CloudMD Posts $8.8 Million In Revenue, $5.3 Million Net Loss For Q1 2021

CloudMD Software & Services Inc. (TSXV: DOC) last night released its Q1 2021 financial results, which saw the company post quarterly revenue of $8.8 million. This is an increase both from Q4 2020’s $5.8 million revenue and Q1 2020’s $3.1 million revenue.

The company primarily attributes the increase to its acquisition growth strategy. CloudMD completed 5 acquisitions during the quarter and 11 acquisitions in the last twelve months. 

Looking at the financials, the gross margin for the quarter was at 41%, up from 40% in Q4 2020 and 37% in Q1 2020. CloudMD also ended the quarter with a $5.3 million net loss, compared to a $5.2 million net loss last quarter and a $1.6 million net loss last year. This quarter’s loss translates to a $0.03 loss per share.

The company, however, expects the acquisitions completed during the quarter and the $58.2 million proceeds from a recent bought deal financing to reflect growth in the financial bottom line.

At the end of Q1, CloudMD has $99.2 million in cash and cash equivalents, $95.0 million of which is cash on hand. After closing the VisionPros and Oncidium acquisitions in June 2021, the company expects to have a cash balance of $35.0 million, an annual revenue run rate beyond $120 million, and positive adjusted EBITDA.

CloudMD Software & Services Inc. last traded at $1.85 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.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

CloudMD Telehealth Platform Increases Onboarding

CloudMD Software & Services (CSE: DOC) announced this morning that they are currently in the...

Monday, March 9, 2020, 07:52:56 AM

CloudMD To Acquire MindBeacon For $116 Million In Cash And Shares

CloudMD Software & Services (TSXV: DOC) appears to be taking a page out of Well...

Monday, November 15, 2021, 07:53:49 AM

CloudMD Enables Free Telehealth Solutions To 3,000 Healthcare Professionals

CloudMD Software & Services (CSE: DOC) is doing what it can to assist healthcare professionals...

Monday, March 16, 2020, 08:32:34 AM

Premier Health Announces Name Change To CloudMD

Premier Health Group Inc (CSE: PHGI) announced this morning that the company will be changing...

Thursday, February 20, 2020, 08:37:46 AM

CloudMD Widens Net Loss In 2021

CloudMD Software & Services Inc. (TSXV: DOC) released on Monday its Q4 and full-year 2021...

Tuesday, May 3, 2022, 09:32:00 AM