InvestmentPitch Media Video Discusses Reliq Health’s, a Rapidly Growing Global Telemedicine Company, Filing its Audited Financial Statement for Year Ended June 30, 2022, Reporting Revenue Increase of 485% Year-over-Year

Rhea-AI Summary

Reliq Health Technologies reported a remarkable 485% increase in revenue for the fiscal year ending June 30, 2022, totaling $8,551,807. Revenue from software and services surged by 1,940% to $2,739,516. Despite a temporary drop in gross margins to 62% due to increased device costs, gross profits reached $5,301,304, a significant improvement from a loss of $857,954 the previous year. The company aims to onboard over 100,000 patients by December 2022 and expects to initiate a share buyback program in 2023.

Positive

• 485% revenue growth to $8,551,807 for FY 2022.
• Software and services revenue increased by 1,940% to $2,739,516.
• Gross profits reached $5,301,304, from a loss of $857,954 in FY 2021.
• Plans to onboard over 100,000 patients by December 2022.
• Potential share buyback program planned for 2023.

Negative

• Gross margin declined to 62% due to increased device costs.
• Temporary increase in device costs may affect future margins.

VANCOUVER, British Columbia, Nov. 03, 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 filed its audited financial statements for year ended June 30, 2022, reporting a revenue increase of 485% Year-over-Year.

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Dr. Lisa Crossley, CEO, stated: “FY 2022 was a period of tremendous growth for the Company. Revenues for the fiscal year increased by 485% to $8,551,807 for FY 2022 as compared to $1,462,165 for FY 2021. Despite the significant resurgence of COVID-19 (Omicron variant) in late 2021 / early 2022, revenue from software and services sales increased by over 1,940% to $2,739,516 for FY 2022 compared to $134,264 for FY 2021, consistent with the Company’s prior statements that for 2023 and beyond the majority of the Company’s revenue would be generated by software and services sales vs device sales. We expect growth to accelerate through the end of calendar year 2022 and through 2023. We remain 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 profits hit $5,301,304 compared to a loss of $857,954 the previous year, with gross margin dipping to 62%, due to a temporary increase in device costs in the last half of the year. The company has identified new device suppliers and expects gross margins to reach the target of 75% in 2023, aided by an increase in revenues generated from higher margin software and services versus device sales.

Dr. Lisa Crossley, CEO, commented further: “To date, as a Company we have been focused primarily on cementing our first mover advantage and establishing ourselves as the market leader by acquiring as many clients and patients as possible in the shortest possible time period. Going forward we will be shifting resources to the account management side to help accelerate onboarding, reduce the time it takes for patients to go from initial onboarding to fully adherent and billable, and accelerate collections. The Company expects to be generating significant free cash in 2023 and intends to initiate a share buyback program at that time to offset any dilution incurred over the past several years.”

On January 1, 2022, the Centers for Medicare & Medicaid Services or CMS, introduced five new billing codes for Remote Therapeutic Monitoring, allowing clinicians to provide ongoing in-home treatment and monitoring for patients with musculoskeletal and respiratory conditions. These new codes added more than 20 million newly eligible patients, giving Reliq a target market of more than 57 million eligible patients in the US alone.

Reliq contracted with Data Soft Logic to provide iUGO Care to their existing and new clients. Reliq started onboarding their patients in the second quarter and expects to add more than 50,000 new patients each year beginning in 2023, at an estimated revenue of $60 per patient per month. Data Soft Logic has been partnering with home health, hospice, and therapy agencies for more than 10 years, with its software platform currently used by more than 600 agencies, with 1,000 primary care physicians providing care to more than 500,000 Medicare and Medicaid patients across the United States.

Reliq signed an agreement with Cognizant to leverage Cognizant’s Care Management resources for future deployments of Reliq’s iUGO Care software to large scale clients, which provides even the largest healthcare organizations with confidence that Reliq can meet the needs of their patient populations. Cognizant, a multinational information technology company with a capitalization exceeding US$32 billion, provides services to more than 300 health systems and approximately 347,000 care providers, who together provide care to more than 200 million lives globally.

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.

Subsequent to June 30th, the company received $341,805 from the exercise of warrants, with an additional 3,738,332 warrants exercisable at $0.30 expiring between November 13 and December 3, 2022, which should add another $1,121,500 to the treasury. The shares are trading at $0.61.

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 is the revenue growth for Reliq Health Technologies for FY 2022?

Reliq Health Technologies reported a 485% revenue growth for FY 2022, totaling $8,551,807.

How much did software and services revenue grow for Reliq Health in FY 2022?

The revenue from software and services increased by 1,940% to $2,739,516.

What are the gross profits for Reliq Health for FY 2022?

Gross profits for FY 2022 reached $5,301,304, a significant increase from a loss of $857,954 in the previous year.

Is Reliq Health Technologies planning a share buyback?

Yes, Reliq Health Technologies intends to initiate a share buyback program in 2023.

What is the current trading price of Reliq Health Technologies shares?

Shares of Reliq Health Technologies are currently trading at $0.61.