Cloud DX Inc. (TSXV: CDX) (OTCQB: CDXFF) has been selected by Medtronic Canada ULC, to provide world-class virtual healthcare to Medtronic's patients across Canada. Medtronic Canada, (www.medtronic.ca) headquartered in Brampton, Ontario, with regional offices in Montreal and Vancouver, is the largest medical technology company in Canada, and a subsidiary of Medtronic plc (NYSE: MDT), a multi billion-dollar, global leader in medical technology, offering medical devices and therapies to more than 72 million people across 150 countries.
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This partnership advances Medtronic's commitment to improving patient outcomes and lowering overall costs along the care continuum. 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.
Cloud DX's Connected Health™ 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. Its 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's remote patient monitoring technology and services are exclusive to Medtronic and its Canada-wide client base. Initially, Medtronic seeks to integrate the Connected Health™ 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™ 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.
Jessica Rudd, National Director of New Partnerships and Solutions at Medtronic Canada, stated: "Medtronic is committed to partnering with Canada-based SMEs to advance the Canadian life sciences ecosystem. 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."
Among its many awards, 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.
The shares are trading at $0.195. For more information, please visit the company's corporate website www.CloudDX.com, and the company's investor relation site ir.CloudDX.com/overview/default.aspx, contact Jay Bedard, Investor Relations, at 647-881-8418 or by email at jay.bedard@CloudDX.com.
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