InvestmentPitch Media Video Discusses Reliq Health, a Rapidly Growing Global Healthcare Technology Company, and its Record Growth for the Quarter Ending September 30, 2022

Rhea-AI Summary

Reliq Health Technologies Inc. (OTCPink:RQHTF) reported a record revenue of $3,472,237 for Q1 FY 2023, a significant recovery from previous losses, with gross profit increasing by 88% to $2,175,000. The company aims to onboard over 100,000 patients by December 2022 and over 200,000 by mid-2023. New contracts with Skilled Nursing Facilities are expected to add 10,000 patients monthly. Despite challenges from recent hurricanes and the Omicron wave, Reliq maintains a robust growth outlook.

Positive

• Record Q1 FY 2023 revenue of $3,472,237.
• Gross profit increased by 88%, reaching $2,175,000.
• Plans to onboard 100,000 patients by December 2022 and 200,000 by mid-2023.
• New contracts with Skilled Nursing Facilities projected to add over 10,000 patients monthly.

Negative

• Previously forecasted revenue fulfillment delayed by 4 to 6 months due to COVID-19 and hurricanes.

VANCOUVER, British Columbia, Dec. 01, 2022 (GLOBE NEWSWIRE) --  Reliq Health Technologies Inc. (TSXV:RHT) (OTCPink:RQHTF) (FSE:MHN2), a rapidly growing global healthcare technology company developing innovative Virtual Care solutions for the multibillion-dollar Healthcare market, reports record growth for the quarter ending September 30, 2022.

A Media Snippet accompanying this announcement is available by clicking the image or link below. 

Dr. Lisa Crossley, CEO, stated: “The Company achieved record revenues of $3,472,237 for the three months ending September 30, 2022, despite the significant impact the hurricanes during this period had on patients and clinicians in Florida, Puerto Rico and the US Virgin Islands. Software and services revenue continues to increase as a percentage of total revenue, consistent with the Company’s previous guidance that high margin software and services will account for the majority of its revenue in 2023 and beyond. Reliq remains on track to onboard over 100,000 patients to the platform by the end of December 2022 and over 200,000 by mid-calendar year 2023.”

Gross profit increased from $1,159,000 to $2,175,000, an increase of 88%, with the loss for period falling dramatically from $4,210,000 to only $122,000.

For more information, please view the InvestmentPitch Media video which provides additional breakdown of the financials and news about the company, along with comments from Bruce Campbell, President and Portfolio Manager of Stonecastle Investment Management. The video is available for viewing on “InvestmentPitch” or on “YouTube”. If the link is not available, please visit www.InvestmentPitch.com and enter “Reliq” in the search box.

Dr. Lisa Crossley, CEO, commented further: “Subsequent to Q1 FY 2023, the Company added a new market segment to its total addressable market - Skilled Nursing Facilities. SNFs represent a large and previously untapped market for Reliq’s products. There are over 15,000 SNFs in the United States and over 1.5 million Medicare patients received care in a SNF setting in 2021. Since October 2022 the Company has signed contracts with Skilled Nursing Facility networks in Florida and California to onboard 105 facilities to its iUGO Care platform. These contracts are expected to add over 10,000 new patients per month to Reliq’s platform, or over 120,000 patients per year every year beginning in 2023.”

Reliq will provide Transitional Care Management to newly discharged patients from these SNFs at a rate of $60 per patient, with recurring revenue from Remote Patient Monitoring, Chronic Care Management and Behavioural Health Integration of $65 per patient per month, at a 75% gross margin.

The company expects its rapid expansion into the Skilled Nursing space to accelerate in 2023 as SNFs face increasing pressure from payors to reduce length of stay for patients while also avoiding readmissions. Reliq’s iUGO Care solutions improve post-discharge health outcomes for SNF patients and reduce readmissions, while also generating new revenue streams for the facilities.

The company currently has more than $15 million in device orders that it had originally expected to fulfill by the end of Calendar Year 2022. However, due to the impact from the Omicron wave of COVID-19 in the first half of Calendar Year 2022 and the hurricanes in Texas, Florida and the US Virgin Islands in September, the company expects previously forecasted revenues to be achieved approximately 4 to 6 months later than originally anticipated. It should be noted that these device orders will be followed by ongoing software and service subscriptions and are therefore a leading indicator of future recurring revenues.

Based in Hamilton, Ontario, with offices in Florida and Texas, Reliq specializes in developing innovative Virtual Care solutions for the multi-billion dollar healthcare market, including physician practices, skilled nursing facilities and other healthcare organizations. The company’s powerful iUGO CARE platform for care coordination and home healthcare integrates wearables, sensors, voice technology with intuitive mobile apps and desktop software for patients, families, clinicians, and healthcare administrators.

The technology platform is a comprehensive SaaS solution that allows complex patients to receive high-quality care at home, improving health outcomes, enhancing the quality of life for patients and families, and reducing the cost of care delivery. iUGO Care provides real-time access to remote patient monitoring data, allowing for timely interventions by the care team to prevent costly hospital readmissions and emergency room visits.

The shares are trading at $0.62. For more information, please visit the company’s website, www.ReliqHealth.com or email IR@ReliqHealth.com. Investor Relations in the United States is handled by Ben Shamsian of Lytham Partners, who can be reached at 649-829-9701 or by email at shamsian@LythamPartners.com.

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Disclaimer

The information in this InvestmentPitch Media Ltd video is for the viewers information only. Reliq Health Technologies has paid a fee not exceeding $2,000 in cash to have its current news release produced in video format. The corporate information is based on information that is publicly available. Any information provided by InvestmentPitch Media Ltd., through its media services is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided solely as an informational media service. InvestmentPitch Media Ltd makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the viewer or their financial advisor. Investing in securities is speculative and carries risk.

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FAQ

What were Reliq Health Technologies' Q1 FY 2023 revenue figures?

Reliq Health Technologies reported record revenues of $3,472,237 for the quarter ending September 30, 2022.

How much did Reliq Health's gross profit increase in Q1 FY 2023?

Gross profit for Reliq Health increased by 88%, reaching $2,175,000.

What is Reliq Health's plan for patient onboarding by mid-2023?

The company plans to onboard over 200,000 patients by mid-calendar year 2023.

What impact did recent events have on Reliq Health's revenue projections?

Due to the Omicron wave of COVID-19 and hurricanes, Reliq expects revenue fulfillment to be delayed by 4 to 6 months.

What new market segment is Reliq Health expanding into?

Reliq Health is expanding into the Skilled Nursing Facilities market, signing contracts to onboard 105 facilities.