Cloud DX Inc. (TSXV: CDX) (OTCQB: CDXFF) has been selected by Medtronic Canada ULC to provide world-class virtual healthcare to Medtronic patients across Canada. Medtronic Canada, (www.medtronic.ca) headquartered in Brampton, Ontario, with regional offices in Montreal and Vancouver, is Canada’s largest medical technology company and a subsidiary of Medtronic plc (NYSE: MDT), a multi-billion dollar company, a global leader in medical technology, providing medical devices and therapies to more than 72 million people in 150 countries.
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This partnership advances Medtronic’s commitment to improving patient outcomes and reducing overall costs across the continuum of care. Medtronic Canada provides care in a wide range of clinical areas, including spinal and cardiac surgery, cardiology, critical care, diabetes, vascular and renal care. Most clinical areas are expected to improve patient outcomes and satisfaction with some aspect of virtual care in the future.
Cloud DX’s Connected Health™ remote patient monitoring platform is used by healthcare organizations and care teams across North America to virtually manage chronic conditions, enable aging-in-place, and provide hospital-grade post-surgical care at home. Its partners achieve better healthcare and better patient outcomes, reduce the need for hospitalization or readmission, and lower the costs of delivering healthcare through more efficient use of resources.
Cloud DX’s remote patient monitoring technology and services are exclusive to Medtronic and its pan-Canadian customer base. Initially, Medtronic is looking to integrate the Connected Health™ platform and associated services into perioperative pathways and complex chronic disease in Canada.
According to the agreement, a typical deployment would enroll a chronic or surgical patient on the Connected Health™ platform, generating recurring revenue, depending on the duration of the monitoring program. Cloud DX generates upfront revenue for kits prescribed to patients for home use, then monthly subscription fees per patient for software, services, and support. Additional revenue could also be generated from customizations, advice and special services, as needed.
Jessica Rudd, National Director of New Partnerships and Solutions at Medtronic Canada, said, “Medtronic is committed to partnering with Canadian SMEs to advance the Canadian life sciences ecosystem. Most importantly, Medtronic Canada is committed to meeting the needs of our Canadian healthcare system, and we are committed to enabling equitable access to patient care and empowerment and reducing the burden on our valuable health human resources. . However, we cannot do it alone. To that end, we are excited to enter into this exclusive partnership with Cloud DX and scale their innovative technology, thoughtful service model and excellent track record to deliver results to patients across the country..”
Among its many awards, Cloud DX is a co-winner of the Qualcomm Tricorder XPRIZE, winner of the 2021 Edison Prize, Fast Company “World Changing Idea” finalist and one of “Canada’s Top Ten Telehealth Providers”.
The shares are trading at $0.195. For more information, please visit the company’s website www.CloudDX.com and the company’s Investor Relations site ir.CloudDX.com/overview/default.aspx, contact Jay Bedard, Investor Relations , at 647-881-8418 or by email at [email protected]
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