InvestmentPitch Media Video Discusses Reliq Health, a Rapidly Growing Global Healthcare Technology Company, and its Record Growth for the Quarter Ending September 30, 2022
December 01 2022 - 1:25PM
Reliq Health Technologies Inc. (TSXV:RHT) (OTCPink:RQHTF)
(FSE:MHN2), a rapidly growing global healthcare technology company
developing innovative Virtual Care solutions for the
multibillion-dollar Healthcare market, reports record growth for
the quarter ending September 30, 2022.
A Media Snippet accompanying this announcement is
available by clicking the image or link below.
Dr. Lisa Crossley, CEO, stated: “The Company
achieved record revenues of $3,472,237 for the three months ending
September 30, 2022, despite the significant impact the hurricanes
during this period had on patients and clinicians in Florida,
Puerto Rico and the US Virgin Islands. Software and services
revenue continues to increase as a percentage of total revenue,
consistent with the Company’s previous guidance that high margin
software and services will account for the majority of its revenue
in 2023 and beyond. Reliq remains 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 profit increased from $1,159,000 to
$2,175,000, an increase of 88%, with the loss for period falling
dramatically from $4,210,000 to only $122,000.
For more information, please view the
InvestmentPitch Media video which provides additional breakdown of
the financials and news about the company, along with comments from
Bruce Campbell, President and Portfolio Manager of Stonecastle
Investment Management. The video is available for viewing on
“InvestmentPitch” or on
“YouTube”. If the link is not available, please
visit www.InvestmentPitch.com and enter “Reliq” in
the search box.
Dr. Lisa Crossley, CEO, commented further:
“Subsequent to Q1 FY 2023, the Company added a new market segment
to its total addressable market - Skilled Nursing Facilities. SNFs
represent a large and previously untapped market for Reliq’s
products. There are over 15,000 SNFs in the United States and over
1.5 million Medicare patients received care in a SNF setting in
2021. Since October 2022 the Company has signed contracts with
Skilled Nursing Facility networks in Florida and California to
onboard 105 facilities to its iUGO Care platform. These contracts
are expected to add over 10,000 new patients per month to Reliq’s
platform, or over 120,000 patients per year every year beginning in
2023.”
Reliq will provide Transitional Care Management to
newly discharged patients from these SNFs at a rate of $60 per
patient, with recurring revenue from Remote Patient Monitoring,
Chronic Care Management and Behavioural Health Integration of $65
per patient per month, at a 75% gross margin.
The company expects its rapid expansion into the
Skilled Nursing space to accelerate in 2023 as SNFs face increasing
pressure from payors to reduce length of stay for patients while
also avoiding readmissions. Reliq’s iUGO Care solutions improve
post-discharge health outcomes for SNF patients and reduce
readmissions, while also generating new revenue streams for the
facilities.
The company currently has more than $15 million in
device orders that it had originally expected to fulfill by the end
of Calendar Year 2022. However, due to the impact from the Omicron
wave of COVID-19 in the first half of Calendar Year 2022 and the
hurricanes in Texas, Florida and the US Virgin Islands in
September, the company expects previously forecasted revenues to be
achieved approximately 4 to 6 months later than originally
anticipated. It should be noted that these device orders will be
followed by ongoing software and service subscriptions and are
therefore a leading indicator of future recurring revenues.
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.
The shares are trading at $0.62. 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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