The Vancouver-based provider of virtual health care and practice-management software spent over $9 million more than the $27.5 million in revenue it reported making in its third quarter. CEO Karen Adams said that “the end of one-time mandates and COVID-related government contracts … overshadowed the growth and resilience of our recurring revenue core business.” (The Logic)
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The Vancouver-based provider of virtual health care and practice-management software spent over $9 million more than the $27.5 million in revenue it reported making in its third quarter. CEO Karen Adams said that “the end of one-time mandates and COVID-related government contracts … overshadowed the growth and resilience of our recurring revenue core business.” (The Logic)
Talking point: The biggest hit in CloudMD’s quarterly results was an $83.9-million cut to its valuation of several of its divisions; CloudMD’s enterprise health division took a $62.8-million impairment in the process. The company paid $116 million for mental-health platform MindBeacon a year ago and didn’t write down its value in its latest results, but the balance sheet now lists the entire value of CloudMD to shareholders at just under $126.8 million. The company said it’s found $10 million in annual spending reductions that will start showing results early next year.
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