Cloud DX brings Star Trek technology to today

One of the latest publicly listed digital healthcare companies began trading on the TSX Venture on April 15, 2021. Cloud DX Inc. (TSXV: CDX) is an award-winning disruptor in virtual care and digital medicine. As with many technology solutions, this pandemic has significantly advanced the adoption of virtual medicine. One New York Health System saw an incredible 4,345% increase in virtual visits between March 2 and April 14, 2020. The solutions being advanced by Cloud DX will make sure that individuals won’t be required to visit their physician nearly as often. This is especially helpful for those with mobility issues, people in remote locations or if you are simply a germaphobe.

Despite only being publicly listed for a little over a month, Cloud DX has been around since 2014 via the acquisition of the assets of the medical device division of Biosign. Included in those assets were the Pulsewave device and a set of concepts from Biosign for a more advanced health technology platform, called “VITALITI“. This became the basis for the Company’s entry into the Qualcomm Tricorder XPRIZE, a competition to create a working “Medical Tricorder” inspired by the original Star Trek TV show. The objective was to continuously record all major vital signs, at gold-standard accuracy, for 72 hours, and diagnose up to 13 unrelated health conditions with complete autonomy. Although they didn’t claim top spot, Cloud DX was one of three winners (out of 330 original teams), earning the first ever XPRIZE Bold Epic Innovator Award in April 2017.

Fast forward to today, and the company is focusing on remote patient monitoring (RPM) with a connected health kit (telemedicine from an app), which includes the Pulsewave device. RPM enables early intervention by doctors, reduces hospital admissions, improves patient survivability and has the potential for huge cost savings for the health care system. The Pulsewave wrist cuff is a unique pulse acquisition device that records up to 4,000 data points from your radial artery pulse, then securely transmits the raw pulse signal to Cloud DX’s Diagnostics servers, which display nearly instant results for heart rate, blood pressure, pulse variability and average breathing rate. I know, sounds like a blood pressure monitor that I can buy at Costco for $80 but it’s a lot more sophisticated than that. When combined with the connected health kit you can share your results with a licensed clinician or your doctor in real time. Plus there are several other features as part of the app including their proprietary Total Anomaly Score, which measures potentially dangerous heart rate variability and can be used by Cardiologists to screen patients for more serious arrhythmias. I’m pretty sure you can’t get that at Costco.

All pretty interesting stuff but as Jerry Maguire would say, “Show me the money”. There are millions of interesting ideas out there but at InvestorIntel we try to bring you actionable ideas that have a value proposition. So what’s the value proposition for Cloud DX? The estimated market value of the RPM market is forecasted to be $117 billion by 2025 with projected annual growth of 38% between 2020 and 2025. Cloud DX saw patients enrolled grow by 700% in 2020. In 2020 revenue from ongoing contracts increased by >150% over 2019 and the Company projects a >300% increase in 2021. A company that can innovate and differentiate itself from the competition has a pretty good runway to grow in this segment of virtual care. With that in mind, on Tuesday Cloud DX announced a new US patent for its upcoming Pulsewave 2.0 Vital Sign Monitor.

After the completion of the go public transaction, Cloud DX has approximately 72 million shares outstanding (84.7 million fully diluted), making for a market cap of $26.6 million based on yesterday’s closing price of $0.37/share. Insiders hold 32% of the stock and have agreed to restrict the sale of their shares for 1 year. As part of the go public transaction, the Company raised $6 million, which they will need to survive as they grow. As with most developing technology companies, it takes a while to get cash flow positive. The good news is that at least there is revenue already being generated. The cash burn rate for the first quarter was roughly $1.2 million so Cloud DX should have enough cash to drive the business forward for a few more quarters all the while building that revenue stream for shareholders.

Punching above their weight, Predictmedix keeps nailing the heavyweight health tech partnerships

As the world shifts to a “new” normal, employee and customer screenings will be commonplace and Predictmedix Inc. (CSE: PMED | OTCQB: PMEDF) and its solutions are leading the way.

The recent announcement by Predictmedix, regarding the partnership with McGill University, is another example of the relationships that Dr. Rahul Kushwah, COO of Predictmedix, is developing with major corporations and leading healthcare providers as it rolls out Artificial Intelligence (“AI”) health tech solutions.

Predictmedix aims to improve the healthcare system through innovative and cutting-edge digital health technologies. Currently, Predictmedix AI solutions focus on infectious-disease screenings, impairment detection, and remote patient monitoring.

The Company’s products use facial, thermal, video, and audio recognition technologies to determine when individuals are impaired, suffering from an infectious disease, or mental illness. One solution focuses on mass and rapid AI-based screening for COVID-19 symptoms.

Partnerships, Pilots, Trials and Installs – Where Does Predictmedix Find the Time

Earlier this month, Predictmedix announced partnering with a research group led by Dr. Samira Rahimi from McGill University’s Department of Family Medicine.

Dr. Rahimi’s research group will be working with Predictmedix and its three industry verticals:  (1) screening for infectious disease associated symptoms; (2) screening for alcohol or cannabis impairment; and, (3) mental health screening.

