Reliq Health Technologies, Inc. Files FY2021 Annual Audited Financial Statements, Provides Corporate Update
October 28 2021 - 4:40PM
Reliq Health Technologies Inc. (TSXV:RHT or
OTCQB: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, today
announced that the annual audited consolidated financial statements
(“Financial Statements”) and Management’s Discussion and Analysis
(“MD&A”) for the year ended June 30, 2021, are now available on
the Company’s profile on SEDAR (www.sedar.com).
“We have now filed our annual audited financials
for Fiscal Year 2021,” said Dr. Lisa Crossley, CEO of Reliq Health
Technologies, Inc. “As we have previously stated, revenues in FY
2021 were relatively flat due to the global pandemic. Subsequent to
June 30, 2021, however, we have seen rapid growth both in terms of
new clients/contracts and revenues. As reflected in the financials,
there was a significant increase in sales towards the end of Q4 FY
2021 such that revenues for Q4 were 25% higher than revenues in Q3.
That exponential growth trajectory continued in Q1 FY 2022 (quarter
ending September 30, 2021) and we remain on track to reach a
revenue run rate of $2 Million/month by the end of Calendar Year
2021. Margins increased from 15% in FY 2020 to 58% for FY 2021. In
2022, the majority of our revenue will come from software and
services instead of hardware, which will allow us to achieve our
targets of 75% gross margins and 45% EBITDA margins.”
“We would like to remind shareholders that we
cannot issue invoices or recognize revenue until a given patient
has been on the platform for a full month, per the reimbursement
requirements for Medicare and Medicaid,” continued Dr. Crossley.
“As a result, the ‘revenue run rate’ at the end of a given month,
which is calculated based on the number of active subscriptions to
Reliq’s software and services at that time, isn’t reflected in the
financials until the following month. Revenue is typically
collected within 60 days of the invoice date, however during the
pandemic we extended generous payment terms to our clients and were
fortunate to receive equally generous payment terms from our
suppliers. All outstanding receivables shown in the FY 2021
Financial Statements will be collected by the end of Q1 Calendar
Year 2022 in accordance with the payment plan agreements we have
with our clients.”
The Company is also pleased to provide the
following corporate update.
1. Highlights from
FY2021 Annual Audited Financial Statements
During the period ending June 30, 2021 and
subsequent, the Company:
- Increased
gross margin to 58% for FY 2021, as compared to gross margins of
15% for the year ended June 30, 2020 (“FY 2020”), in keeping with
the Company’s guidance that gross margins will increase to 75% by
December 31, 2021.
- Increased revenue
quarter-over-quarter for Q4 FY 2021 by 25%, with the increase
primarily occurring in the latter part of June, consistent with the
Company’s guidance that the majority of its growth would occur in
the second half of Calendar Year 2021.
- Launched the iUGO Home solution, a
highly scalable solution that was designed to support patients in
their own homes or in residential care settings such as long-term
care, skilled nursing and hospice facilities. The iUGO Home
solution provides fall detection with automated alerts to the
patient’s care team, medication reminders for the patient, two-way
audio communication and automated geofencing-based alerts to the
care team or family members if a patient wanders outside a defined
area.
- Launched a new multilingual
Interactive Voice Recognition product, iUGO Voice.
- Adopted the FHIR (Fast Healthcare
Interoperability Resources) standard for its iUGO Care platform to
meet the needs of large-scale enterprise clients such as managed
care plans and other payers, who must comply with new CMS
regulations for interoperability.
- Expanded its platform to provide
virtual care services to HIV patients.
- Initiated investor outreach
programs to build awareness of the Company and its significant
growth potential among potential investors, particularly in the US
investment community. The Company engaged Lytham Partners for US
Investor Relations and Wall Street Reporter for Investor
Marketing.
- Subsequent to June 30, 2021, the
Company signed contracts with over 30 new customers in the
continental US, Puerto Rico and the US Virgin Islands.
2. Date for
Webinar to Review Q1 FY2022 Financials and Provide Updated Guidance
for 2022
The Company’s consolidated financial statements
for Q1 FY2022 (quarter ending September 30, 2021) are due to be
filed on or before November 29, 2021. The webinar to review the
financial statements will be scheduled on or before November 30,
2021. At that time the Company will provide updated guidance for
Calendar Year 2022.
About Reliq HealthReliq 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 ContactInvestor Relations at
ir@reliqhealth.com
US Investor Relations ContactInvestor
RelationsLytham Partners, LLCBen ShamsianNew York |
Phoenix646-829-9701shamsian@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.
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