CloudMD Posts Record Revenues of $3.1 Million
CloudMD Software & Services (CSE: DOC) this morning released its first quarter 2020 financials, reporting record revenues of $3.1 million at a gross margin of 41%, an increase of 178% on a year over year basis.
The firms revenues consisted of $2.6 million within its clinic services and pharmacies division, while $0.4 million came from its SAAS model digital services. After deducting physician fees and costs of goods sold, the company saw a gross profit of $1.3 million.
Associated operating expenses during the quarter totaled out at $3.0 million, with wages and salaries being the highest expense at $1.2 million, followed by stock based comp at $0.4 million and professional fees at $0.4 million. The company posted a net loss of $1.6 million for the three month period ended March 31, 2020.
Looking towards the balance sheet, the company saw its cash position improve to $2.8 million from that of $1.7 million, bolstered by a $3.0 million financing conducted during the period. Prepaid expenses also increased, from $0.3 million to $0.8 million. Total current assets improved over the course of the quarter from $3.4 million to $4.8 million.
Liabilities also increased however, with accounts payable growing from $0.9 million to $1.8 million. Other current liabilities grew slightly, from $0.9 million to $$1.1 million. Total current liabilities grew from $2.6 million to $3.9 million.
It should also be noted that subsequent to the quarter the company saw several positive developments, including a $13 million financing to be clsoed tomorrow, along with a significant partnership with Save-On-Foods and Pure Integrative Pharmacies.
CloudMD last traded at $0.83 on the CSE.
FULL DISCLOSURE: CloudMD Software & Services is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover CloudMD Software & Services on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
