Cloud DX Inc. (OTC:CDXFF) Stock Takes a Hit: Now What?
If you are looking into possibilities in the healthcare space, then it could be a good move to consider taking a closer look into Cloud DX Inc.
(OTC:CDXFF). The company is a major North American player in providing remote patient monitoring and virtual care platforms. On April 9, the company came into focus after it announced that it had executed new Master Deployment Agreements for Cloud DX RPM Services on March 26, 2024. The agreements had been reached with Beausoleil First Nation Paramedic Service and an Ontario County Paramedic Service.
Community Paramedic Services in Ontario provide remote monitoring services meant for senior citizens who can accrue benefits through the everyday monitoring of physical symptoms, vital signs, and more dangerous cases like COPD or congested heart failure. It would be possible for the patients in question to interact with paramedics directly through the Cloud DX mobile application, which would lead to better oversight and also provide patients with the tools to manage their health independently. In this context, the company also announced that the Ontario provincial government funded the Community Paramedicine for Long-Term Care (CPLTC) program entirely, which was concerned with providing additional care for senior citizens.
Recently, it was announced that the local government was going to allocate C$174 million more towards the program in 2024. The agreements that were announced by Cloud DX yesterday were for a term of 24 months. The total value of the contracts was around C$140,000, and that included the purchase of products, bundled services, and subscriptions. The company had released its financial statements recently and boasted of having generated gross margins to the tune of 77%. Anthony Kaul, the Chief Operating Officer of the company, stated that the company was pleased at the prospect of supporting the program in Ontario, which had proven to be highly effective.
