CloudMD Announces Preliminary Q3 2021 Financial Results
November 09 2021 - 7:30AM
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) 567-1009Webcast
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 Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Julia BeckerVP, Investor
Relations julia@cloudmd.ca(604) 785-0850
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.
________________________
1 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.
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