- CloudMD (DOC) has sold its cloud practice and primary care clinics to WELL Health (WELL)
- The $5.75 million transaction will allow CloudMD to focus on its core businesses, enterprise health solutions and digital health solutions
- The transaction, which is expected to close in Q4 2022, will also help to improve gross margins and clear the company’s path to profitability
- WELL Health Technologies offers digital health care tools and services to enhance productivity and improve patient outcomes
- CloudMD is a health care technology company servicing over 12 million people across North America
- WELL Health (WELL) is down by 0.7 per cent, trading at $2.83 per share
- CloudMD (DOC) is down by 4.17 per cent, trading at $0.23 per share
CloudMD (DOC) has sold its cloud practice and primary care clinics to WELL Health (WELL).
The $5.75-million deal includes the HealthVue (Richmond) and South Surrey Medical (Surrey) clinics in B.C., as well as its cloud practice software, including Juno EMR and ClinicAid.
CloudMD will retain ownership of its online patient portal, MyHealthAccess, and will license Juno EMR from WELL Health upon closing.
The transaction will allow CloudMD to focus on its core businesses, enterprise health solutions (EHS) and digital health solutions while improving gross margins and driving profitability.
It does not expect the transaction to have a material impact on its business or operating cash flows.
The companies expect the transaction to close in Q4 2022.
“We will continue to reallocate capital from the sale of non-core assets back into the organic growth of the company and ensure we maximize the potential of our faster-growing and higher-margin EHS division,” stated Karen Adams, President and CEO of CloudMD.
WELL Health Technologies offers digital health care tools and services to enhance productivity and improve patient outcomes.
CloudMD is a health care technology company servicing over 12 million people across North America.
WELL Health (WELL) Stock is down by 0.7 per cent, trading at $2.83 per share as of 12:05 pm EST.
CloudMD (DOC) is down by 4.17 per cent, trading at $0.23 per share as of 11:16 am EST.