SELECTED FINANCIAL HIGHLIGHTS

SELECTED FINANCIAL HIGHLIGHTS

VANCOUVER, British Columbia, Aug. 31, 2020 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the Company or CloudMD), a telehealth company revolutionizing the delivery of healthcare to patients, announced its financial results for the second quarter ending June 30, 2020. All financial information is presented in Canadian dollars unless otherwise indicated.

Dr. Essam Hamza, CEO of CloudMD commented, We are currently in the worst public health crisis of our lifetime and as a front line physician for over 20 years I acutely understand the toll it is taking on our healthcare system and the importance of access to quality health care. Our CloudMD platform is well equipped to increase access through the availability of our seamless virtual care solutions that allow patients to access quality health care from anywhere. I am pleased with our Q2 results which was highlighted by an oversubscribed $15 million bought deal financing and continued growth across our telemedicine platform. Q2 was a strong quarter for CloudMD and positioned us for increased momentum in Q3 and Q4 of this year. Despite the devastating impact of COVID-19 on the global economy, our revenue and margins were consistent with consensus expectations and we ended the quarter with a very strong cash position. The funds raised provide a warchest of capital which we have already started deploying on accretive acquisitions both on synergistic technologies and brick and mortar practices across North America. We are well funded to capitalize on the significant growth of the sector and will continue to engage patients and empower health practitioners across North America with the back-to-school and flu season ahead.

On behalf of the Board, we congratulate Dr. Hamza and his team for their exceptionally energetic and purposeful efforts these past months, and for bringing phenomenal progress to our Company as reflected in these financial disclosures. The advent of the oversubscribed bought deal equity financing and its completion in June 2020, has also now armed our Company with a strong cash position and the foundation on which we will continue to allocate capital towards those growth opportunities that will deliver the highest returns for our shareholders, stated Mark Kohler, CloudMDs Chairman of the Board.

Q2 2020 Financial Highlights

Other Q2 Highlights and Events Subsequent to the Quarter

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e938b7af-621d-40ef-b1dc-bc0d3912f60a

Certain information provided in this news release is taken from the unaudited interim Financial Statements and Managements Discussion & Analysis (MD&A) of the Company for the six months ended June 30, 2020 and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the unaudited interim Financial Statements and MD&A that an investor can properly analyze this information. The Financial Statements and MD&A can be found under CloudMDs profile on http://www.sedar.com.About CloudMD Software & Services

CloudMD is digitizing the delivery of healthcare by providing patients access to all points of their care from their phone, tablet or desktop computer. The Company offers SAAS based health technology solutions to medical clinics across Canada and has developed proprietary technology that delivers quality healthcare through the combination of connected primary care clinics, telemedicine, and artificial intelligence (AI). CloudMD currently provides service to a combined ecosystem of 376 clinics, over 3000 licensed practitioners and almost 3 million patient charts across its servers.

ON BEHALF OF THE BOARD OF DIRECTORS

Dr. Essam Hamza, MD"Chief Executive Officer

FOR ADDITIONAL INFORMATION CONTACT:

CloudMD Software & Services Inc.investors.cloudmd.ca Email: investors@cloudmd.ca

Forward Looking Statements

This news release contains forward-looking statements that are based on CloudMDs 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 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.

Read more from the original source:
CloudMD Reports 163% Year-Over-Year Q2 Results, Growth Driven by Telehealth and Acquisitions - GlobeNewswire