CloudMD Announces Preliminary Q3 2021 Financial Results
- Q3 2021 is the first quarter that fully recognizes the financial results from all announced acquisitions
- Q3 2021 preliminary revenue of $38 million to $40 million, with positive Adjusted EBITDA
- Increased annualized revenue run rate from $140 million to over $155 million demonstrating continued strong organic growth
- CloudMD to reports Q3 2021 financial results on November 29, 2021 after market
VANCOUVER, British Columbia, November 9, 2021 – CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a healthcare technology company transforming the delivery of care, is pleased to announce its preliminary financial results for the three months ended September 30, 2021.
The three months ended September 30, 2021 is the first quarter the Company will fully recognize the financial results from all announced acquisitions, with the two largest acquisitions having closed near the end of June 2021. Based on its preliminary results, the Company anticipates revenue to be in range of $38 million to $40 million with positive Adjusted EBITDA for the quarter. CloudMD has also increased its annualized revenue run rate from $140 million to $155 million.
CloudMD will release its financial results for the three and nine months ended September 30, 2021, on Monday, November 29, 2021 after market close. Management will host an earnings conference call and webinar on the same day to review and discuss the quarterly operational highlights and financial results, followed by a question and answer period. Questions can be asked through the dial-in numbers only.
Conference call details:
Date and Time: Monday, November 29, 2021 at 5:00 pm Eastern Time (2:00 pm Pacific Time)
Toll-Free Dial-In Number: (833) 562-0117
International Dial-In Number: (661) 567-1009
Webcast Link: https://edge.media-server.com/mmc/p/nsy2gzh9
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources and artificial intelligence (AI). CloudMD’s Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for corporations, insurers and advisors to better manage the health and wellness of their employees and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals across North America. For more information visit: https://investors.cloudmd.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD”
Chief Executive Office
FOR ADDITIONAL INFORMATION, CONTACT:
VP, Investor Relations
Forward Looking Statements
This news release contains forward-looking statements that are based on CloudMD’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to its business plans. Although CloudMD believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and CloudMD undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
 Adjusted EBITDA is defined as earnings before interest; taxes; depreciation; amortization; share-based compensation; financing-relating costs; acquisition-related and integration costs, net; litigation costs and loss provision; change in fair value of contingent consideration; and loss from discontinued operations.