Reliq Health Technologies, Inc. Announces Almost 200% Increase in Sales for the Quarter Ending September 30, 2021
October 29 2021 - 3:01AM
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 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 InformationCertain 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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