Cloud DX Named Innovation Leader on the Canadian Business New Innovators List

Cloud DX Named Innovation Leader on the Canadian Business New Innovators List

Of the top 50 Canadian companies, Cloud DX is recognized as an ‘Innovation Leader'

News in Summary

The inaugural New Innovators List is presented by Canadian Business and the Brookfield Institute for Innovation and Entrepreneurship
Of 300 applicants, Cloud DX is named a Top 10 Innovation Leader, presented to companies that inspire innovation and cultures that challenge the status-quo.

Cloud DX (TSXV:CDX)(OTCQB:CDXFF), Cloud DX, a leading Virtual Care platform, is named to the 2022 New Innovators List. Presented by Canadian Business and the Brookfield Institute for Innovation and Entrepreneurship, it celebrates 50 trailblazing companies that are challenging the status quo and redefining what it means to be truly innovative-with great products and services, progressive leadership, and forward-thinking social and environmental initiatives. The judging panel analyzed over 300 applications and selected 50 companies as the Top 10 in the following five categories: Best and Brightest, Environment Leaders, People Leaders, Innovation Leaders, and Impact Intentionality Leaders. Cloud DX is named an Innovation Leader for pushing the boundaries of medical device technology with smart sensors, ease of use, artificial intelligence, and incredible design

Robert Kaul, CEO and Founder of Cloud DX states: "We are honoured to name an Innovation Leader. We combine core competencies in biomedical hardware engineering, cloud-based medical device architecture, algorithm-based result generation, regulatory approval experience, and internationally ISO certified quality management, brought together to create a new category of medical device: the medically accurate, consumer/clinical vital sign platform. Our proprietary Connected Health™ products, such as our Pulsewave™ or VITALITI™ were invented and developed in Canada, where we continue to work on new technologies, such as applications for the Medical Metaverse."

About Cloud DX

Accelerating virtual healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health^TM remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers."

Cloud DX Investor Sitehttps://ir.clouddx.com/overview/default.aspx

^{Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.}

Social Links

Twitter https://twitter.com/CloudDX
Facebook https://www.facebook.com/clouddxinc/
LinkedIn https://www.linkedin.com/company/cloud-dx/
Instagram https://www.instagram.com/cloud.dx/

For media inquiries please contact:

Janine Scott
Marketing Lead
888-543-0944
janine.scott@CloudDX.com

For investor inquiries please contact:

Jay Bedard
Cloud DX Investor Relations
647-881-8418
jay.bedard@CloudDX.com

SOURCE:Cloud DX Inc.

View source version on accesswire.com:
https://www.accesswire.com/687858/Cloud-DX-Named-Innovation-Leader-on-the-Canadian-Business-New-Innovators-List

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	31-Dec-23			31-Dec-22
ASSETS
Current
Cash & cash equivalents		907,847			3,777,117
Receivables		357,398			744,331
Contract asset		51,320			589,015
Finance lease receivable on sublease CP		199,933			-
Prepaid expenses		294,471			310,906
Inventory		-			45,289
Non current assets held for sale		-			501,188
Total current assets		1,810,969			5,967,846

Equipment		325,633			278,463
Deferred consideration		206,850			-
Right of use asset		-			829,278
Finance lease receivable on sublease		642,983			-
Intangible assets		-			3,313,741
Goodwill		-			6,746,378
Total assets		2,986,435			17,135,706

LIABILITIES
Current
Accounts payable and accrued liabilities		3,531,460			2,641,918
Deferred revenue		342,192			437,746
Lease liability		143,722			222,250
Liabilities associated with assets held for sale		-			92,532
Total current liabilities		4,017,374			3,394,446

Lease liability - non current		469,624			582,586
Deferred tax liabilities		-			29,974
Total liabilities		4,486,998			4,007,006

Shareholders' Equity
Share capital		91,909,495			83,271,707
Reserves		14,166,972			12,754,706
Accumulated Other Comprehensive Income		678,143			827,101
Shareholder's equity attributable to Nextech shareholders		(112,211,223	)		(85,898,862	)
Total common shareholders' equity		(5,456,613	)		10,954,652
Non controlling interest		3,956,050			2,174,048
Total equity		(1,500,563	)		13,128,700
Total liabilities and shareholders' equity		2,986,435			17,135,706

	YTD
	31-Dec-23			31-Dec-22
		$			$
Revenue		5,033,202			3,224,791
Cost of sales		(3,586,162	)		(1,593,076	)
Gross profit		1,447,040			1,631,715

Operating expenses:
Sales and marketing		4,546,502			5,013,367
General and administrative		9,362,610			13,377,575
Research and development		3,249,799			3,892,208
Stock based compensation		1,775,695			1,715,690
Amortization		2,105,689			2,655,652
Right of use amortization		55,728			76,905
Depreciation		87,824			122,930
Operating profit (loss)		(19,736,807	)		(25,222,612	)

Other income (expense):
Gain on sublease recognition		120,626			-
Loss on asset disposal		(85,679	)		-
Gain on liability		-			381,019
Impairment of intangible assets and goodwill		(7,575,263	)		(476,113	)
Foreign exchange gain (loss)		(14,393	)		1,345,593
Profit (Loss) before income taxes		(27,291,516	)		(23,972,113	)

Current income tax expense		-			(34,937	)
Deferred income tax recovery		29,974			672,148
Net income (loss) from continuing operations		(27,261,542	)		(23,334,902	)

