(MENAFN- Baystreet.ca) Telehealth demand is only increasing with the coronavirus still making its way around the world. So much so, the market is expected to grow at a CAGR of more than 28% between 2019 and 2025. Better, according to Research and Markets, "telehealth is considered as the future of medicine" and the "adoption of telemedicine is likely to rise with the penetration of smart gadgets." In addition, according to mHealth Intelligence, "Congress is being inundated with bills aimed at expanding telehealth coverage or studying how connected health is being used during the pandemic - with an eye toward legitimizing those efforts once the emergency has ended."
With the telehealth boom likely here to stay, some of the top companies that could benefit include CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF), CVS Health Corp. (NYSE:CVS), Livongo Health Inc. (NASDAQ:LVGO), Telus (TSX:T)(NYSE:TU), and Teladoc Health Inc. (NYSE:TDOC).
CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF) BREAKING NEWS : CloudMD Software & Services Inc., a telemedicine company seeking to revolutionize the delivery of healthcare to patients, is pleased to announce that is has signed a Share Purchase Agreement to acquire South Surrey Medical Inc., an integrated medical clinic based in Metro Vancouver, BC. As previously announced on June 11, 2020, the Company signed a Binding Term Sheet with South Surrey to acquire 100% of the business, assets and operations.
South Surrey is a premier provider of integrated medical solutions and an early adopter of telemedicine delivery. The Clinic has been able to streamline healthcare services and provide longitudinal and team-based patient centric care by offering a number of medical services from one location. The clinic operates with 24 healthcare professionals, including, 12 physicians across various specialities including mental health, women's health, sports medicine, gynecology and psychiatry. South Surrey services over 60,000 patients and already uses online booking, EMR software and telemedicine that will be easily integrated into CloudMD's software and clinic network.
In consideration for the purchase of all of the outstanding securities of the medical clinic, CloudMD has agreed to pay Shareholders (pro-rata) aggregate consideration of up to C$700,000 payable as up to C$200,000 in cash and up to C$500,000 in shares of the Company, a portion of which is subject to the achievement of certain performance conditions, and a customary working capital adjustment. All shares issued pursuant to the acquisition are priced at the ten-day volume weighted trading price of the Company shares for the 10 trading days prior to the execution of the definitive agreement.
The acquisition is subject to customary closing conditions and receipt of TSX Venture exchange approval. The Company anticipates closing of the acquisition on or before July 31, 2020. The Company also announces that it has engaged Octagon Media Corp./Wall Street Reporter for a three-month term to deliver a digital media advertising campaign coupled with an investor marketing program. As part of its compensation, Octagon will be granted incentive stock options exercisable to purchase up to 250,000 common shares in the capital of the Company at an exercise price of $0.70 per share for a period of one year. A director of the Company has also been granted incentive stock options exercisable to purchase up to 100,000 common shares in the capital of the Company at an exercise price of $0.70 per share for a period of five years.
Other related developments from around the markets include:
CVS Health Corp. (NYSE:CVS) will hold a conference call with analysts and investors on Wednesday, August 5, 2020, at 8:00 a.m. (ET) to discuss its financial results for the second quarter of 2020. An audio webcast of the conference call will be broadcast simultaneously through the Investor Relations portion of the CVS Health website for all interested parties.
Livongo Health Inc. (NASDAQ:LVGO) announced a preliminary financial result for the second quarter of fiscal year 2020. Livongo now expects revenue for the second quarter of 2020 to be in the range of $86 million to $87 million, up from prior guidance of $73 million to $75 million. The updated revenue outlook includes approximately $2 million to $3 million of items that management considers non-recurring or one-time in nature. This financial result for the second quarter of fiscal 2020 is preliminary and subject to change in connection with the completion of the company's quarter-end closing process and the preparation of the unaudited financial statements for the second quarter of 2020. "Livongo's momentum coming into the second quarter has continued, and we believe is attributed to our unique ability to deliver measurable and proven clinical and financial results at scale. The COVID-19 pandemic has only magnified the need for Livongo's solutions, which goes well beyond remote monitoring and video visits to generate consumer directed virtual care," said Zane Burke, Chief Executive Officer of Livongo. "The largest, most innovative employers and health plans are continuing to select Livongo due to our whole person approach to care which is accelerating our growth. Investments made in our data science capabilities are paying off in stronger than expected enrollment and Member retention as revealed by this quarter's revenues."
Telus (TSX:T)(NYSE:TU) announced the expansion of its Home Health Monitoring (HHM) solution to digitally monitor the recovery of lung transplant patients across Saskatchewan. Launched in partnership with the Saskatchewan Health Authority and eHealth Saskatchewan, this digital health dashboard enables a virtual healthcare team to provide medical support remotely, for patients in real-time as they recover in their own homes. Easily accessible through a mobile device, tablet or desktop computer, the TELUS Health HHM solution sends daily prompts to patients to report their biometrics such as spirometry (i.e. lung function), blood pressure and overall health condition. If patients do not have their own digital health tools, they are provided with biometric devices such as blue tooth-connected weight scales and blood pressure cuffs in order to monitor their vitals and enter them into their daily report. This data then is sent electronically to the care team so it can be viewed on the digital dashboard, allowing regular and remote monitoring of a patient's well-being. This gives clinicians the ability to review crucial patient data in real-time, allowing them to identify any urgent care needs and mitigate risks such as possible infection, incision issues, and/or neurocognitive impairment.
Teladoc Health Inc. (NYSE:TDOC) announced that it has completed its acquisition of Santa Barbara, Calif.-area based InTouch Health . With the integration of InTouch health's innovative telehealth capabilities linking providers to one another in complex medical environments, Teladoc Health will connect the care experience across in-patient, outpatient and home care settings, ensuring greater access to high quality care and better health outcomes. At a time when virtual care has never been more important, the company is now the only global end-to end partner spanning the full spectrum from acute visits and chronic conditions management to complex specialty care and remote surgery. "As virtual care quickly becomes a necessity for all healthcare providers, the acquisition of InTouch Health positions us to lead this transformation in healthcare and be that single, integrated partner," said Jason Gorevic, chief executive officer, Teladoc Health. "Doctors and hospitals need medical grade solutions and a unified virtual care strategy that can scale and grow with them. This acquisition makes Teladoc Health the first and only company to comprehensively deliver on that need."
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. CloudMD Software & Services Inc. has paid three thousand five hundred dollars for advertising and marketing services to be distributed by Winning Media. Winning Media is only compensated for its services in the form of cash-based compensation. Winning Media owns ZERO shares of CloudMD Software & Services Inc. Please click here for full disclaimer.
Contact Information:
2818047972
[email protected]
MENAFN2807202002120000ID1100556087
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.