HAMILTON, Ontario, Nov. 30, 2023 (GLOBE NEWSWIRE) — Reliq Health Technologies Inc. (TSXV:RHT or OTCQB:RQHTF) (“Reliq” or the “Company”), a rapidly growing global medtech company that specializes in developing innovative Virtual Care solutions for the multi-billion dollar Healthcare market, today announced that the consolidated financial statements (“Financial Statements”) and Management’s Discussion and Analysis (“MD&A”) for the quarter ended September 30, 2023, are now available on the Company’s profile on SEDAR (www.sedar.com).
“We have now filed our quarterly financials for Q1 Fiscal Year 2023,” said Dr. Lisa Crossley, CEO of Reliq Health Technologies, Inc. “As expected, the second half of Calendar Year 2023 is proving to be a period of rapid growth for Reliq. Revenues for the quarter ending September 30, 2023 were $1,608,168, which was 192% higher than revenues in the previous quarter (Q4 FY2021: $549,825). Gross margin increased to 72% in Q1 FY2022. The Company remains on track to reach a revenue run rate of $2 Million/month by the end of Calendar Year 2023. Going forward, we expect the majority of our revenue to come from software and services instead of hardware, which will allow us to achieve our targets of 75% gross margin and 45% EBITDA margin. As previously disclosed, during the pandemic the Company extended flexible payment terms to clients and received similarly generous payment terms from our key suppliers. Receivables older than one year are expected to be paid in full by our clients by the end of March 2023 and the Company expects to collect all other receivables in a timely manner going forward now that most of our clients have resumed normal operations.”
The Company is also pleased to provide the following corporate update.
1. Highlights from Q1 FY2023 Quarterly Financial Statements
During the period ending September 30, 2023 and subsequent, the Company:
- Increased sales quarter-over-quarter by 192% relative to the previous quarter, to $1,608,168 (Q4 FY2021: $549,825).
- Increased gross profits quarter-over-quarter to $1,159,024 (Q4 FY2021: $324,429) for a gross margin of 72%.
- After adjusting for non-cash expenses including share-based compensation and accretion, as well as one-time non-reoccurring expenses (severance paid to the Company’s former CFO and CIO), the Company’s adjusted EBITDA (gain) for Q1 FY2023 was $74,126 (Q1 FY2023 adjusted EBITDA (loss): $1,518,925).
- Signed contracts with six new home health agencies in the US.
- Signed contracts with over 20 new US primary care physician practices.
- Signed a contract with a cardiology practice in Puerto Rico to provide remote patient monitoring and chronic care management to over 2,500 cardiac patients.
- Signed a contract with a new nephrology practice to provide remote patient monitoring and chronic care management to over 1,000 chronic kidney disease patients.
- Signed a contract with a Rural Health Clinic (RHC) in the US Virgin Islands to provide the iUGO Care platform to over 1,500 patients.
- Announced new contracts with three healthcare organizations in California that together have over 200 physician practices and over 50,000 eligible Medicare patients throughout the state.
- Experienced significant increased demand for its iUGO Care solutions in response to new Texas Medicaid guidelines that took effect September 1, 2023, Under the new guidelines, Texas Medicaid expanded the clinical conditions eligible for remote patient monitoring reimbursement to include congestive heart failure, end-stage solid organ disease (heart, liver, kidney, lung, pancreas), organ transplant, and conditions requiring mechanical ventilation.
- Expanded its platform to provide comprehensive virtual care to hospice patients through iUGO Hospice.
- Expanded its iUGO Care platform to provide virtual care to HIV patients.
- Hired Michael Frankel, CFA as the Company’s new CFO to complete the consolidation of operations to the Hamilton office. Michael has worked with a wide variety of global companies ranging from members of the Fortune 100 to early stage start ups. He has experience on all sides of the table having worked as a CFO, Venture Capitalist and Investment Banker. As an Investment Banker in New York City his clients included Google, Samsung, and Microsoft. Michael’s experience working with US companies will be particularly helpful as Reliq prepares to uplist to the NASDAQ in 2023.
2. Updated Guidance for Calendar Year 2023
As a result of the significant customer traction Reliq has achieved in the second half of Calendar Year 2023 and the increasing demand expected through Calendar Year 2023, the Company is increasing its guidance for CY 2023 to $40 Million CAD in revenue.
3. Date for Webinar to Review Q2 FY2023 Financials
The Company’s consolidated financial statements for Q2 FY2023 (quarter ending December 31, 2023) are due to be filed on or before March 1, 2023. The webinar to review the financial statements will be scheduled on or before March 2, 2023.
About Reliq Health
Reliq Health Technologies is a rapidly growing global medtech 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:
Company Contact
Investor Relations at [email protected]
US Investor Relations Contact
Investor Relations
Lytham Partners, LLC
Ben Shamsian
New York | Phoenix
646-829-9701
[email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward Looking Information
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”.
We caution you that such “forward-looking statements” involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements.
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.
