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CLOUDMD SOFTWARE+SERVICES (6PH.MU)

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  • CloudMD to Acquire Oncidium, One of the Largest Healthcare Providers to the Employer Market in Canada
    GlobeNewswire

    CloudMD to Acquire Oncidium, One of the Largest Healthcare Providers to the Employer Market in Canada

    Increases CloudMD’s annualized revenue run rate to over $120 million with positive Adjusted EBITDAOncidium is one of Canada’s leading health management companies with a loyal client base of over 500 corporate and public sector clients across various industriesThis transformative acquisition expands CloudMD’s National footprint to include 5,500 clients, 8,500 direct healthcare providers and over 5 million individual lives touchedThe $100 million transaction value (including the full performance-based earnout) represents CloudMD’s largest acquisition to date; upfront consideration implies a valuation multiple of ~1.8x last twelve months (“LTM”)1 salesOncidium has a strong financial profile with LTM revenues of $37 million, Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)2 margin of 14% and a current 4-month revenue run rate3 in excess of $40 million annualizedOncidium has significant growth projections with 3-year revenue CAGR of more than 30% and a blue-chip client base that includes many of Canada’s Fortune 500 CompaniesThe employer market is the fastest growing area in healthcare spending and is expected to grow 130% by 20254This acquisition accelerates the positioning of CloudMD as the leading service provider in the employer market and creates opportunities for synergies and cross sale of existing servicesCloudMD will host a webinar today to discuss the acquisition at 11am EST (8am PST) VANCOUVER, British Columbia, April 08, 2021 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a healthcare technology company revolutionizing the delivery of care, is excited to announce that it has signed a binding agreement to acquire Oncidium Inc. (“Oncidium”), one of Canada’s leading healthcare providers to employers. Oncidium has built a difficult-to-replicate ecosystem of over 500 clients, more than 1,000 health care providers and medical assessors, and its clients with over 2 million employees across the country. The employer market vertical is the fastest growing area in healthcare and this acquisition makes CloudMD a Canadian leader in the space. Built on over 20 years of experience in the employer health market, Oncidium is one of Canada’s leading health management companies with clients from a number of Canada’s Fortune 500 Companies. Oncidium’s services focus on reducing occupational absence by delivering solutions that improve the health and wellness of employees. Oncidium’s services include solutions that support absentee management, short-term and long-term disability, workers’ compensation claims management, mental health assessment and evaluation services that focus on prevention, accommodation, and recovery. Oncidium’s services are delivered virtually, on-demand and on-site through its network of over 1,000 healthcare professionals, assessors and medical centers nationally. The acquisition of Oncidium aligns with CloudMD’s strategy of providing whole-person care and will fit into its connected healthcare platform. Oncidium’s solution will be a key component of the Company’s Enterprise Health Solutions (“EHS”) Division and will provide complementary services to the Company’s already established employer base. This will enable CloudMD to provide a comprehensive EHS solution to the combined network of over 5,500 clients and 5 million employees across North America. The addition of Oncidium will immediately be synergistic for a number of key reasons: Instantly accretive to CloudMD with LTM revenues of $37 million and Adjusted EBITDA margin exceeding 14% with current 4-month annualized revenue run rate in excess of $40 millionOn a consolidated basis, CloudMD will have an annualized revenue run rate in excess of $120 million, overall gross margin of 35% and achieve positive Adjusted EBITDADrives revenue and margin expansion for the Enterprise Health Solutions division5 with annualized revenue run rate of $53 million, Adjusted EBITDA of +10% and a healthy gross margin of 40%Rapidly growing business in the fastest growing segment of the Canadian healthcare spaceCross selling opportunities through a combined network of 5,500 loyal corporate clients and over 5 million livesIncreases CloudMD’s capabilities to include additional employer health servicesCompetitive advantage to industry peers with comprehensive platform, addressing whole-person healthcare through assessment, triage and support across mental health, specialist care, healthcare navigation, short-term and long-term support and educational resources Dr. Essam Hamza, CEO of CloudMD commented, “This transformative acquisition was another highly strategic decision and part of our overall product roadmap and positions CloudMD as a leader in the employer healthcare market. The Oncidium team has built an incredible healthcare offering and the company has become one of the leading health services provider to the employer marketplace. I am incredibly excited for our future growth as we continue building out our healthcare capabilities that now includes: brick-and-mortar clinics, allied care, virtual care, a leading mental health solution, direct-to-consumer offerings and a robust and expansive Enterprise Health Solutions division. We are uniquely positioned to deliver and drive shareholder value.” Karen Adams, Chief Health Innovation Officer & Global Head of Enterprise Health Solutions added, “We have already identified immediate synergies which will drive further revenue and margin growth and we will continue to unlock growth opportunities throughout the integration. This acquisition allows us to take the leadership position in the employer market with a fully-integrated product offering which addresses all aspects of employee health and wellness and ensures optimization of employer