CloudMD advised of claims from certain suppliers to VisionPros » 07:1801/2401/24/22
CloudMD Software &…
CloudMD Software & Services is providing an update on its subsidiary, VisionPros, which was acquired on June 23, 2021. The Company has been advised of claims from certain suppliers to VisionPros for the repayment of rebates and reassessments for approximately $3.73M. The Claims arise from violations of existing distribution agreements VisionPros has with these suppliers and are in relation to the business conducted by VisionPros prior to its acquisition by CloudMD. The Company has strong relationships with these suppliers and is working cooperatively with them to assess the Claims and to negotiate the terms of new distribution agreements. CloudMD's Board of Directors has authorized the Audit Committee to conduct a comprehensive review of the Claims and the business of VisionPros. In connection with that review, the Audit Committee will consider, among other things, the amount of goodwill for this acquisition that will be reflected in the Company's annual financial statements for the year ended December 31, 2021. The Audit Committee will also review and assess the avenues available to the Company for recovery against the former owners of VisionPros in connection with the Claims, which would be in addition to the indemnification holdback of 1,090,909 shares and $3M of cash as provided in the definitive agreement for the acquisition. The Audit Committee has commenced its review and the Company will make further announcements as appropriate.
|Over a week ago|
CloudMD closes MindBeacon acquisition » 07:3501/1401/14/22
CloudMD announced the…
CloudMD announced the completion of the previously announced acquisition of MindBeacon Holdings, pursuant to a court-approved plan of arrangement. Pursuant to the Arrangement, former MindBeacon shareholders are entitled to receive $1.22 of cash plus 2.285 common shares of CloudMD for each common share of MindBeacon. Following completion of the Arrangement, CloudMD has 287,675,749 common shares issued and outstanding, of which approximately 19.1% are owned by former MindBeacon shareholders. MindBeacon's robust digital mental healthcare platform, combined with its network of over 500 licensed therapists and advanced clinical psychologists, offers a full continuum of care centered around providing users the freedom to choose how, when and where they engage with support. Over 50,000 people have been treated by MindBeacon's therapist assisted internet-based cognitive behavioural therapy, receiving help 5 times faster than traditional community mental health care1. MindBeacon's TAiCBT delivers impressive outcomes, with 82% of clients reporting self-improvement in mental health, and 67% reporting clinically significant improvement. Overall cost synergies, including MindBeacon, now exceed $4M. The companies have already started to integrate MindBeacon's healthcare solutions into CloudMD's broad continuum of care. Management anticipates that the acquisition will generate significant run-rate synergies beginning in the first quarter of this year. Such synergies are expected to be realized through cost rationalization, process integration and the scale of the combined organization. The complementary nature of the combined digital health offering is also expected to fuel product cross-selling opportunities to existing CloudMD and MindBeacon clients. In connection with closing of the Arrangement, CloudMD expanded its management team to include John Plunkett as EVP, Transformation and Strategic Planning and Adam Kelly as Chief Commercial Officer, with both positions reporting to Karen Adams. CloudMD intends to cause MindBeacon to delist its common shares from the Toronto Stock Exchange, to submit an application for it to cease to be a reporting issuer, and to otherwise terminate its public company reporting requirements as soon as possible thereafter.
|Over a month ago|
CloudMD graduates to the OTCQX » 07:3612/0612/06/21
CloudMD Software &…
CloudMD Software & Services is pleased to announce that it has qualified to trade on the OTCQX Best Market. CloudMD begins trading today on OTCQX under the symbol "DOCRF". U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
Sun Life Financial, CloudMD partner to expand Mental Health Coach services » 07:4511/2911/29/21
The need to support…
The need to support Canadians and their mental health has never been greater. To help more people access care, Sun Life is expanding its partnership with CloudMD, the creators of Mental Health Coach. Following a successful seven-month pilot program, Sun Life will begin rolling out Mental Health Coach as part of its Group Benefits offering. Despite many Canadians experiencing mental health issues, a Sun Life study found over half are not seeking medical care. Cost, access, and feelings of embarrassment are the top barriers to blame. Sun Life and CloudMD are bridging the gap with Mental Health Coach. The service uses data analytics to identify Clients who are at risk of developing a mental health issue. It then proactively reaches out to guide Clients to the right resources and support. A Mental Health Coach team member meets virtually or by phone with the plan member. They walk the plan member through a mental health assessment and create a personalized plan based on the benefits available to them. The Mental Health Coach service monitors the plan members' progress and provides regular check-ins. They offer feedback and encouragement and can re-assess the plan member at any point in their journey. During the pilot, Sun Life worked closely with CloudMD to test and refine the Mental Health Coach service. Findings from the Mental Health Coach pilot include: 89% of those experiencing depression and 91% of those experiencing anxiety noticed 'major improvements'. 73% said they have a better understanding of their benefits. 82% said they would recommend the service based on their own experience. 46% increase in plan members utilizing their mental health benefits for the first time.
CloudMD price target lowered to C$3 from C$3.50 at Canaccord » 11:4311/1611/16/21
Canaccord analyst Doug…
Canaccord analyst Doug Taylor lowered the firm's price target on CloudMD to C$3 from C$3.50 and keeps a Speculative Buy rating on the shares.
