Friday, August 22, 2025

CloudMD Hits $39.2 Million In Revenue, $4.3 Million Net Loss In Q3 2021

CloudMD Software & Services Inc. (TSXV: DOC) released on Monday its Q3 2021 financial results which saw the company post quarterly revenue of $39.2 million, as expected from the preliminary results the firm previously announced. This is an increase from Q2 2021’s revenue of $15.7 million and Q3 2020’s revenue of $3.4 million.

“This was a milestone quarter for CloudMD as it’s the first quarter we recognized full revenue contributions from all the recently closed acquisitions and clearly demonstrated that our whole-person, patient-centric approach to healthcare is working,” explained CloudMD CEO Dr. Essam Hamza. The company completed 4 acquisitions in the preceding quarter and 14 acquisitions in the last twelve months. 

Currently, the company said it has increased its annual revenue run rate to over $185.0 million, higher than the $155.0 million it previously announced in the preliminary results.

Looking at the financials, the gross margin for the quarter was at 34.0%, down from 35.5% last quarter and 37.5% last year. This is being attributed to the current revenue mix with lower-margin businesses taking 32% of the revenue share.

However, the firm still ended the quarter with a $4.3 million net loss compared to a $6.0 million net loss last quarter and a $2.7 million net loss last year. This quarter’s loss translates to $0.02 per share.

On the other hand, the company recorded its first positive adjusted EBITDA this quarter with $0.8 million coming from a loss of $0.7 million last quarter and $1.3 million last year.

The firm also ended the quarter with $53.7 million in cash and cash equivalents coming from a beginning balance of $60.9 million. This brings current assets balance to $82.5 million while current liabilities ended at $49.9 million.

The healthtech firm relayed that with the proposed $116.0 million acquisition of MindBeacon Holdings (TSX: MBCN), it expects to have over $60.0 million in cash and cash equivalents. Following this, Cannacord lowered their 12-month price target for the company from $3.50 to $3.00.

CloudMD Software & Services Inc. last traded at $1.33 on the TSX Venture.


Information for this briefing was found via Sedar and CloudMD Software & Services. The author has no securities 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

A Medical Breakthrough the Market Overlooked | David Elsley – Cardiol Therapeutics

Why Grade Beats Size in Silver Mining | Frank Basa – Nord Precious Metals

Are Investors Missing the Start of the Next Commodity Supercycle? | Morgan Lekstrom – NexMetals

Recommended

Emerita Resources Expands El Cura Drill Program By 10,000 Metres As Deposit Remains Open For Expansion

ESGold Signs MOU For Tailings Project In Colombia With Grades Up To 42 g/t Gold, 280 g/t Silver

Related News

CloudMD Closes Financing, Raising $3.02 Million In Aggregate

CloudMD Software & Services (CSE: DOC) this morning has closed the second and final tranche...

Monday, March 30, 2020, 02:10:06 PM

CloudMD Sells Several Assets At A Loss To Well Health

CloudMD Software & Services (TSXV: DOC) is apparently in the process of selling off certain...

Tuesday, October 11, 2022, 09:32:29 AM

CloudMD Closes Oversubscribed $20.8 Million Financing

CloudMD Software & Services (TSXV: DOC) this morning closed its previously announced short form prospectus,...

Tuesday, September 22, 2020, 08:57:21 AM

CloudMD’s Livecare Added To Approved Vendor Lists For Leading Government Associations

CloudMD Software & Services (CSE: DOC) this morning updated the market on the significant growth...

Thursday, April 30, 2020, 09:00:17 AM

Mark Kohler Appointed As Chairman of CloudMD

CloudMD Software & Services (CSE: DOC) this morning announced the appointment of Mark Kohler to...

Thursday, May 14, 2020, 09:34:34 AM