HAMILTON, Ontario, Oct. 29, 2021 (GLOBE NEWSWIRE) — 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 Health
Reliq 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:
Investor Relations at email@example.com
US Investor Relations Contact
Lytham Partners, LLC
New York | Phoenix
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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”.
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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.