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.