InvestmentPitch Media Video Discusses Reliq Health, a Rapidly Growing Global Telemedicine Company, has Signed 5 New Contracts with Physician Practices and Home Health Agencies and goes Live with Another Clinical Trial

Rhea-AI Summary

Reliq Health Technologies Inc. (OTCPink:RQHTF) announced significant growth by securing 5 new contracts with healthcare providers across California, Texas, Maryland, and Michigan. These contracts will add over 2,500 patients to Reliq's iUGO Care platform in 2022. With an average revenue of US$50 per patient per month and a gross margin of 75%, the company projects an additional gross revenue exceeding CDN$150,000 monthly upon full onboarding. The CEO highlighted the competitive edge provided by the platform's integration capabilities, particularly for a new clinical trial focused on diabetes.

Positive

• Secured 5 new contracts, adding over 2,500 patients to the platform.
• Projected additional gross revenue of over CDN$150,000 per month.
• Revenue increased by more than 490% year-over-year, reaching $6,263,304 for the nine-month period.
• Gross margins improved to 70%, up from 47% in the previous fiscal year.
• Going live with a new clinical trial for diabetics, enhancing the platform's competitive edge.

Negative

• None.

VANCOUVER, British Columbia, June 10, 2022 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT) (OTCPink:RQHTF) (FSE:MHN2), a rapidly growing global telemedicine company developing innovative Virtual Care solutions for the multibillion-dollar Healthcare market, has signed 5 new contracts with physician practices and home health agencies and goes live with another clinical trial. The five new contracts, with healthcare providers in California, Texas, Maryland and Michigan, are expected to add more than 2,500 patients to Reliq’s iUGO Care platform in 2022.

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

For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company. 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.

When the more than 2,500 new patients are fully onboarded and generating an average revenue of US$50 per patient per month at a 75% gross margin, the company anticipates generating additional gross revenue of more than CDN$150,000 per month.

Dr. Lisa Crossley, CEO, stated: “We are very pleased to be going live in another clinical trial, this one for diabetics using both standard glucometers and continuous blood glucose monitors. The ability of the iUGO Care platform to connect to a wide range of connected devices is a key competitive advantage for Reliq in the virtual care and clinical trials markets. The diabetes clinical trial will also be utilising iUGO Voice, Reliq’s interactive voice recognition technology, to facilitate patient follow up.”

Reliq recently released its consolidated financial statements for the quarter ended March 31, 2022. The first three quarters of fiscal year 2022 were a period of rapid growth for the company, with revenues for the nine months ending March 31 increasing by more than 490% to $6,263,304 as compared to $1,060,701 for the nine months ended March 31, 2021. Gross Margins improved to 70% for the nine-month period as compared to 47% for the comparable period in FY2021. Management expects revenue growth to accelerate in the second half of this calendar year as previously disclosed larger clients come online and the impact of COVID-19 on operations is reduced.

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. 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 $0.51. 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.

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 is the significance of the new contracts for Reliq Health Technologies?

The new contracts will increase the patient base by over 2,500, enhancing revenue generation through the iUGO Care platform.

How much additional revenue is Reliq Health expecting from the new patients?

Reliq anticipates generating additional gross revenue exceeding CDN$150,000 per month once the new patients are fully onboarded.

What are the recent financial results for Reliq Health Technologies?

For the nine months ending March 31, 2022, Reliq reported a revenue increase of over 490% to $6,263,304, with gross margins improving to 70%.

What is the focus of Reliq's new clinical trial?

The new clinical trial focuses on diabetics and will utilize both standard glucometers and continuous blood glucose monitors.

What competitive advantage does the iUGO Care platform provide?

The platform's ability to connect to a wide range of connected devices offers a significant competitive edge in virtual care and clinical trials.