CloudMD: Canaccord Remains Bullish Following Virtual Conference

Recently, CloudMD Software & Services (TSXV: DOC)‘s CEO Essam Hamza participated in Canaccord Genuity’s Health & Wellness Virtual Conference. Doug Taylor, Canaccord’s Healthcare analyst, has a $3.25 12-month price target and a speculative buy rating on the company.

Taylor says that most of the meeting was focused on the integration of CloudMD’s recent M&A and the prospects for further M&A. Talyor adds, “When asked about the ability to continue consolidating at this pace, the company noted it screens for management teams that can operate autonomously and intentionally incentivizes acquired teams (using stock) to continue to drive performance post-acquisition.”

Taylor adds, “Don’t expect the company to remain idle.” He says management noted that after all the deals close, the company will have roughly $50 million in capital to focus on another round of accretive M&A. “Management noted that it has an active pipeline of targets that are potentially accretive, already profitable and synergistic with its existing offerings,” Taylor says.

Taylor expects that CloudMD’s increased focus on employer-focused solutions will be the next key driver. Recently, CloudMD released their CloudMD on Demand white-label telehealth solution. Alongside their recent acquisitions of HumanaCare and Snapclarity.

Taylor expects CloudMD to report its third-quarter financials next week. They forecast revenue to be $3.7 million and an adjusted EBITDA loss of $1.8 million. He explains that revenue growth is likely due to the “continued adoption of its telemedicine platform and early contributions from its South Surrey Medical acquisition.”


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

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Curaleaf Sees Numerous Analysts Raise Price Targets Following Third Quarter Results

On Tuesday, Curaleaf Holdings (CSE: CURA) reported their third quarter results. The company reported total...

Saturday, November 21, 2020, 01:27:00 PM

Ayr Wellness: Canaccord Raises Price Target To $70

On March 10th, Ayr Wellness (CSE: AYR.a) reported their fourth quarter and year end financial...

Sunday, March 14, 2021, 02:41:00 PM

Stifel: “We View Green Thumb As The Best In Class Operator in US Cannabis”

Last week, Stifel GMP released their top picks for the fourth quarter of 2020, headlining...

Monday, October 19, 2020, 12:58:00 PM

WeedMD: Canaccord Reiterates Price Target After Earnings

WeedMD (TSXV: WMD) reported their first-quarter financials of 2021 on June 29th. The company reported...

Thursday, July 1, 2021, 03:09:00 PM

Curaleaf: Analysts Anticipate Q1 Revenues to Hit US$254 Million

Curaleaf Holdings (CSE: CURA) is expected to release their first quarter financial results after the...

Monday, May 10, 2021, 11:44:00 AM