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Medtronic selected Cloud DX for virtual and remote patient monitoring (RPM) solutions in exclusive corporate agreement
Cloud DX (TSXV: CDX) (OTCQB: CDXFF) has been selected by Medtronic Canada ULC, a subsidiary of Medtronic plc (NYSE: MDT), a global leader in healthcare technology, to provide world-class virtual healthcare to patients across Canada . This partnership advances Medtronic's commitment to improving patient outcomes and lowering overall costs along the care continuum. Cloud DX's remote patient monitoring (RPM) technology and services are exclusive to Medtronic and its Canadian client base, which is spread across Canada. Medtronic Canada delivers care in a broad range of clinical areas, including spinal and cardiac surgeries, cardiology, critical care, diabetes, vascular and renal care. Most clinical areas are expected to improve patient outcomes and satisfaction with some aspect of virtual care in the future. Initially, Medtronic seeks to integrate the Connected Health TM platform and associated services within both perioperative and complex chronic disease pathways in Canada .
Under the agreement, a typical deployment would involve the enrollment of a chronic care or surgical patient onto the Connected Health TM platform, generating recurring revenue, depending on the length of the monitoring program. Cloud DX generates revenue upfront for kits prescribed to patients for use at home, and then a monthly subscription fee per patient for software, services, and support. Additional revenues could also be generated through customizations, consulting, and special services, as needed.
"Medtronic is committed to partnering with Canada -based SMEs to advance the Canadian life sciences ecosystem," said Jessica Rudd , National Director of New Partnerships and Solutions at Medtronic Canada. "More importantly, Medtronic Canada is dedicated to responding to the needs of our Canadian healthcare system, and we are committed to enabling equitable access to care and patient empowerment and reducing the burden on our precious health human resources. However, we can't do this alone. To that end, we are delighted to enter this exclusive partnership with Cloud DX and scale their innovative technology, thoughtful service model, and excellent track record for delivering results to patients across the country."
Robert Kaul , CEO and Founder of Cloud DX, added: "This partnership with Medtronic Canada is an ideal fit; both our companies are taking the lead in our commitments to innovating and creating improved healthcare delivery. This collaboration means remote care will be widely available across Canada . This cutting-edge level of care can directly impact over 1 million Canadians with life changing support and truly modern healthcare solutions. Our Connected Health TM virtual care platform is preferred by clinicians and has received 100% patient satisfaction scores in multiple studies [1] ; we have a proven track record of superior deployment and compliance, and demonstrated unsurpassed expertise in the RPM sector space. The entire Cloud DX team is now ready to live up to being recognized and selected by such a leader in the medical technology industry as Medtronic."
Cloud DX's upcoming investor meeting is set for noon on December 8, 2021 . You can register here . Leadership will discuss Virtual Care as a Platform and associated revenue streams, including the Cloud DX and Medtronic partnership agreement.
Sources:
1. 100% patient satisfaction scores in multiple studies: UAMS, MSH, UNB
About Medtronic Canada ULC
Bold thinking. Bolder actions. We are Medtronic. Proud to serve Canadian healthcare for over 50 years, Medtronic Canada ULC is headquartered in Brampton, Ontario , with regional offices in Montreal and Vancouver , and is a subsidiary of Medtronic plc. We are the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 90,000+ passionate people. Our technologies and therapies address 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. In everything we do, we are engineering the extraordinary. Learn more at www.medtronic.ca
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 Site https://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.
Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the U.S. Securities and Exchange Commission. Actual results may differ materially from anticipated results.
SOURCE Medtronic Canada ULC