spend.” Dr. Lu Barbuto, CEO of Oncidium commented, “The trend lines in Canada and across the industrialized world are clear: the employer is increasingly absorbing employee healthcare costs and is becoming more engaged in managing the related costs and outcomes. We believe that there will be tremendous opportunities for existing CloudMD services to be delivered to Oncidium’s excellent employer client base, so that collectively we can continue to support their growing needs. With the CloudMD team, I look forward to continuing to develop, expand and deliver science based precision health solutions to Employers that will in turn improve the lives of Canadians.” Terms of Acquisition In consideration for the purchase of 100% of the outstanding securities of Oncidium, CloudMD has agreed to pay shareholders of Oncidium: (i) $30 million in cash, subject to applicable working capital adjustments; (ii) $38 million in common shares of the Company at a deemed price of $2.30 per common share; and (iii) a performance-based earnout of up to $32 million over a 3 year period, which is payable in cash or common shares of the Company, at the sole discretion of CloudMD at the time of the earnout. The common shares will be subject to certain contractual restrictions on trading for a period of up to 30 months from the date of issuance. CloudMD intends to fund the cash portion of the upfront consideration with cash on hand and/or debt. The upfront portion of the consideration implies a valuation of ~1.8x LTM Sales and ~13.1x LTM Adjusted EBITDA. The total transaction value (including full performance-based earnout) carries an implied valuation of ~1.5x Sales and ~8.1x Adjusted EBITDA. The acquisition is subject to customary closing conditions, including TSX Venture Exchange approval. The closing of the transaction is expected to occur during the first half of June 2021. Echelon Capital Markets (a member of Echelon Wealth Partners Inc.) is acting as exclusive financial advisor to CloudMD in connection with the transaction. CloudMD Acquisition of Oncidium Webinar Investors are invited to participate in a live webinar with CloudMD management to discuss the acquisition and ask questions. Date and Time: April 8, 2021 at 11am EST (8am PST) Webcast link: https://edge.media-server.com/mmc/p/io6nnw2q If investors would like to participate via telephone, use the dial-in numbers below: Participant Toll-Free Dial-In Number:(833) 562-0117Participant International Dial-In Number:(661) 567-1009Passcode:1067246 A presentation will be made available on the Company’s website following the webinar. About CloudMD Software & Services CloudMD is digitizing the delivery of healthcare by providing a patient centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, educational resources and artificial intelligence (AI). CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 2.5 million individuals across North America. CloudMD’s Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for corporations, insurers and advisors to better manage the health and wellness of their employees and customers. For more information visit: www.cloudmd.ca. ON BEHALF OF THE BOARD OF DIRECTORS “Dr. Essam Hamza, MD"Chief Executive Officer FOR ADDITIONAL INFORMATION CONTACT: Julia Becker VP, Investor Relationsjulia@cloudmd.caTel: (604) 785-0850 Forward-Looking Statements This news release contains forward-looking statements, including statements regarding projected revenue, completion of the Oncidium acquisition, future business synergies and cost savings. Such forward-looking statements are based on CloudMD’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including the expectations regarding closing of the Oncidium acquisition and the ability of the Company to carry out its business plans. Although CloudMD believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results, including revenue projections, may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and CloudMD undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law. In addition, this news release contains information, including financial information, pertaining to an acquisitions that is at an early stage and which is not codified in a definitive agreement. As a result there is no assurance that any proposed acquisition will be completed upon the terms described. Non-GAAP and Non-IFRS Measures This press release refers to “Adjusted EBITDA” and “Adjusted EBITDA margin” which are non-GAAP and non-IFRS financial measures that do not have a standardized meaning prescribed by GAAP or IFRS. The Company’s presentation of these financial measures may not be comparable to similarly titled measures used by other companies. These financial measures are intended to provide additional information to investors concerning the Company’s and Oncidium’s performance. Adjusted EBITDA reference herein relates to earnings before interest, taxes, depreciation, amortization, stock-based compensation, financing-related costs, acquisition-related costs, litigation costs and loss provision, loss from discontinued operations and other non-recurring items. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percent of total revenue. Adjusted EBITDA and Adjusted EBITDA margin are Non-IFRS measures the Company uses as an indicator of financial health and excludes several items which may be useful in the consideration of the financial condition of the Company and Oncidium, as applicable, including interest expense, income taxes, depreciation, and amortization. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. __________________ 1 LTM represents the period from March 1, 2020 to February 28, 2021.2 Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measure as described in the Non-GAAP and Non-IFRS Measures section of this news release.3 4-month revenue run rate represents the period from November 1, 2020 to February 28, 2021.4 https://www.mercer.ca/en/our-thinking/rising-employee-healthcare-costs.html5 Enterprise Health Solutions Division plus Re:Function Health Group, a rehabilitation clinic network for enterprise clients, insurers and corporation

