InvestmentPitch Media Video Discusses Reliq Health’s Announcing Record Revenues of $12.6 million for Calendar Year 2022
March 03 2023 - 6:00AM
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, announces Record Revenues of
$12.6 million for Calendar Year 2022. The financials for the
quarter ended December 31, 2022 and Management’s Discussion and
Analysis (MD&A) are available on Sedar.com.
A Media Snippet accompanying this announcement is
available by clicking on the image or link below:
For more information, please view the
InvestmentPitch Media video which provides additional news about
the company along with video comments from Dr. Crossley. 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, stated: “The Company
achieved record revenues of $4,118,524 for the three months ending
December 31, 2022, and $12,683,030 for the twelve months ending
December 31, 2022. Software and services revenue continues to
increase as percentage of total revenue, increasing over 229% to
$1,727,817 relative to the three months ended December 31, 2021
($524,547). This is 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. As discussed on our
last webinar in January, 2023, the Company has prioritized
increasing the pace of Collections and reducing the Time to
Adherence for patients. Over the last two months the Company has
made significant progress on both initiatives and expects to be
current on Accounts Receivable and to have taken over management of
adherence for all new and existing clients by the end of the fiscal
year (June 30, 2023).”
Sales for the 3-month period ended December 31,
2022 increased by 90% to $4,118,524 over the $2,140,124 reported
for the 3-month period ended December 31, 2021. Revenue from
software and services for the 3-month period ended December 31,
2022 more than tripled to $1,727,817 over the $524,547 reported for
the 3-month period ended December 31, 2021. Going forward the
Company expects the majority of its revenue to come from software
and services vs hardware sales.
Gross profits for the 3-month period ended
December 31, 2022 increased 121% to $2,561,929 over the $1,159,024
reported for the 3-month period ended December 31, 2021. Gross
margins for the period were 62% due to a temporary increase in
device costs which has subsequently been resolved as the Company
added new device suppliers. Gross margins are expected to reach 75%
in calendar year 2023 due to reduced device costs and an increase
in the percentage of the Company’s total revenues from higher
margin software and services vs hardware.
Loss for the period decreased by 97% to $71,254
for the 3-month period ended December 31, 2022 from the $2,155,111
reported for the 3-month period ended December 31, 2021.
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.
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,
allowing 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 $0.54. 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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video is for the viewers information only. Reliq Health
Technologies has paid a fee not exceeding $2,000 in cash to have
its current news release produced in video format. The corporate
information is based on information that is publicly available. Any
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