CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF,
Frankfurt: 6PH) (the “
Company” or
“
CloudMD”), a healthcare technology company
revolutionizing the delivery of care, and its Board of Directors is
pleased to announce the appointment of Karen Adams as President of
the Company effective June 21, 2021. In her new role as
President of CloudMD, Karen will deliver on the Company’s growth
strategy and operational effectiveness, while leveraging technology
to enable access to care. Karen will continue to oversee Employee
Health Solutions (“EHS”) as a core component of her expanded
portfolio.
The Company’s previous President, Dr. Amit
Mathur, will now take on the primary responsibility of delivering
CloudMD’s expansion into the United States, a key component of the
corporate strategy. Dr. Mathur’s appointment to the newly created
leadership role of President, US Operations is effective June 21,
2021.
“Our Company is rapidly growing and I am very
proud of the entire team on its ability to continue executing and
delivering on our growth strategy. The increasingly complex
landscape of the public and private healthcare sector supports our
mission of building one, connected healthcare ecosystem through
navigation, coordination and seamless delivery of services that
addresses all points of a patient’s care,” explained Dr.
Essam Hamza, Chief Executive Officer of CloudMD. “Karen
has an impressive track record of developing talent, driving
innovation and delivering financial performance both within CloudMD
and across multiple health and wellness industry sectors. Dr. Amit
Mathur is a valuable member of our senior management team and I am
excited for him to have a more focused role of leading our
expansion in the US and developing a scalable organization.” He
concluded, "I look forward to working with both Karen and Amit in
their new roles and the rest of our senior management team as we
continue to strengthen our rapid but disciplined growth."
Oncidium Acquisition
Further to the recent announcement of the
acquisition of Oncidium Inc. (“Oncidium”), the
Company is pleased to announce that Oncidium has acquired
an organization specializing in independent medical evaluations and
health-related services with 30 years of experience in the
provision of these services to life & health providers,
insurers, law firms and employers. The business is
complementary to the existing assessment services division of
Oncidium and will enable cost saving synergies through
consolidation and integration. The business has also developed a
market leading, workflow management solution that Oncidium and
CloudMD will be able to incorporate company-wide. The highly
accretive business generated $17 million in revenue with positive
earnings before interest, tax, depreciation and amortization
(“EBITDA”) for the 12 month period ending April
2021, and as such, the expected revenue for Oncidium, including the
newly acquired business, is significantly increased, while the
overall purchase price of Oncidium remains unchanged. CloudMD
expects to close the acquisition of Oncidium this month.
Restricted Share Unit Grant
The Company has granted of an aggregate of
141,000 restricted share units (each, an “RSU”),
with an award date of June 21, 2021, to certain officers and
directors of the Company under the Company’s RSU Plan pursuant to
the policies of the TSX Venture Exchange (the
“Exchange”). Each RSU represents the right to
receive, once vested, one common share in the capital of the
Company for every RSU held.
The granting of RSUs are subject to any
necessary regulatory approvals and requirements of the
Exchange.
About CloudMD Software & Services
CloudMD is digitizing the delivery of healthcare
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, educational resources
and artificial intelligence (AI).
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, and over 5 million individuals across North
America. CloudMD’s Enterprise Health Solutions Division includes
one of the top 4 Employee Assistance Programs in Canada and offers
a comprehensive, digitally connected platform for corporations,
insurers and advisors to better manage the health and wellness of
their employees and customers. 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 Becker VP, Investor
Relationsjulia@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 the expectations 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, including revenue projections, 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.
Non-GAAP and Non-IFRS Measure
This press release refers to “EBITDA” which is a
non-GAAP and non-IFRS financial measure that does not have a
standardized meaning prescribed by GAAP or IFRS. The Company’s
presentation of this financial measure may not be comparable to a
similarly titled measure used by other companies. This financial
measure is intended to provide additional information to investors
concerning the Company’s and Oncidium’s performance. EBITDA is
defined as earnings before interest, taxes, depreciation and
amortization. EBITDA is a non-GAAP and non-IFRS measure the Company
uses as an indicator of financial health and excludes several items
which may be useful in the consideration of the financial condition
of the Company and Oncidium as applicable, including interest
expense, income taxes, depreciation, and amortization.
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
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