InvestmentPitch Media Video Discusses Reliq Health’s, a Rapidly Growing Global Telemedicine Company, Filing its Audited Financial Statement for Year Ended June 30, 2022, Reporting Revenue Increase of 485% Year-over-Year
November 03 2022 - 6:00AM
Reliq Health Technologies Inc. (TSXV:RHT) (OTCPink:RQHTF)
(FSE:MHN2), a rapidly growing global telemedicine company
developing innovative Virtual Care solutions for the
multibillion-dollar Healthcare market, has filed its audited
financial statements for year ended June 30, 2022, reporting a
revenue increase of 485% Year-over-Year.
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Dr. Lisa Crossley, CEO, stated: “FY 2022 was a
period of tremendous growth for the Company. Revenues for the
fiscal year increased by 485% to $8,551,807 for FY 2022 as compared
to $1,462,165 for FY 2021. Despite the significant resurgence of
COVID-19 (Omicron variant) in late 2021 / early 2022, revenue from
software and services sales increased by over 1,940% to $2,739,516
for FY 2022 compared to $134,264 for FY 2021, consistent with the
Company’s prior statements that for 2023 and beyond the majority of
the Company’s revenue would be generated by software and services
sales vs device sales. We expect growth to accelerate through the
end of calendar year 2022 and through 2023. We remain on track to
onboard over 100,000 patients to the platform by the end of
December 2022 and over 200,000 by mid-calendar year 2023.”
Gross profits hit $5,301,304 compared to a loss of
$857,954 the previous year, with gross margin dipping to 62%, due
to a temporary increase in device costs in the last half of the
year. The company has identified new device suppliers and expects
gross margins to reach the target of 75% in 2023, aided by an
increase in revenues generated from higher margin software and
services versus device sales.
Dr. Lisa Crossley, CEO, commented further: “To
date, as a Company we have been focused primarily on cementing our
first mover advantage and establishing ourselves as the market
leader by acquiring as many clients and patients as possible in the
shortest possible time period. Going forward we will be shifting
resources to the account management side to help accelerate
onboarding, reduce the time it takes for patients to go from
initial onboarding to fully adherent and billable, and accelerate
collections. The Company expects to be generating significant free
cash in 2023 and intends to initiate a share buyback program at
that time to offset any dilution incurred over the past several
years.”
On January 1, 2022, the Centers for Medicare &
Medicaid Services or CMS, introduced five new billing codes for
Remote Therapeutic Monitoring, allowing clinicians to provide
ongoing in-home treatment and monitoring for patients with
musculoskeletal and respiratory conditions. These new codes added
more than 20 million newly eligible patients, giving Reliq a target
market of more than 57 million eligible patients in the US
alone.
Reliq contracted with Data Soft Logic to provide
iUGO Care to their existing and new clients. Reliq started
onboarding their patients in the second quarter and expects to add
more than 50,000 new patients each year beginning in 2023, at an
estimated revenue of $60 per patient per month. Data Soft Logic has
been partnering with home health, hospice, and therapy agencies for
more than 10 years, with its software platform currently used by
more than 600 agencies, with 1,000 primary care physicians
providing care to more than 500,000 Medicare and Medicaid patients
across the United States.
Reliq signed an agreement with Cognizant to
leverage Cognizant’s Care Management resources for future
deployments of Reliq’s iUGO Care software to large scale clients,
which provides even the largest healthcare organizations with
confidence that Reliq can meet the needs of their patient
populations. Cognizant, a multinational information technology
company with a capitalization exceeding US$32 billion, provides
services to more than 300 health systems and approximately 347,000
care providers, who together provide care to more than 200 million
lives globally.
Based in Hamilton, Ontario, with offices in
Florida and Texas, Reliq specializes in developing innovative
Virtual Care solutions for the multi-billion dollar healthcare
market, including physician practices, skilled nursing facilities
and other healthcare organizations. The company’s powerful iUGO
CARE platform for care coordination and home healthcare integrates
wearables, sensors, voice technology with intuitive mobile apps and
desktop software for patients, families, clinicians, and healthcare
administrators.
The technology platform is a comprehensive SaaS
solution that allows complex patients to receive high-quality care
at home, improving health outcomes, enhancing the 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 emergency room visits.
Subsequent to June 30th, the company received
$341,805 from the exercise of warrants, with an additional
3,738,332 warrants exercisable at $0.30 expiring between November
13 and December 3, 2022, which should add another $1,121,500 to the
treasury. The shares are trading at $0.61.
For more information, please visit the company’s
website, www.ReliqHealth.com or email IR@ReliqHealth.com. Investor
Relations in the United States is handled by Ben Shamsian of Lytham
Partners, who can be reached at 649-829-9701 or by email at
shamsian@LythamPartners.com.
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Technologies has paid a fee not exceeding $2,000 in cash to have
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