CA - CloudMD Software GAAP EPS of -C$0.02 revenue of C$26.14M

2023-05-29 16:34:34 ET

• CloudMD Software press release ( OTCQX:DOCRF ): Q1 GAAP EPS of -C$0.02.
• Revenue of C$26.14M (-15.8% Y/Y).
• Outlook: The Company expects low double digit revenue growth in 2023 from the fourth quarter 2022 baseline. The Company sold C$2.9 million in multi-year contracts in Q1 2023 and has a robust growing pipeline that will continue to drive revenue growth in 2023.
• The cost savings achieved in the fourth quarter of 2022, in addition to the savings realized in the first quarter of 2023 and expected reductions in the second and third quarter of 2023, will bring the Company closer to adjusted EBITDA breakeven. The Company expects to achieve this milestone in the fourth quarter of 2023.
• The Company believes its cash position of C$18.8 million, will provide sufficient liquidity to fund its obligations and organic growth. The Company will continue to prudently manage expenditures and seek further efficiencies in its cost structure.

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