Wednesday, July 2, 2025

Canaccord: CloudMD’s Third Quarter Results Were “In The Range Of Expectations”

On November 30th, CloudMD Software & Services (TSXV: DOC) reported its third-quarter financial results. CloudMD reported record revenue of $3.4 million, up 55% year over year and a gross margin of 42%. They had a net loss of $2.7 million or ($0.02) per share this quarter.

CloudMD currently has four analysts covering the company with a weighted 12-month price target of C$3.38. This is up from the average at the start of the month, which was C$2.80. One analyst has a strong buy rating, while the other three have buy ratings on the company.

Doug Taylor, Canaccord’s analyst, says, “DOC released Q3 results after market close Monday that we see as in the range of expectations with a slightly narrower EBITDA loss than was forecasted.” Although these results do not include many of the most recent M&A, he says that the results were mixed versus expectations. Revenue of $3.4 million was as expected versus the consensus but missed Canaccord’s estimate of $3.7 million. CloudMD’s adjusted EBITDA loss of $1.3 million was slightly better than both the consensus and Canaccord’s estimates of -$1.7 million and -$1.8 million, respectively.

Taylor says that the revenue ramp should be in effect as deals close in the fourth quarter. Since June, the company has made ten different acquisitions, which management said will generate a $35+ million revenue run rate for 2021.

The company ended the third quarter with cash and equivalents of $33.9 million, but pro-forma, they likely have roughly $60 million in cash. Taylor comments, “With ~$60M cash on hand, we believe the company could comfortably outlay another $50M on additional accretive M&A targets to accelerate its growth profile and path to profitability.”

Taylor says that they recently went through and remodeled CloudMD and made small adjustments to include a later closing date for many outstanding acquisitions. You can see below their new 2020 and 2021 forecasts.


Information for this briefing was found via Sedar and Refinitiv. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Gold Drilling Scaled to 60,000 Meters: How Big Can This Get? | Roger Rosmus – Goliath Resources

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Recommended

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Related News

BMO Lowers Price Target On Teck Resources To $53 Following BC Weather Events

On December 5th, Teck Resources (TSX: TECK.A) provided an update on the British Columbia weather...

Thursday, December 9, 2021, 10:09:00 AM

Canaccord Raises Coinbase Price Target Following Strong Earnings Growth

On August 10, Coinbase Global (NASDAQ: COIN) reported its second-quarter financial statements. For non-GAAP items,...

Saturday, August 14, 2021, 04:04:00 PM

DraftKings: Canaccord Lowers Estimates Based On Planned Future Reinvestment

DraftKings Inc. (Nasdaq: DKNG) earlier this month announced its third-quarter financial results. The company announced...

Sunday, November 20, 2022, 06:29:00 PM

BofA Terminates Coverage On Tilray, Aurora Cannabis

On November 18th, Bank of America terminated coverage on Tilray Inc (TSX: TLRY) and Aurora...

Friday, November 19, 2021, 11:47:00 AM

Verano: Analysts Expect Q3 Revenues Of $219.7 Million

Verano Holdings (CSE: VRNO) announced that they will be reporting their third quarter financials before...

Monday, November 15, 2021, 10:10:00 AM