Cloud DX Receives $770,000 Order for New Technology Devices and Services

February 7, 2024 - 7:00 AM PST
Cloud DX Receives $770,000 Order for New Technology Devices and Services

The Company intends to deliver up to 300 Vitaliti™ Continuous Vital Sign Monitor Systems for a Groundbreaking Multi-Site Academic Study of Post-surgical Patients in 2024

News in Summary

  • Cloud DX is expected to deliver production-quality Vitaliti™ Continuous Vital Sign Monitors (CVSM) and related software under a Health Canada Investigational Testing Authority (ITA) approval
  • The Purchase Order includes a 50% deposit, with the balance paid on delivery in Q2 2024
  • Vitaliti is the winner of the Edison Award, Fast Company ‘World Changing Idea' award and the Qualcomm Tricorder XPRIZE Bold Epic Innovator Award, among other accolades.
  • Vitaliti CVSM systems are the subject of several published scientific papers including in the Journal of Medical Internet Research (JMIR) and the Canadian Journal of Cardiology (CJC)
  • Cloud DX has announced over $2.5 million CAD in new business since January 1, 2024

KITCHENER, ON / ACCESSWIRE / February 7, 2024 / Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leading North American provider of virtual care and remote patient monitoring platforms announces that on February 6th, 2024 it received a purchase order (PO) for up to 300 advanced Vitaliti™ Continuous Vital Sign Monitor Systems and related software, valued at approximately $770,000 CAD. As of September 30, 2023 Cloud DX reported gross margins of approximately 77%.

The units will be manufactured at the Company's Kitchener ON facility and are expected to be delivered by the end of Q2 2024. The PO specifies a 50% deposit with the balance to be paid upon delivery.

These patented and patent-pending Vitaliti units are expected to be deployed in multi-site studies of post-operative patients, with the first conducted under a Health Canada ITA in advance of full Health Canada license and FDA clearance. Patients will be followed at home after surgery, and Vitaliti data will be used to train generative artificial intelligence (AI) algorithms that are expected to predict and avoid adverse healthcare outcomes.

Vitaliti is the subject of peer-reviewed academic papers, demonstrating the system's accuracy when measuring continuous non-invasive blood pressure, and its competitive place in the continuous multi-parameter monitoring landscape, respectively, including: "Continuous Noninvasive Remote Automated Blood Pressure Monitoring with Novel Wearable Technology: A Preliminary Validation Study", JMIR mHealth and uHealth, Vol 10, No 2 (February 2022) and "Beyond Wellness Monitoring: Continuous Multiparameter Remote Automated Monitoring of Patients", Canadian Journal of Cardiology, Volume 38, Issue 2, P267-278, February 2022.

Figure 1. Vitaliti System Prototype.

Vitaliti Facts: Each light weight Vitaliti system consists of a main unit that attaches to the chest, ECG leads and an advanced earpiece with multiple sensors for heart rate, pulse oxygen and temperature; up to 72 hours of continuous use; advanced 2-lead ECG with 3 additional leads for full 5-lead ECG data; continuous non-invasive blood pressure without a cuff; pulse oxygen, heart rate, respiration rate, core body temperature and 3-axis accelerometer and gyroscope data; and generative AI algorithms that can detect cardiac anomalies, atrial fibrillation and predict negative health outcomes in time for clinicians to intervene. Vitaliti is designed to complement the best-in-class Cloud DX Connected Health™ kits now used for periodic monitoring of vital signs and comprehensive virtual care across North America.

So far in 2024, Cloud DX Cloud DX has announced 7 contracts/orders valued in excess of $2.5 million CAD, including with Health PEI, Markham Stouffville Hospital and VHA Home HealthCare.

Cloud DX CEO and Founder Robert Kaul stated. "This initial order for advanced Vitaliti CVSM systems is an important milestone for Cloud DX. We first introduced Vitaliti as the core element of our XPRIZE-winning Tricorder in 2017. We then went back to a clean sheet of paper and re-designed Vitaliti to become one of the most accurate and effective continuous vital sign monitor solutions in the world. This first deployment of Vitaliti in a highly-regarded, multi-site, multi-year clinical study will move forward the state of the art in virtual care while also gathering data required for Health Canada and FDA regulatory approvals."

Investor Conference Videos Now Available

Cloud DX CEO Robert Kaul presented a Zoom webinar on January 17, 2024, at 4:00 PM Eastern Time (US and Canada). A recording of his presentation can be seen HERE.

The Maxim Group (NYC) held their Annual Healthcare IT Virtual Conference on Wednesday January 24th, 2024, with 18 companies presenting. Investors can see the Cloud DX presentation HERE.

About Cloud DX

Accelerating digital healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health™ remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, winner of "2022 Top Innovator" from Canadian Business, a 2021 "Edison Award" winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers." Cloud DX is an exclusive partner to Medtronic Canada and Teladoc Health Canada.

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Officer responsible for this Press Release:
Robert Kaul

Chief Executive Officer

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Forward Looking Statements

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Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the Company's the ability of the Company to fulfill the terms of and derive the benefits from the contract extension.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.

À propos de Cloud DX

Accélérant les soins de santé virtuels, Cloud DX a pour mission d'améliorer les soins de santé pour tous. Notre plateforme de surveillance à distance des patients Connected HealthMC est utilisée par des entreprises de soins de santé et des équipes de soins partout en Amérique du Nord pour gérer virtuellement les maladies chroniques, permettre aux gens de vieillir chez eux et fournir des soins post-chirurgicaux de qualité hospitalière à domicile. Nos partenaires obtiennent de meilleurs résultats pour les soins de santé et les patients, réduisent le besoin d'hospitalisation ou de réadmission, et réduisent les coûts de prestation des soins de santé grâce à une utilisation plus efficace des ressources. Cloud DX est co-lauréate du prix Qualcomm Tricorder XPRIZE, lauréate du prix Edison 2021, finaliste du concours « World Changing Idea » de Fast Company et un des dix plus importants fournisseurs de télésanté au Canada.

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SOURCE: Cloud DX Inc.

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Source: ACCESSWIRE (February 7, 2024 - 7:00 AM PST)
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