Reliq Health Technologies, Inc. Announces Almost 200% Increase in Sales for the Quarter Ending September 30, 2021

Rhea-AI Summary

Reliq Health Technologies Inc. (RQHTF) announced a significant update on Q1 FY 2022 sales, revealing revenues of over $1.5 million, nearly tripling compared to the previous quarter. This marks Reliq's first full profitable quarter, with expectations to achieve a monthly revenue run rate of $2 million by December 2021. The company anticipates strong growth driven by the expansion of virtual care programs by Medicare. Target margins are set at 75% gross and 45% EBITDA. Overall, the outlook for FY 2022 appears promising as the healthcare market embraces telemedicine solutions.

Positive

• Q1 FY 2022 revenues exceeded $1.5 million, nearly tripling from the prior quarter.
• First full profitable quarter achieved, indicating financial stability.
• Projected revenue run rate of $2 million per month by December 2021.
• Target gross margins of 75% and EBITDA margins of 45% for future growth.
• Increased demand for iUGO Care platform supports substantial revenue potential.

Negative

• None.

HAMILTON, Ontario, Oct. 29, 2021 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT or OTC:RQHTF) (“Reliq” or the “Company”), a rapidly growing global telemedicine company that specializes in developing innovative Virtual Care solutions for the multi-billion dollar Healthcare market, is pleased to provide a preliminary update on Sales for Q1 FY 2022 (quarter ending September 30, 2021).

“We will file our unaudited quarterly financial statements for the quarter ending September 30, 2021 (Q1 FY 2022) on or before November 29, 2021,” said Dr. Lisa Crossley, CEO of Reliq Health Technologies, Inc. “The preliminary sales figures for Q1 FY 2022 show that revenues have almost tripled, exceeding $1.5 Million total for the quarter. This is consistent with our guidance to date that the second half of the year will provide significant growth for the Company. Our margins continue to improve as we increase the percentage of revenue coming from recurring software & service subscription fees vs hardware. The Company has now sold all of the hardware (medical monitoring devices) that were held in inventory. Going forward we will facilitate hardware purchases for our clients but do not expect to dedicate significant working capital to devices. The quarter ending September 30, 2021 was Reliq’s first full profitable quarter, which represents a significant milestone for the Company. We remain on track to achieve a revenue run rate of $2 Million per month by the end of December 2021, with target gross margins of 75% and EBITDA margins of 45%. The Company will continue to add Care Managers as needed and will also be hiring a Controller to expand our Finance & Accounting team to support the anticipated growth. FY 2022 is expected to be a period of very rapid growth for the Company due to Medicare’s continued expansion of the scope of their virtual care programs, and the increasing reimbursement amounts available to clinicians who use our iUGO Care platform for their at-risk patients. A typical physician practice can generate over $1 Million in new revenue at profit margins of over 75% by implementing iUGO Care, while improving patient health outcomes and quality of life. Reliq’s business model benefits all of the stakeholders in the healthcare system – patients, clinicians and payors.”

About Reliq Health
Reliq Health Technologies is a rapidly growing global telemedicine company that develops innovative Virtual Care solutions for the multi-billion dollar Healthcare market. Reliq’s powerful iUGO Care platform supports care coordination and community-based 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 and on the OTCQB as RQHTF.

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 were Reliq Health's sales figures for Q1 FY 2022?

Reliq Health reported sales exceeding $1.5 million for Q1 FY 2022, nearly tripling compared to the previous quarter.

When will Reliq Health release its Q1 FY 2022 financial statements?

Reliq Health plans to file its unaudited quarterly financial statements for Q1 FY 2022 on or before November 29, 2021.

What are the projected monthly revenues for Reliq Health by December 2021?

Reliq Health aims to achieve a revenue run rate of $2 million per month by the end of December 2021.

What are Reliq Health's target margins for future growth?

Reliq Health targets gross margins of 75% and EBITDA margins of 45%.

How does Reliq Health's iUGO Care platform benefit physicians?

Physicians can generate over $1 million in new revenue with profit margins exceeding 75% by implementing the iUGO Care platform.