.

The contract has a term of 36 months with 2 extensions of 12 months each for a total of 60 months. The average contract value of each individual patient subscription is expected to be approximately $1,520 CAD per year which covers the cost of the Connected Health Kit prescribed to each patient, software, and connectivity. Certain additional fees, including customizations and integrations can be added on an as-needed basis. In the most recent financial statements Cloud DX reported a gross margin of 71%.

In addition to contracts at the clinic, hospital, institute and municipal government level, Cloud DX has now secured 4 Provincial level contracts for RPM including Alberta Health Services, Yukon Health and Health PEI. The Company also announced a contract with Alberta Primary Care Networks, and on June 21, 2023 it announced a Master Services Agreement to supply members of the Mohawk Medbuy shared services organization, which manages procurement for over 100 Hospital Systems and provincial authorities across Canada. In addition to these large contracts the Company supplies RPM to 11 Ontario Community Paramedic Services and hospital systems including Hamilton Health Sciences, The Ottawa Hospital, the Ottawa Heart Center, Kingston Health Sciences and several more. Further details of this agreement will be released by the client upon publication of the contract award as per provincial regulations.