Cloud DX (TSX-V:CDX, OTCQB:CDXFF) said it doubled its gross profit in 2023 as the provider of remote patient monitoring products and services saw increased revenue from new and expanded customer contracts.
For the year ended December 31, 2023, the company’s gross profit increased by 112.8% from $602,986 to $1.2 million on higher revenues.
Total revenue increased by 55.4% year-over-year to about $1.8 million.
Subscription revenue increased 69% and product revenue was up 15.4%, attributed to new patient enrollments in Canada and the US.
Meanwhile, professional services revenue surged 436.8% due to larger customization, integration and optimization contracts invoiced during the quarter, the company said.
“These positive results show that Cloud DX (TSX-V:CDX, OTCQB:CDXFF) revenues from new and expanded contracts are accelerating year-over-year,” Cloud DX (TSX-V:CDX, OTCQB:CDXFF) said in a statement.
In 2023, the company announced seven contracts with Ontario Community Paramedic Services, three with provincial or territorial health ministries, four with Ontario Family Health Teams, four with Canadian hospitals or academic medical centers and two with clinics, including a clinic in Illinois in the US.
Cloud DX highlighted that since January 1, 2024, it has announced 24 contracts and contract extensions valued at more than $5.1 million.
In addition to growing its revenues during 2023, the company decreased its annual operating expenses by 12.6% over the previous year to $9 million, attributed to a $1.2 million decrease in salaries, wages, and benefits from selective staff reductions.
It narrowed its operating loss by 20.4% to $7.7 million on reduced costs and increased profitability.
Its net loss was 2.6% lower year-over-year at $10.3 million.
Kitchener, Ontario-based Cloud DX provides remote patient monitoring products and services. Its Connected Health platform is used by healthcare professionals to manage chronic disease virtually, enable aging in place, and deliver hospital-quality post-surgical care in the home.