Dr. Rahul Kushwah commented, “We are extremely excited with the partnership with Dr. Samira Rahimi’s team. Dr. Rahimi is one of the most recognized AI – healthcare scientists in Canada and we look forward to with her and her research team for our 3 major verticals.”

The announcement with McGill is just the latest in a series of pilot projects, partnerships, and product rollouts that Predictmedix has successfully executed this year. Predictmedix believes that it is well-positioned for growth and to capture the current sales momentum into Q1/2021.

Recently, the Company announced that it will be deploying its COVID-19 screening technology along with alcohol and impairment screening technology at Indian Oil Corporation Ltd (NSE:IOC.NS), a multi-billion dollar India-based oil company, and the deployment of its mass screening technology for COVID-19 with Max Healthcare, one of the largest healthcare groups in South Asia, encompassing 14 hospitals with over 3000 doctors.

Predictmedix also announced a collaboration with India-tech giant Tech Mahindra Ltd (NSE: TECHM), to incorporate Predictmedix’s impairment detection technology and COVID-19 solutions into Tech Mahindra’s suite of technologies offered for workplace health and safety across the globe.

Closer to home, the Company, in conjunction with its partner Juiceworks Exhibits, successfully deployed its infectious disease screening technology at Flow Water in Aurora, Ontario, and a 24-hour pharmacy in Montreal, Quebec.

Used by employees on a daily basis, Predictmedix’s gateway screens individuals, in a non-invasive way, as they walk through and it triggers an alarm if symptoms associated with an infectious disease are detected, such as COVID-19, or signs of impairment due to alcohol or cannabis use.

The screening product consists of hardware, software, multi-spectral cameras, and specialized sensors that are assembled into a gateway, much like a metal detector in an airport, and communicates with Predictmedix’s AI model in the cloud.

Remote Patient Monitoring & Telehealth Enterprise Platform with Mobile Wellbeing Acquisition

In June, Predictmedix acquired Mobile Wellbeing, a remote patient monitoring platform, which is strategic for the Company in creating an enterprise platform and allows Predictmedix to enter the telehealth and clinical trials markets.

According to a recent by study Adroit Market Research, the Remote Patient Monitoring Market is anticipated to reach US$1.9 billion by 2026, growing at a CAGR of almost 13% from 2020 to 2026.

With current stay-at-home orders due to the COVID-19 health crisis, clinical drug trials shifted to remote monitoring from on-site monitoring. The U.S. Food and Drug Administration (“FDA”) now supports remote monitoring for oversight of clinical sites.

In addition, the Mobile Wellbeing platform is equally suited for use in long-term care facilities to care for elderly patients. Big Data features include assisted monitoring that allows for data collection, transmission, evaluation, and notification. Utilizing the latest off-the-shelf wearables, the platform has shown benefits such as improved patient health and also lowered the cost of care through remote monitoring.

Predictmedix anticipates the commercial launch of its remote patient monitoring platform Q1/2021 with some key, large-scale deployments in North America and Asia.

Predictmedix is currently trading at $0.46 with a market cap of $46.5M but with billion-dollar partners and a pipeline of projects in Q1/2021, clearly ready for a re-rating.

Dr. Rahul Kushwah on Predictmedix’s remote patient monitoring technology and Mobile Wellbeing

In a recent InvestorIntel interview, Tracy Weslosky speaks with Dr. Rahul Kushwah, Co-Founder and COO of Predictmedix Inc. (CSE: PMED | OTCQB: PMEDF), about their infectious disease screening technology and remote patient monitoring platform, Mobile Wellbeing.

In this InvestorIntel interview, which may also be viewed on YouTube (click here to subscribe to the InvestorIntel Channel), Dr. Kushwah talked about the successful North American deployment of Predictmedix’s infectious disease screening technology at Flow Water in Aurora, Ontario. Dr. Kushwah went on to provide an update on their Mobile Wellbeing platform. “It is in telehealth and telemedicine business, but it does more than that.” He continued, “It does something which is referred to as remote patient monitoring.” Dr. Kushwah added that Predictmedix is targeting clinical trials and long-term care markets with its Mobile Wellbeing platform. FDA now has very strong guidance which is promoting remote patient monitoring and that brings Predictmedix’s technology to the forefront.

In the interview Dr. Kushwah also said that Accenture, a multinational professional services company and a Fortune Global 500 company, recently wrote about how Predictmedix is innovating to help with the current COVID-19 pandemic (click here to read the article). “It should indicate to shareholders that not only our technology is disruptive but we are clearly in a market segment which is not only ballooning right now but is going to be huge as time goes by.” Dr. Kushwah commented. To watch the full interview, click here

About Predictmedix

Predictmedix develops AI technologies focused on areas which include screening for impairment, infectious disease and mental health, and a remote patient monitoring/telehealth platform, all of which play a vital role in health and safety. Their technologies are timely to assist with the current pandemic, as well as having lasting utility that goes beyond the current crisis, extending into workplace health, safety and compliance.

To learn more about Predictmedix Inc., click here

Disclaimer: Predictmedix Inc. is an advertorial member of InvestorIntel Corp.