Reliq Health Technologies, Inc. Announces 40 New Skilled Nursing Facility Clients in California, Florida and Pennsylvania

Rhea-AI Summary

Reliq Health Technologies Inc. (OTC:RQHTF) announced the acquisition of 40 new Skilled Nursing Facility (SNF) clients located in California, Florida, and Pennsylvania.

This expansion is expected to contribute over 4,000 new patients monthly to the iUGO Care platform, totaling more than 48,000 patients annually. Each patient is projected to generate average revenues of $65 per month, which can result in significant revenue growth at a 75% gross margin. The company reports over 70% post-discharge adherence among patients, anticipating this rate to exceed 80% as familiarity with the platform increases.

Positive

• Acquisition of 40 new SNF clients in California, Florida, and Pennsylvania.
• Expected addition of over 4,000 new patients per month to iUGO Care, over 48,000 annually.
• Projected average revenue of $65 per patient per month at a 75% gross margin.
• Current adherence rate of over 70% for patients post-discharge, with expectations to exceed 80%.

Negative

• None.

HAMILTON, Ontario, March 08, 2023 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT or OTC:RQHTF or WKN:A2AJTB) (“Reliq” or the “Company”), a rapidly growing global healthcare technology company that develops innovative Virtual Care solutions for the multi-billion dollar Healthcare market, is pleased to announce that it has signed 40 new Skilled Nursing Facility (SNF) clients in California, Florida and Pennsylvania. These clients are expected to add over 4,000 new patients per month to Reliq’s iUGO Care platform by the end of 2023, or over 48,000 patients per year at an average revenue of $65 per patient per month.

“We continue to see tremendous growth in Reliq’s business in the Skilled Nursing Facility (SNF) space,” said Dr. Lisa Crossley, CEO at Reliq Health Technologies, Inc. “SNFs are very attractive clients for the Company because the facilities’ staff along with Reliq’s implementation team are able to train patients on the system prior to discharge from the SNF. This helps ensure that patients are comfortable and confident in their use of the iUGO Care platform before they even leave the facility. As a result, we have already documented >70% adherence in these patients post-discharge, with adherence expected to reach an average of >80% over time as patients gain further experience with the platform. By the end of this calendar year, we expect to be adding 4,000 patients per month to the iUGO Care platform through these facilities, at an average revenue of $65 per patient per month at 75% gross margin.”

Reliq Health

Reliq Health Technologies is a rapidly growing global healthcare technology company that specializes in developing innovative Virtual Care solutions for the multi-billion dollar Healthcare market. Reliq’s powerful iUGO Care platform supports care coordination and community-based virtual healthcare. iUGO Care allows complex patients to receive high quality care at home, improving health outcomes, enhancing 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 ER visits. Reliq Health Technologies trades on the TSX Venture under the symbol RHT, on the OTC as RQHTF and on the Frankfurt Stock Exchange under the WKN:A2AJTB.

ON BEHALF OF THE BOARD

“Dr. Lisa Crossley”
CEO and Director

For further information please contact:

Company Contact
Investor Relations at ir@reliqhealth.com

US Investor Relations Contact
Investor Relations
Lytham Partners, LLC
Ben Shamsian
New York | Phoenix
646-829-9701
shamsian@lythampartners.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward Looking Information

Certain statements in this press release constitute forward-looking statements, within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are "forward-looking statements".

We caution you that such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements.

Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including technology development, anticipated revenues, projected size of market, and other information that is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

Reliq Health Technologies Inc. (the "Company") does not intend and does not assume any obligation, to update these forward-looking statements except as required by law. These forward-looking statements involve risks and uncertainties relating to, among other things, technology development and marketing activities, the Company's historical experience with technology development, uninsured risks. Actual results may differ materially from those expressed or implied by such forward-looking statements.

SOURCE: Reliq Health Technologies Inc.

FAQ

What new clients did Reliq Health Technologies acquire in March 2023?

Reliq Health Technologies acquired 40 new Skilled Nursing Facility clients in California, Florida, and Pennsylvania.

How many new patients are expected to be added to the iUGO Care platform?

Reliq expects to add over 4,000 new patients per month to the iUGO Care platform.

What is the expected revenue per patient for Reliq Health Technologies?

The expected revenue is $65 per patient per month.

What is the projected annual revenue from the new clients for Reliq Health Technologies?

The projected annual revenue from the new clients is over $3.9 million (48,000 patients x $65).

What is the current adherence rate for patients using iUGO Care?

The current adherence rate for patients post-discharge using iUGO Care is over 70%.