  • CloudMD Closes Acquisition of Aspiria, and Launches Focused Mental Health Support Solution in North America for Employers and Students
    GlobeNewswire

    CloudMD Closes Acquisition of Aspiria, and Launches Focused Mental Health Support Solution in North America for Employers and Students

    Combined Network of 3 Million Patient Lives and 7,500 Psychologists and Psychotherapists Aspiria is a leader in Student Assistance and Employer Programs and serves over 750 organizations, with 1 million employees, students, and their families, in Canada and internationallyFully integrated Mental Health Solutions offering including HumanaCare, Aspiria and Snapclarity, providing more than 3 million employees and students with access to the digital mental health platformEnsure employees and students receive access to traditional Employee Assistance Program services as well as virtual access to multidisciplinary services such as Internet-based Cognitive Behavioural Therapy (iCBT), Women’s Mental Health, Oncology support as well as other solutions tailored to moderate and chronic mental healthAnticipated annual pro forma revenue growth rate of over 20% across Enterprise Health Solutions (“EHS”) division with fully realized cost saving synergies of $500,000 per year VANCOUVER, British Columbia, April 06, 2021 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a digital healthcare technology company revolutionizing the delivery of care, is pleased to announce that it has closed the previously announced acquisition of Aspiria Corp. (“Aspiria”), a company that provides an integrated Employee (“EAP”) and Student Assistance Program (“SAP”), that focuses on a comprehensive suite of mental health and wellness solutions for all employer and educational sectors. Aspiria currently serves over 750 organizations, with 1 million employees, students, and their families, in Canada and internationally. With the acquisition of Aspiria, CloudMD now has the fourth largest EAP platform in Canada, with a combined network of over 7,500 psychologists and psychotherapists covering over 3 million lives. The addition of Aspiria to CloudMD’s EHS Division is immediately synergistic and will contribute to the division’s healthy gross margins, and an organic growth rate of over 20%. CloudMD continues to expand its footprint into specialized segments, scale its operations, and drive revenue and profitable growth across its EHS Division. With the addition of Aspiria, the Company has launched a focused mental health solution that ensures employees and students receive access to traditional EAP services as well as virtual access to multidisciplinary services such as iCBT, Women’s Mental Health, Oncology support as well as other solutions tailored to mild, moderate and chronic mental health issues. The integrated mental health solution combines HumanaCare, Aspiria and Snapclarity and provides students and employees across North America access to the digital mental health platform to support all mental health issues. The platform includes a suite of digital tools, combined with a traditional short-term counselling model designed by clinicians and grounded in evidence-based practices that are proven to positively impact outcomes. Individuals have access to assessment and triage, navigation and care via web, mobile chat/text and telephone. Chronic mental health will be assessed and triaged to the appropriate care optimizing group benefit programs and improving outcomes. As part of the combined mental health support solution, employees, students and members have immediate access to a market-leading iCBT program. When combined with CloudMD’s other mental health support services, and as part of a streamlined EAP experience, iCBT provides additional opportunities for virtual service delivery to deliver the best possible mental wellbeing outcomes to individuals. The Company continues to focus on the integration of all its healthcare technology solutions to provide a connected healthcare ecosystem that addresses all points of a patient healthcare journey. Leveraging its Real Time Intervention Platform (“RTIP”), the Company will continue rolling out programs like the mental health support solution and the Substance Use Disorder program across North America to help mitigate the growing mental health crisis. Karen Adams, Chief Health Innovation Officer and Global Head of Enterprise Health Solutions commented, “We are very excited to close the acquisition of Aspiria and welcome the team to our EHS Division. The addition of Aspiria enables us to support employers with the launch of our integrated mental health support solution, providing individuals access to important assessment and triage to navigate their mental health issues with the right treatment plan. Rising mental health issues in the workplace requires an expansion of what employers currently understand as EAP which includes more assessments, comprehensive treatment plans and progressive measurement empowering people to get the help they need and in turn reduce casual absenteeism and disability within organizations.” Terms of Acquisition In consideration for the purchase of 100% of the outstanding securities of Aspiria, CloudMD has paid shareholders of Aspiria aggregate consideration of $3 million payable as follows: (i) $1.2 million in cash, subject to a working capital adjustment; (ii) $1.05 million in common shares of the Company; and (iii) a performance-based earnout of $0.75 million, which is payable in common shares of the Company after a period of 1 year. All common shares issued pursuant to the acquisition will be issued at a deemed price of $2.28 per common share. For full terms see press release dated January 18, 2021. About CloudMD Software & Services CloudMD is digitizing the delivery of healthcare by providing a patient centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, educational resources and artificial intelligence (AI). CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 3 million individuals across North America. CloudMD’s Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for corporations, insurers and advisors to better manage the health and wellness of their employees and customers. For more information visit: www.cloudmd.ca. ON BEHALF OF THE BOARD OF DIRECTORS “Dr. Essam Hamza, MD"Chief Executive Officer FOR ADDITIONAL INFORMATION, CONTACT: Julia Becker VP, Investor Relationsjulia@cloudmd.caTel: (604) 785-0850 Forward-Looking Statements This news release contains forward-looking statements that are based on CloudMD’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to its business plans. Although CloudMD believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results, including revenue projections, may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and CloudMD undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

