VANCOUVER, British Columbia, March 03, 2023 (GLOBE NEWSWIRE) -- 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.
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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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