(Source: Cloud DX.)
  • Cloud DX (TSXV:CDX) gave an update on its remote patient monitoring agreement with the British Columbia Provincial Health Services Authority
  • In a news release, the Kitchener, Ontario-based company stated it was awarded a C$9.4 million contract from the British Columbia Provincial Health Services Authority
  • The average contract value of each individual subscription is expected to be roughly C$1,520 per year, which covers the cost of the connected health kit prescribed to patients, software and connectivity
  • Shares of Cloud DX Inc. opened trading at $0.125

Cloud DX (TSXV:CDX) gave an update on its remote patient monitoring agreement with the British Columbia Provincial Health Services Authority.

In a news release, the Kitchener, Ontario-based company stated it was awarded a C$9.4 million contract from the British Columbia Provincial Health Services Authority (BC-PHSA).

A provider of virtual care and remote patient monitoring platforms, the team will deliver its Cloud DX RPM services over the 36-month term of the contract, with the option of two extensions of 12 months each.

The average contract value of each individual subscription is expected to be roughly C$1,520 per year, which covers the cost of the connected health kit prescribed to patients, software and connectivity. This positions Cloud DX as one of the leading suppliers of remote patient monitoring services in Canada.

“The announcement of the provincial remote patient monitoring contract by the British Columbia PHSA marks a critical milestone in Cloud DX’s growth,” Robert Kaul, CEO and founder of Cloud DX, said in a statement. “With an announced value of C$9.4 million, this award proves that remote patient monitoring has become a priority with Canadian provincial health authorities. As the largest supplier of remote patient monitoring in Canada, Cloud DX now has the capability to bring the benefits of this new mode of care to well over 50 per cent of the population. We look forward to working with all our provincial government partners to improve care for all Canadians.”

Since the beginning of the year, Cloud DX has signed 26 new contracts or renewals with a total value of C$14.6 million, five of which are with provincial health authorities and includes Ontario Paramedics, Ottawa University Research Institute, VHA Home HealthCare and Health PEI.

Cloud DX is a remote patient monitoring company that is a Health Canada-licensed, U.S. Food and Drug Administration-registered medical device manufacturer and software developer offering a complete end-to-end virtual healthcare platform called Cloud DX Connected Health.

Shares of Cloud DX Inc. (TSXV:CDX) opened trading at $0.125.

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