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CloudMD Software & Services Inc. • • . • • CloudMD Reports Record Revenue of $ 8.8 Million in First Quarter 2021 Q1 2021 revenue of $ 8.8 million ; an increase of 187 % compared to Q1 2020 and 51 % compared to Q4 2020 . Q1 2021 gross margin¹ of 41 % attributable to strong revenue mix . Closed 5 acquisitions in Q1 2021 , providing the foundation for scale and growth across North America and Europe . Closed Aspiria and Rxi subsequent to Q1 2021 and anticipated to close VisionPros and Oncidium in June 2021. These acquisitions are expected to add an additional $ 79 million in annual run rate revenue . Strong 2021 financial expectations with annualized revenue run rate exceeding $ 120 million and positive Adjusted EBITDA¹ in the second half of 2021 . VANCOUVER , British Columbia , May 27 , 2021 - CloudMD Software & Services Inc. ( TSXV : DOC , OTCQB : DOCRF , Frankfurt : 6PH ) ( the " Company " or " CloudMD " ) , a healthcare technology company revolutionizing the delivery of care , announced its financial results for the first quarter ended March 31 , 2021. All financial information is presented in Canadian dollars unless otherwise indicated . Dr. Essam Hamza , CEO of CloudMD commented , " We are excited to share our record Q1 2021 financial results that continue to improve quarter over quarter . Q1 was a transformative period for CloudMD , as we closed 5 acquisitions , adding $ 13 million in annualized revenue and establishing the foundation for our Enterprise Health Solutions division . I am very proud of the strategic roadmap we have built and the team's ability to execute on our growth strategy . We identified key acquisition targets that were synergistic to our overall vision and we remain focused on building a complete healthcare ecosystem , providing connected , holistic care . We continue to integrate all of our capabilities into one comprehensive platform , which is the foundation for scale and expansion . Within our Enterprise Health Solutions division , we have already seen significant early adoption and through cross - selling opportunities , attained over $ 5 million in new multi - year contracts in the first quarter . Equally exciting is that CloudMD already has a revenue run rate of over $ 120 million , and through highly profitable acquisitions coupled with organic growth and realization of cost synergies , we expect to be profitable in the second half of 2021. " First Quarter 2021 Financial Highlights • Q1 2021 revenue was $ 8.8 million , compared to $ 5.8 million in Q4 2020 and $ 3.1 million in Q1 2020. The increase is primarily attributable to acquisition growth with 5 acquisitions completed in the quarter , and 11 acquisitions completed in the last twelve 1 Gross margin and Adjusted EBITDA are non - GAAP measures as described in the Non - GAAP Financial Measures section of this News Release .