Cloud DX Inc. (OTC:CDXFF) Stock Pulls Back: But Why?
Every day, investors rush to the markets in order to discover stocks of innovative companies that they could track, and a company that could meet such an attribute is Cloud DX Inc. (OTC:CDXFF). In fact, on Wednesday, the company was in considerable focus after making a significant new announcement. Cloud DX is one of the major virtual care providers in North America and also provides platforms for remote patient monitoring. Yesterday, it was announced that it hoped that all those clients whose contracts would be expiring in the first quarter of 2024 would renew.
In fact, the company went on to reveal that out of the 14 clients who were going to potentially renew, 11 had already done so, and Cloud DX was waiting for the other three to do the same. The company stated in its news release that, as a company, it executed contracts with a wide range of healthcare providers. The contracts in question are usually signed for periods ranging from 12 months to 84 months. The customers usually buy a connected health kit, which includes approved medical devices. Some of those kits are also equipped with an internet-enabled personalized tablet computer.
Cloud DX announced yesterday that the clients who had already renewed their contracts included 3 hospitals in Canada, 2 family health teams in Ontario, 2 primary care clinics in Alberta, a Canadian provincial health ministry, the Canadian Lung Health Foundation, and 5 community paramedic services in Ontario.
In 2023, the above-mentioned clients collectively enrolled as many as 2900 unique patients. Following the contract renewal with these clients, Cloud DX already received Connected Health Kits orders with a combined valuation of C$96,000. The recurring subscription revenues from these contracts are expected to touch C$575,000 a year to hit a total of C$1.5 million in contract value by the end of 2025.