CloudMD acquiring MindBeacon » 06:1511/1511/15/21
CloudMD and MindBeacon…
CloudMD and MindBeacon have entered into a definitive arrangement agreement under which CloudMD will acquire all of MindBeacon's issued and outstanding common shares for a combination of cash and shares valued at approximately $116M. Each common share of MindBeacon will be exchanged for $1.22 of cash and 2.285 common shares of CloudMD. The implied offer price of $4.78 and premium of 49% is based on the 7-day volume weighted average price of the common shares of MindBeacon as of November 12. MindBeacon is a digital mental healthcare platform that provides a continuum of care, focusing on iCBT, a therapy provided through a computer or a mobile device. MindBeacon has relationships across a spectrum of B2C and B2B distribution channels. The addition of MindBeacon to CloudMD is expected to be immediately synergistic. MindBeacon's mental health services will be integrated into CloudMD's Comprehensive Integrated Health Services Platform. CloudMD expected to have an annualized revenue run rate of $185M and gross margin of approximately 35%. Identified immediate cost synergies exceeding $2M. The total transaction consideration is comprised of approximately $29.5M in cash and 55.5 million common shares of CloudMD. The implied purchase price is approximately $116M or $4.78 per share. On completion, shareholders of MindBeacon will hold approximately 18.8% of pro forma CloudMD. The transaction has been unanimously approved by the Boards of Directors of both companies.
CloudMD reports preliminary Q3 revenue C$38M-C$40M » 08:3811/0911/09/21
The three months ended…
The three months ended September 30, 2021 is the first quarter the Company will fully recognize the financial results from all announced acquisitions, with the two largest acquisitions having closed near the end of June 2021. Based on its preliminary results, the Company anticipates revenue to be in range of $38 million to $40 million with positive Adjusted EBITDA for the quarter. CloudMD has also increased its annualized revenue run rate from $140 million to $155 million.
CloudMD partner with Apotex Latinoamerica to drive expansion of health education » 07:5311/0311/03/21
CloudMD Software &…
CloudMD Software & Services announces an expanded partnership with Apotex, a Canadian-based global pharmaceutical company, to provide Apotex Latinoamerica with its IMD Health digital education resource platform to support doctors, patients and individuals in Latin America and provide access to its database of health educational resources. The IMD platform will be available in Mexico, Costa Rica, Panama and Nicaragua. CloudMD and Apotex Latinoamerica have partnered to provide better access to healthcare resources for doctors and patients in Latin America. The partnership focuses on two core platforms: an integration into a Apotex-operated physician web portal and, integration into a public facing web portal. CloudMD's educational platform will provide access to peer-reviewed healthcare resources that will assist and support doctors and patients throughout their care journey. The platform has developed Spanish as a core language option on the offering which provides further opportunities for global expansion. Dr. Essam Hamza, CEO of CloudMD commented, "We are excited to announce an expansion of our partnership with Apotex into Latin America. Our IMD Health education platform has a robust database, and we feel very fortunate to be able to provide credible, trusted healthcare resources to practitioners and patients to support their health needs."
|Over a quarter ago|
CloudMD receives U.S. patent approval for Real Time Intervention Platform » 07:4410/2710/27/21
CloudMD Software &…
CloudMD Software & Services is pleased to announce that through its subsidiary, IDYA4 LLC., it has received U.S. Patent Approval for its Real Time Intervention Platform which is the technology backbone for CloudMD's comprehensive healthcare platform that addresses all points of a patients care from one, connected platform. Given the continued rapid growth of the Company, receiving patent approval is both timely and very important for CloudMD, as it protects its proprietary intellectual property. This technology connects and integrates the Company's capabilities and supports a data exchange across primary care, mental health, specialists, rehabilitation, occupational health, and education, providing a holistic approach to managing the health and wellness of individuals. CloudMD is targeting the employer market with its comprehensive healthcare platform and has already onboarded over 260,000 individuals who are receiving customized health plans. A key component of this technology is the ability to report data, analytics and outcomes to measure the success of programs securely with all the required privacy controls. This connected approach to care is already receiving positive outcomes with a net promoter score of 78% and results where 91% of reassessed individuals with depression showing improvement and 89% of reassessed individuals with anxiety showing symptom improvement.
CloudMD adds health and wellness coaching to Integrated Health Services Platform » 07:3410/1310/13/21
CloudMD Software &…
CloudMD Software & Services announced that it has added health and wellness coaching services to its proprietary Integrated Health Service Platform. The company said, "This platform utilizes health coaches and technology to create engagement with a focus on ongoing support for prevention, intervention and return to function. It is also one of the only platforms that offers the user tools and treatment for at work, casual absence and disability. CloudMD is committed to helping individuals understand health issues with a focus on engagement and ability to support through prevention, intervention and return to function. Employers are now focused on ensuring that individuals have access to group benefits that shift from self-selection to full-service navigation. The Integrated Health Services Platform makes it easy for individuals to access the widest range of digital health and wellness through journeys that are actively guided by health and wellness Nurse Navigators and/or Nurse Coaches. This revolutionary platform differentiates itself with the engagement workflow and analytic supporting health outcomes. The platform connects individuals to all of their health and wellness needs by providing industry-leading services including primary care, access to specialists, complex care navigation, mental health risk assessment, mental health services, employee assistance programs, occupational health services, learning/education, provider search, remote testing services, and much more through a single platform. Powered by several of CloudMD's proprietary and wholly-owned technology assets and its multidisciplinary team, the platform provides a holistic, team-based approach resulting in better access to care and improved outcomes. Since launching the Integrated Health Services Platfor in April 2021, over a quarter million individuals already have access to the platform and are receiving personalized navigation and care." In addition, the Company announces it has engaged Native Ads to provide strategic digital media services, marketing, and data analytics services. The Company has agreed to pay Native Ads C$150,000 in consideration for the services to be provided. Native Ads will not receive any securities of the Company as compensation for the services. The Company has also engaged Grit Capital for a 24 week marketing and advertising campaign and has agreed to pay Grit $100,000 in consideration for the marketing services provided. Grit will not receive any securities of the Company as compensation for the services.