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CloudMD Reports 2023 Results for the Full Year and Fourth Quarter By Investing.com

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  • Full year 2023 revenue of $90.9 million compared to $99.4 million in 2022, and $90.5 million compared to $86.7 million on a normalized basis, excluding one-time COVID mandates.
  • Q4 2023 gross profit margin1 of 39.7% was relatively flat compared to Q3 2023 and improved 380 bps from the prior year.
  • Q4 2023 Adjusted EBITDA1 loss of $1.4 million compared to a gain of $0.6 million in the previous quarter, annual improvement of $7.2 million compared to prior year.
  • Net loss from continuing operations of $60.3 million in Q4 2023, reflecting asset impairment charges of $59.9 million.
  • Cash and cash equivalents including restricted cash of $11.4 million at the end of 2023.
  • Signed $9.5 million of multi-year contracts in 2023 which represent annual recurring revenue.
  • Additional cost reductions of $1.0 million annualized were actioned in Q4 2023, resulting in a total of $11 million in direct total cost reductions actioned in 2023.

TORONTO, May 15, 2024 (GLOBE NEWSWIRE) — CloudMD Software & Services Inc. (TSXV: DOC, Frankfurt: 6PH) (the Company or CloudMD), an innovative health services company transforming the delivery of care, announces its financial results for the fourth quarter and year ended December 31, 2023. All financial information is presented in Canadian dollars unless otherwise indicated.

Fourth Quarter 2023 Financial Highlights

  • Q4 2023 revenue of $21.9 million, compared to $22.9 million in the prior quarter and $22.3 million in Q4 2022. Adjusting for one-time Covid-19 mandates, the Company generated 4.4% organic revenue growth year to date compared to the prior period.
  • Q4 2023 gross profit margin1 was 39.7% compared to 39.8% in the prior quarter and 35.9% in Q4 2022. Gross margin was relatively flat quarter over quarter and improved 380 bps compared to the same period in 2022 due to realized efficiency gains in the cost of delivery.
  • Q4 2023 Adjusted EBITDA1 was a loss of $1.4 million, compared to Adjusted EBITDA1 of $0.6 million in the prior quarter and ($1.9) million in Q4 2022. The decrease in Adjusted EBITDA1 from Q3 2023 was largely driven by one time out of period adjustments and non-cash charges taken in the fourth quarter. The improvement from the prior year was driven by continued improvements of margins across the business and continued cost control.
  • Net loss from continuing operations in Q4 2023 was $60.4 million compared to a loss from continuing operations of $7.6 million in the prior year, largely driven by an impairment charge of $59.9 million in the…

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