  • CloudMD to Participate in Upcoming Laurentian Bank and Bloom Burton & Co. Investor Conferences
    GlobeNewswire

    CloudMD to Participate in Upcoming Laurentian Bank and Bloom Burton & Co. Investor Conferences

    VANCOUVER, British Columbia, April 05, 2021 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a healthcare technology company revolutionizing the delivery of care, is pleased to announce that the Company has been invited to participate in the upcoming Laurentian Bank Securities and Bloom Burton & Co. investor conferences. Laurentian Bank Securities Annual Institutional Investor Conference (April 6-9, 2021) Thursday April 8, 2021 at 12:45pm EST (9:45am PST) – Diversified Technology Track Dr. Essam Hamza will be participating on a panel discussion titled, Digital Healthcare: Where To From Here?. Members of management will also be participating in one-on-one investor meetings. Investors should contact a Laurentian Bank Securities representative for more information and to schedule one-on-one meetings with management. Bloom Burton & Co. Annual Healthcare Investor Conference (April 20-21, 2021) Tuesday April 20, 2021 at 3:00pm EST (12:00am PST) – Track 2 Dr. Essam Hamza will be presenting the Company and providing an update on the business via a webinar. Members of management will also be participating in one-on-one investor meetings during the conference. For more information and to register for the event, visit the Bloom Burton & Co. conference page. About CloudMD Software & Services CloudMD is digitizing the delivery of healthcare by providing a patient centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, educational resources and artificial intelligence (AI). CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 2.5 million individuals across North America. CloudMD’s Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for corporations, insurers and advisors to better manage the health and wellness of their employees and customers. For more information visit: www.cloudmd.ca. ON BEHALF OF THE BOARD OF DIRECTORS “Dr. Essam Hamza, MD" Chief Executive Officer FOR ADDITIONAL INFORMATION CONTACT: Julia Becker Vice President, Investor Relations Email: julia@cloudmd.ca Tel: 604-785-0850 Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.