- VisionPros is headed by main minds within the trade – together with the pioneer of the primary on-line imaginative and prescient take a look at platform launched in the USA
- VisionPros is a vertically built-in eyecare platform with virtually 1 million distinctive buyer accounts in North America
- Distinctive subscription mannequin with versatile month-to-month choices; presently 18% of buyer base on VisionPros.com subscribed and rising
- Deliberate launch of modern, best-in-class digital imaginative and prescient take a look at expertise embedded into e-commerce platform in 2021
- Extremely scalable enterprise mannequin, synergistic to CloudMD’s expertise stack with vital cross-selling alternatives
- Will increase CloudMD’s annual income run charge to over $85 million
VANCOUVER, British Columbia, Feb. 16, 2021 (GLOBE NEWSWIRE) — CloudMD Software program & Providers Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Firm” or “CloudMD”), a telehealth firm revolutionizing the supply of healthcare to sufferers, is worked up to announce that it has signed a binding time period sheet (“Time period Sheet”) to accumulate VisionPros, a vertically built-in digital eyewear platform that has serviced virtually 1 million distinctive clients throughout North America.
VisionPros conveniently delivers contact lenses and glasses proper to their buyer’s door, wherever in North America, at a fraction of the price of conventional retail optical shops. The extremely scalable enterprise mannequin features a quickly rising, excessive margin e-commerce platform, subscription enterprise and modern suite of digital imaginative and prescient care instruments. VisionPros provides a novel subscription providing, with versatile month-to-month billing choices, in addition to a number of the lowest costs in North America. The multi-disciplinary platform additionally features a brick-and-mortar clinic, on-line/in-person dispensary and a lens laboratory that manufactures and distributes lenses to eyecare companions for their very own reasonably priced KIND eyewear line.
VisionPros was based by Dr. Jessy Manhas and is led by a group of eye docs dedicated to offering patient-focused imaginative and prescient care, and empowering practitioners by means of its disruptive tele-optometry expertise. VisionPros’ CEO, Dr. Steven Lee, is a pioneer of the web imaginative and prescient checks available in the market and developed the primary on-line imaginative and prescient take a look at platform which stays the present commonplace in North America. Subsequently, Dr. Lee developed, patented and is launching a brand new best-in-class, superior expertise that can ship the most secure on-line imaginative and prescient checks. This expertise is designed to make sure a considerably larger stage of accuracy and authentication of scripts. As a part of VisionPros’ dedication to international eye well being, the corporate has contributed to the Eyes for the World charity group, based by the principals of VisionPros and devoted to restoring sight by means of glasses or surgical procedure and to stop blindness world wide. Amongst its contributions, Eyes for the World, has helped fund the development and operation of two eye hospitals – one in India and one in Jamaica.
VisionPros’ digital platform shares many synergies with CloudMD’s present platform and supplies vital alternatives for cross-selling and integration. The e-commerce platform offers CloudMD direct entry to virtually 1 million distinctive buyer accounts and additional secures the Firm’s footprint throughout North America. VisionPros’ income for calendar 12 months 2020 surpassed $22 million with an adjusted earnings earlier than curiosity, tax depreciation and amortization (“Adjusted EBITDA”) margin exceeding 10%.
Dr. Essam Hamza, CEO of CloudMD commented, “It is a vital acquisition for our enterprise, which not solely provides significant excessive margin income, but in addition supplies us with a longtime e-commerce platform and virtually 1 million buyer accounts. VisionPros’ disruptive tele-optometry platform aligns with our imaginative and prescient of offering patient-focused, whole-person care and can enable us to leverage a lot of our applied sciences and combine our options into one seamless affected person expertise.”
Dr. Steven Lee, CEO of VisionPros commented, “We’re extraordinarily excited to associate with CloudMD and their doctor led group. They share our dedication to offering a patient-centric strategy that empowers physicians and engages sufferers. Our shared imaginative and prescient and mixed sources are beneficial for us as we glance to undertake our aggressive progress technique. There are apparent synergies throughout each health-tech platforms, and we stay up for leveraging these synergies to revolutionize the present system and construct a North American chief in healthcare supply.”
