Well there is the reason disclosed in the PR just released.
Reliq Health files F2019 financials on SEDAR
2019-10-29 08:06 ET - News Release
Dr. Lisa Crossley reports
RELIQ HEALTH TECHNOLOGIES, INC. FILES ANNUAL FINANCIAL STATEMENTS, PROVIDES CORPORATE UPDATE
Reliq Health Technologies Inc.'s annual audited consolidated financial statements and management's discussion and analysis (MD&A) for the year ended June 30, 2019, are now available on the company's profile on SEDAR. The year ended June 30, 2019, represents the Company's 2019 fiscal year. The Company is also pleased to provide the following corporate update.
As previously announced, Reliq will be hosting a webinar today, October 29th at 12:00pm EST at https://bit.ly/2BBUe0B . For those who are not able to attend the webinar, a recording of the webinar will be available on the Company's website immediately following the session. A written summary of the material updates to be presented in the webinar is also provided below.
Agenda for Webinar
1.FY 2019 Financial Statements
2.Updated pricing
3.Forecast for FY 2020
4.New clients
5.New products & market segments
6.New US Sales office and call center
1. FY 2019 Financial Statements
The annual audited financial statements for FY 2019 (year ending June 30, 2019) have been filed on SEDAR under the Company's profile.
2. Updated Pricing
The Company had previously disclosed that the pricing for its monthly subscription fees spanned a range of $15-$50 USD/patient/month, with an average of $25 USD/patient/month. As the Company has continued to add features to its platform the range has expanded to $20 - $90 CAD/patient/month, with an average of $50 CAD/patient/month. The Company has decided to report pricing in CAD going forward for clarity.
3. Forecast for FY 2020
The Company expects to have 10,000 patients onboarded by December 31, 2019, 20,000 patients onboarded by March 31, 2020 and over 35,000 patients onboarded by June 30, 2020. The Company expects to double revenue every quarter through FY 2020 (July 1, 2019 {&#A A ; –} June 30, 2020).
4. New Clients
As previously disclosed, Reliq's Sales team secured 32 new contracts subsequent to June 30, 2019. The Company now has clients operating across 15 US States. Reliq's clients now include Home Health Agencies, Adult Medical Day Cares, Physician Practices, Residential Care (Skilled Nursing) Facilities, an Employer-Sponsored Insurance Plan and a US Pharmacy Network.
5. New Products & Market Segments
As previously disclosed, the Company has launched a new iUGO HOME product that integrates with watch and pendant-style devices.
As previously disclosed, the Company is entering new market segments, including Personal Emergency Response, Adult Medical Daycare, Skilled Nursing Facilities and Pharmacy Networks.
6. US Sales Office & Call Center
The Company is opening a US Sales Office and Call Center in Port St Lucie, Florida to provide paid support services for its clients, including outreach to patients to encourage timely collection of vital signs and medication adherence, and to ensure patients have a sufficient supply of test strips, lancets and other necessary consumables. The Company is opening the Call Center at the request of its clients across the United States who would like to grow their clinical businesses faster but need access to resources like the Call Center team in order to support additional patients. The Call Center will be staffed by a 24/7 dedicated team with extensive experience working with health plans, clinicians and patients, and comprehensive knowledge of CMS compliance requirements. Not only will the Call Center offer paid support services to Reliq's clients, the Company has also secured commitments from its medical device manufacturer partners to utilize the Call Center's contract outreach and engagement services. As a result, the Call Center will be a profit center for Reliq from day one.
About Reliq Health
Reliq Health Technologies is a healthcare technology company that specializes in developing innovative software solutions for the Community Care 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.
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