InvestmentPitch Media Video Discusses Reliq Health, a Rapidly Growing Global Telemedicine Company, Signs 6 New Contracts with Physician Practices, Home Health Agencies and Skilled Nursing Facilities, adding more than 3,500 Patients to its Platform

Rhea-AI Summary

Reliq Health Technologies Inc. (RQHTF) has announced six new contracts with healthcare providers across California, Texas, Florida, and Puerto Rico, which will add over 3,500 patients to its Care platform in 2022. The company expects to generate additional gross revenue exceeding CDN$225,000 monthly, based on an average revenue of US$50 per patient. The recent quarter ending March 31 saw a 490% revenue growth to $6,263,304, alongside improved gross margins of 70%. Management anticipates further revenue acceleration as larger clients come online, post-COVID.

Positive

• Signed six new contracts projected to add over 3,500 patients.
• Expected monthly gross revenue increase of over CDN$225,000 from new contracts.
• Revenue for nine months ended March 31 increased 490% to $6,263,304.
• Improved gross margins of 70% compared to 47% a year prior.
• Management expects accelerating revenue growth in the second half of the year.

Negative

• None.

VANCOUVER, British Columbia, June 29, 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 six new contracts with physician practices, home health agencies and skilled nursing facilities. The six new contracts, with healthcare providers in California, Texas, Florida and Puerto Rico are expected to add more than 3,500 patients to Reliq’s Care platform in 2022.

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When the more than 3,500 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$225,000 per month.

Dr. Lisa Crossley, CEO, stated: “These clients include three skilled nursing facilities. The Centers for Medicare & Medicaid Services (CMS) introduced coverage for remote patient monitoring of inpatients in long term care (LTC) and skilled nursing facilities (SNF) in 2022. Remote monitoring of these patients can reduce the cost of care and improve health outcomes by identifying patients requiring a medical intervention earlier, helping prevent complications that would require an ER visit or ICU stay. In-facility remote monitoring provides a new revenue stream for long term care and skilled nursing facilities and improves facility workflow. Prioritizing patient interventions improves clinical staff efficiency and helps address chronic staffing shortages in the LTC and SNF industries.”

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 $0.495. 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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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 recent contracts did Reliq Health Technologies (RQHTF) sign?

Reliq Health signed six new contracts with healthcare providers in California, Texas, Florida, and Puerto Rico.

How many patients will the new contracts add to Reliq Health's platform?

The new contracts are expected to add over 3,500 patients to the Reliq Care platform.

What is the expected gross revenue from the new contracts for Reliq Health (RQHTF)?

Reliq Health anticipates generating more than CDN$225,000 in additional gross revenue per month.

What was Reliq Health's revenue growth for the nine months ending March 31?

The company reported a 490% revenue increase to $6,263,304 for the nine months ending March 31.

What are the gross margins reported by Reliq Health for the latest financial period?

Reliq Health reported improved gross margins of 70% for the nine-month period.