Phrases of Acquisition
In consideration for the acquisition of 100% of the excellent securities of VisionPros, CloudMD has agreed to pay shareholders of VisionPros (i) $30 million in money, topic to a working capital adjustment; (ii) $30 million in widespread shares of the Firm at a deemed value by calculating the volume-weighted common buying and selling value of the Firm’s widespread shares for the ten buying and selling days previous to the execution of the binding time period sheet; and (iii) a performance-based earnout of as much as $40 million, which is payable in money or widespread shares of the Firm, on the discretion of CloudMD on the time of the earn out. The widespread shares will likely be topic to sure contractual restrictions on buying and selling for a interval of 18 months from the date of issuance. Moreover, the Firm can pay a 5% finder’s payment to an arm’s size occasion in accordance with TSX Enterprise Alternate coverage.
The acquisition is topic to customary closing circumstances, together with the execution of a definitive acquisition settlement and receipt of TSX Enterprise Alternate approval.
About CloudMD Software program & Providers
CloudMD is digitizing the supply of healthcare by offering a affected person centric strategy, with an emphasis on continuity of care. The Firm provides SAAS primarily based well being expertise options to healthcare suppliers throughout North America and has developed proprietary expertise that delivers high quality healthcare by means of a holistic providing together with hybrid major care clinics, specialist care, telemedicine, psychological well being help, instructional sources and synthetic intelligence (AI). CloudMD presently companies a mixed ecosystem of over 500 clinics, virtually 4000 licensed practitioners and eight million affected person charts throughout North America. For extra data go to: buyers.cloudmd.ca
VisionPros is a Canadian-based on-line eyecare platform offering contact lenses and eyeglasses to clients throughout North America. The corporate sells contact lenses and glasses by means of a lot of web sites, together with visionpros.com and contactlensescanada.com. VisionPros provides clients the entire main manufacturers of contact lenses and has its personal line of eyeglasses and sun shades referred to as KIND Eyewear. A health care provider-led firm, VisionPros has developed and can quickly launch an modern, disruptive on-line imaginative and prescient take a look at that uniquely ensures the accuracy and authentication of scripts unseen earlier than with present present on-line imaginative and prescient checks. For over 10 years, VisionPros has donated funding, tools and medical personnel to deliver the reward of sight to folks in want in underdeveloped nations. For extra data on VisionPros, please go to visionpros.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD”
Chief Government Officer
FOR ADDITIONAL INFORMATION CONTACT:
VP, Investor Relations
Ahead Wanting Statements
This information launch incorporates forward-looking statements, together with statements concerning projected income, completion of the VisionPros acquisition, future enterprise synergies and price financial savings. Such forward-looking statements are primarily based on CloudMD’s expectations, estimates and projections concerning its enterprise and the financial surroundings wherein it operates, together with the expectations concerning closing of the VisionPros acquisition and the power of the Firm to hold out its enterprise plans. Though CloudMD believes the expectations expressed in such forward-looking statements are primarily based on cheap assumptions, such statements aren’t ensures of future efficiency and contain dangers and uncertainties which can be troublesome to regulate or predict. Subsequently, precise outcomes and outcomes, together with income projections, could differ materially from these expressed in these forward-looking statements and readers mustn’t place undue reliance on such statements. These forward-looking statements communicate solely as of the date on which they’re made, and CloudMD undertakes no obligation to replace them publicly to mirror new data or the incidence of future occasions or circumstances, except in any other case required to take action by legislation.
Non-GAAP and Non-IFRS Measures
This press launch refers to “EBITDA” and “EBITDA margins” that are non-GAAP and non-IFRS monetary measures that should not have a standardized which means prescribed by GAAP or IFRS. The Firm’s presentation of those monetary measures will not be akin to equally titled measures utilized by different corporations. These monetary measures are meant to supply extra data to buyers regarding the Firm’s and VisionPros’ efficiency. EBITDA is outlined as earnings earlier than curiosity, taxes, depreciation and amortization and EBITDA margins is outlined as EBITDA as a % of whole income. EBITDA and EBITDA margins are Non-IFRS measures the Firm makes use of as an indicator of economic well being and excludes a number of gadgets which can be helpful within the consideration of the monetary situation of the Firm and VisionPros, as relevant, together with curiosity expense, earnings taxes, depreciation, and amortization.
The TSX Enterprise Alternate doesn’t settle for accountability for the adequacy or accuracy of this launch.