Reliq Health Technologies, Inc. Files Q1 FY2022 Quarterly Financial Statements, Provides Corporate Update
November 30 2021 - 3:01AM
Reliq Health Technologies Inc. (TSXV:RHT or
OTCQB:RQHTF) (“
Reliq” or the
“
Company”), a rapidly growing global medtech
company that specializes in developing innovative Virtual Care
solutions for the multi-billion dollar Healthcare market, today
announced that the consolidated financial statements (“Financial
Statements”) and Management’s Discussion and Analysis (“MD&A”)
for the quarter ended September 30, 2021, are now available on the
Company’s profile on SEDAR (www.sedar.com).
“We have now filed our quarterly financials for
Q1 Fiscal Year 2022,” said Dr. Lisa Crossley, CEO of Reliq Health
Technologies, Inc. “As expected, the second half of Calendar Year
2021 is proving to be a period of rapid growth for Reliq. Revenues
for the quarter ending September 30, 2021 were $1,608,168, which
was 192% higher than revenues in the previous quarter (Q4 FY2021:
$549,825). Gross margin increased to 72% in Q1 FY2022. The Company
remains on track to reach a revenue run rate of $2 Million/month by
the end of Calendar Year 2021. Going forward, we expect the
majority of our revenue to come from software and services instead
of hardware, which will allow us to achieve our targets of 75%
gross margin and 45% EBITDA margin. As previously disclosed, during
the pandemic the Company extended flexible payment terms to clients
and received similarly generous payment terms from our key
suppliers. Receivables older than one year are expected to be paid
in full by our clients by the end of March 2022 and the Company
expects to collect all other receivables in a timely manner going
forward now that most of our clients have resumed normal
operations.”
The Company is also pleased to provide the
following corporate update.
1. Highlights from Q1
FY2022 Quarterly Financial Statements
During the period ending September 30, 2021 and subsequent, the
Company:
- Increased sales
quarter-over-quarter by 192% relative to the previous quarter, to
$1,608,168 (Q4 FY2021: $549,825).
- Increased gross profits
quarter-over-quarter to $1,159,024 (Q4 FY2021: $324,429) for a
gross margin of 72%.
- After adjusting for non-cash
expenses including share-based compensation and accretion, as well
as one-time non-reoccurring expenses (severance paid to the
Company’s former CFO and CIO), the Company’s adjusted EBITDA (gain)
for Q1 FY2022 was $74,126 (Q1 FY2021 adjusted EBITDA (loss):
$1,518,925).
- Signed contracts with six new home
health agencies in the US.
- Signed contracts
with over 20 new US primary care physician practices.
- Signed a contract
with a cardiology practice in Puerto Rico to provide remote patient
monitoring and chronic care management to over 2,500 cardiac
patients.
- Signed a contract with a new
nephrology practice to provide remote patient monitoring and
chronic care management to over 1,000 chronic kidney disease
patients.
- Signed a contract with a Rural
Health Clinic (RHC) in the US Virgin Islands to provide the iUGO
Care platform to over 1,500 patients.
- Announced new contracts with three
healthcare organizations in California that together have over 200
physician practices and over 50,000 eligible Medicare patients
throughout the state.
- Experienced significant increased
demand for its iUGO Care solutions in response to new Texas
Medicaid guidelines that took effect September 1, 2021, Under the
new guidelines, Texas Medicaid expanded the clinical conditions
eligible for remote patient monitoring reimbursement to include
congestive heart failure, end-stage solid organ disease (heart,
liver, kidney, lung, pancreas), organ transplant, and conditions
requiring mechanical ventilation.
- Expanded its platform to provide
comprehensive virtual care to hospice patients through iUGO
Hospice.
- Expanded its iUGO Care platform to
provide virtual care to HIV patients.
- Hired Michael Frankel, CFA as the
Company’s new CFO to complete the consolidation of operations to
the Hamilton office. Michael has worked with a wide variety of
global companies ranging from members of the Fortune 100 to early
stage start ups. He has experience on all sides of the table having
worked as a CFO, Venture Capitalist and Investment Banker. As an
Investment Banker in New York City his clients included Google,
Samsung, and Microsoft. Michael’s experience working with US
companies will be particularly helpful as Reliq prepares to uplist
to the NASDAQ in 2022.
2. Updated Guidance
for Calendar Year 2022
As a result of the
significant customer traction Reliq has achieved in the second half
of Calendar Year 2021 and the increasing demand expected through
Calendar Year 2022, the Company is increasing its guidance for CY
2022 to $40 Million CAD in revenue.
3. Date for Webinar to
Review Q2 FY2022 Financials
The Company’s
consolidated financial statements for Q2 FY2022 (quarter ending
December 31, 2021) are due to be filed on or before March 1, 2022.
The webinar to review the financial statements will be scheduled on
or before March 2, 2022.
About Reliq HealthReliq Health Technologies is
a rapidly growing global medtech 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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