InvestmentPitch Media Video Discusses Reliq Health’s Signing of New Contract with a Respiratory Therapy Clinic in Texas to Add 10,000 New Patients to its iUGO Care Platform by Mid-2024

Rhea-AI Summary

Reliq Health signs new contract with respiratory therapy clinic in Texas, adding 10,000 patients to iUGO care platform by mid-2024. Onboarding begins this month at $65 per patient per month with over 70% gross margin. Sales for FY 2023 more than doubled YoY and expected to double again in FY 2024. Shares trading at $0.445.

Positive

• New contract adds 10,000 patients to iUGO care platform
• Sales doubled YoY and expected to double again in FY 2024

Negative

• None.

VANCOUVER, British Columbia, Sept. 05, 2023 (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, signs new contract with a respiratory therapy clinic in Texas to add 10,000 new patients to its iUGO care platform by mid-2024. Onboarding will begin this month, with the company expecting to add more than 10,000 patients to its iUGO Care platform by mid-2024 at $65 per patient per month at a greater than 70% gross margin.

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Dr. Lisa Crossley, CEO, stated: “The iUGO Care platform supports patients with asthma, Chronic Obstructive Pulmonary Disease (COPD) and other breathing issues by providing remote monitoring with connected spirometers, inhalers and nebulizers. Remote monitoring of asthma and COPD patients allows healthcare providers to identify early changes in lung function that can be easily treated at home with antibiotics, steroid inhalers or nebulizer treatments. These early interventions help prevent complications like inflammation, bronchitis and pneumonia that can cause permanent lung damage and lead to lengthy, disruptive and costly ICU stays. Under the Centers for Medicare & Medicaid Services (CMS) Remote Therapeutic Monitoring (RTM) program, physicians and respiratory therapists can provide RTM services, expanding Reliq’s addressable market.”

Although adult death rates from COPD have been dropping in recent years in the US, more than 20 million Americans, according to the Centers for Disease Control and Prevention (www.cdc.gov), have COPD and it is the fourth leading cause of death in the US.

The company also reports that Hurricane Idalia has not significantly impacted its clients in Florida and will not disrupt onboarding or billing for Reliq’s clients in the state.

Dr. Lisa Crossley, CEO, added: “Onboarding, adherence and collections have continued to improve this quarter and the company’s profitability continues to increase. Sales for FY 2023 more than doubled year over year relative to FY 2022 and are expected to more than double again in FY 2024. We look forward to continued record growth through the remainder of calendar year 2023 and beyond.”

Based in Hamilton, Ontario, with offices in Florida and Texas, Reliq specializes in developing innovative Virtual Care solutions for the multibillion-dollar healthcare market. With Reliq’s iUGO Care’s post-discharge program, patients receive targeted monitoring for the first 30 days after discharge to specifically prevent readmission to hospital and are then followed long-term using the iUGO Care Remote Patient Monitoring (RPM), Transitional Care Management (TCM) and Behavioural Health Integration (BHI) modules to improve long-term health outcomes and prevent complications that could lead to future hospitalizations.

The shares are trading at $0.445. 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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