CloudMD Reports Q2 2022 Financial Performance; New Leadership Enforces Strategic Priorities to Drive Further Cost Optimization and Profitability

Aug 22, 2022

Q2 2022 revenue of $40.3 million, an increase of 157% over the same period in 2021.
Q2 2022 gross margin of 31.0%¹ compared to 35.5% in Q2 2021.
Q2 2022 Adjusted EBITDA² loss of $3.2 million compared to a loss of $0.6 million in Q2 2021. Net loss of $44.2 million during Q2 2022 driven by $33.0 million non-cash impairment charge, compared to loss of $6.6 million in Q2 2021.
Strategic priorities include driving organic growth, further cost optimization and financial stability and prudent cash management.
Strong customer momentum in core Enterprise Health Solutions division with several large multi-year contract wins representing $4.2 million in ARR closed in the second quarter.
New contracts represent over 350 new customers within the quarter, adding to the network of 7,200 loyal clients that trust CloudMD to provide services to employees and family members.
Added over 440,000 net new lives³ year to date, including those new contracts scheduled to launch in Q3 and Q4.
Additional $4 million annualized savings identified from continued organizational re-design and integration to be realized starting in the third quarter.
Q2 2022 earnings call Tuesday, August 23 at 9am ET: https://edge.media-server.com/mmc/p/stmigy4p.

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