Vancouver, British Columbia--(Newsfile Corp. - November 2, 2021) - Reliq Health Technologies (TSXV: RHT) (OTC Pink: RQHTF) (WKN: A2AJTB), a rapidly growing global telemedicine company developing innovative Virtual Care solutions for the multi-billion dollar Healthcare market, has provided a preliminary update on sales for the quarter ending September 30, 2021.
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Dr. Lisa Crossley, CEO, stated: "We will file our unaudited quarterly financial statements for the quarter ending September 30, 2021 on or before November 29, 2021. 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."
Management anticipates that 2022 will 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 the company's iUGO Care platform for their at-risk patients.
A typical physician practice can generate more than a $1 Million in new revenue at profit margins of more than 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.
According to Statista, a leading provider of market and consumer data, home healthcare spending in the US alone, by Medicare and Medicaid exceeded US$80 billion in 2019 and has been growing at approximately 10% annually.
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 technology platform is a comprehensive SaaS solution that allows complex chronic disease patients to receive high-quality care in the home or other community-based setting thereby 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 $0.97. 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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