Why CloudMD (TSXV: DOC) stock swelled 19% in a day and began trending?

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 Why CloudMD (TSXV: DOC) stock swelled 19% in a day and began trending?
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Highlight

  • CloudMD Software & Services (TSXV: DOC) is turning heads on the stock markets after its stock swelled by over 19 per cent in a single day on Thursday, March 3.
  • This sharp increase in its stock prices came after the health technology provider announced a new division and customer contracts wins.
  • This newly formed division will also integrate its health solutions by offering cross-selling opportunities and help drive organic growth in the public sector.

CloudMD Software & Services (TSXV: DOC) has been turning heads on the markets after its stock swelled by over 19 per cent on Thursday, March 3.

This sharp increase in its stock prices came after the healthcare technology provider announced a new division and customer contracts wins.

Also read: Why is Kinross Gold (TSX: K) trending amid Russia-Ukraine war? 

What’s new about CloudMD (TSXV: DOC)?

The Vancouver-based tech company said that the new Public Sector Division aims to improve public healthcare services across North America via its diversified platform.

This newly formed division will also integrate its health solutions by offering cross-selling opportunities and help drive organic growth in the public sector.

The C$ 212-million market cap company said to provide integration and technology services to the New York Department of Education under a contract agreement.

CloudMD stated that it won a contract to provide Substance Use Disorder (SUD) solutions to combat the opioid crisis in North Carolina.

The health-tech company also confirmed 107 new for its mental health support solutions.

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Let us now talk about CloudMD’s performance.

CloudMD’s financial performance

CloudMD increased its revenue by 1066 per cent year-over-year (YoY) to C$ 39.16 million in Q3 FY2021. However, it incurred a net comprehensive loss of C$ 4.23 million in the latest quarter, reflecting a YoY improvement of 56 per cent.

In January, the company acquired MindBeacon, an online mental healthcare firm, to expand its footprints in the US market.

CloudMD (TSXV:DOC)’ Q3 FY2021 results

CloudMD’s stock performance

Stocks of CloudMD closed at C$ 0.74 apiece on Thursday, March 3, with 0.9 million shares exchanging hands. The heath-tech stock rose by eight per cent month-to-date.

Bottomline

CloudMD is focused on improving its reach within the public sector through its division and further expanding its healthcare portfolio to promote organic business growth. 

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