Income (loss) from discontinued operations		(452,814	)		(4,043,424	)
Net loss		(27,714,356	)		(27,378,326	)

Other comprehensive income (loss)
Exchange differences on translating foreign operations, continuing operations		(148,958	)		(432,845	)
Comprehensive income (loss)		(27,863,314	)		(27,811,171	)

Net loss from C/O attributed to:
Parent		(25,109,547	)		(22,896,701	)
Non controlling interest - PL		(2,151,995	)		(438,201	)

Net loss from D/O attributed to:
Parent		(452,814	)		(4,043,424	)
Non controlling interest - PL		-			-

Comprehensive loss attributed to:
Parent		(25,711,319	)		(27,372,970	)
Non controlling interest		(2,151,995	)		(438,201	)


Loss per share from C/O - basic and diluted		(0.22	)		(0.24	)


Loss per share from D/O - basic and diluted		(0.00	)		(0.04	)

Weighted average number of common shares outstanding
Basic and diluted		114,085,494			100,201,691

	YTD
	31-Dec-23			31-Dec-22
Operating activities:
Net loss		(27,714,356	)		(27,378,326	)
Adjustment for:
Interest income from sublease		(39,903	)		-
Interest expense from lease		30,217			28,668
Stock based compensation		1,775,695			1,715,690
Amortization of intangible assets		2,105,689			2,655,652
Amortization of ROU		55,728			261,101
Depreciation of property and equipment		87,824			143,567
Gain on sublease recognition		(120,626	)		-
Loss on asset disposal		85,679			-
Gain on short-term investment		-			(381,019	)
Impairment of intangible assets & goodwill		7,759,360			3,178,426
Expenses paid by shares		648,891			1,917,837
Loss on PET disposal		173,534			-
Income tax expense (recovery)		-			-
Changes in non-cash working capital balances
Receivables		386,933			269,873
Contract asset		537,695			(202,813	)
Prepaid expenses		16,435			408,743
Inventory		45,289			2,954,342
Accounts payable and accrued liabilities		917,814			(24,574	)
Deferred revenue		(95,554	)		(171,255	)
Deferred tax liability		-			(673,290	)
Total operating cash flow		(13,343,656	)		(15,297,378	)

Cashflows from investing activities
Purchase of equipment		(227,250	)		(101,784	)
Payments received from sublease		66,554			-
Net cash provided by (used in) investing activities, continuing operations		(160,696	)		(101,784	)

Cashflows from financing activities
NTAR - Net proceeds from private placements		5,726,654			8,890,349
NTAR - Proceeds from Employee Pay Program		2,269,704			2,496,628
Proceeds from securities issuances to NCI		2,813,107			1,657,354
Repayment of loan		-			(90,896	)
Payments of lease liability		(203,762	)		(388,804	)
Net cash provided by (used in) financing activities, continuing operations		10,605,703			12,564,631

Effects of foreign exchange on cash		29,379			(616,272	)
Change in cash during the period		(2,898,649	)		(2,834,531	)
Cash, beginning of period		3,777,117			7,237,296
Cash, end of period, continuing operations		907,847			3,786,493

Cash, end of period, continuing operations		907,847			3,777,117
Cash, end of period, discontinuing operations		-			9,376

Taxes paid		-			27,005
Interest paid		30,217			30,910
Cash interest received		121,122			108,390

	Three months ended December 31
($000's)	2023	2022	($) Change
Product sales	5,450	5,893	(443)
Service revenue	4,350	1,310	3,040
Total sales and revenue	9,800	7,203	2,597

Gross margin - product sales	48 %	32 %	16 %
Gross margin - service revenue	-21 %	-50 %	29 %

EBITDA	(774)	(2,532)	1,758

Net loss	(2,123)	(3,292)	1,169

	Twelve months ended December 31
($000's)	2023	2022	($) Change
Product sales	16,342	21,588	(5,246)
Service revenue	12,124	3,233	8,891
Total sales and revenue	28,466	24,821	3,645

Gross margin percentage - product sales	41 %	49 %	-8 %
Gross margin percentage - service revenue	-23 %	-1 %	-22 %

EBITDA	(8,074)	(3,935)	(4,139)

Net loss	(16,784)	(9,915)	(6,869)

	Three months ended December 31			Twelve months ended December 31
($000's)	2023	2022	($) Change	2023	2022	($) Change
Net loss	(2,123)	(3,292)	1,169	(16,784)	(9,915)	(6,869)
Business acquisition costs and contingent consideration (gain) loss	(1,106)	(106)	(1,000)	(967)	104	(1,071)
Depreciation and amortization expense	1,052	1,233	(181)	4,413	4,564	(151)
Finance expense (income)	43	(124)	167	284	76	208
Stock-based compensation	187	454	(267)	1,048	1,556	(508)
Foreign exchange (gain) loss	(84)	5	(89)	165	164	1
Loss on loss of control of subsidiary	-	-	-	2,810	-	2,810
Loss from associate	271	-	271	527	-	527
Restructuring costs	4	-	4	441	-	441
Current income tax (recovery) expense	(3)	53	(56)	13	250	(237)
Deferred income tax expense (recovery)	985	(755)	1,740	(24)	(734)	710
EBITDA	(774)	(2,532)	1,758	(8,074)	(3,935)	(4,139)

Cloud DX Named Innovation Leader on the Canadian Business New Innovators List

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