VANCOUVER, British Columbia, June 01, 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, reported record revenues, and first profitable quarter, for the three months ending March 31, 2023. The latest financials and Management’s Discussion and Analysis (MD&A) are available on Sedar.com.
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Dr. Lisa Crossley, CEO, stated: “The Company achieved record revenues of $4,741,037 for the three months ending March 31, 2023 and had our first profitable quarter with a gain from operations of $731,017. Software and services revenue continues to increase as percentage of total revenue, increasing over 69% to $1,804,891 relative to the three months ended March 31, 2022. This is consistent with the Company’s previous guidance that high margin software and services will account for the majority of its revenue by the end of 2023 and beyond. Since January 1, 2023 the Company has added over 120 new Skilled Nursing Facilities to its client base and signed new contracts with a large US Healthcare System client and a large US Health Plan. It is a tremendous validation of Reliq’s unique value proposition that we are able to attract these very large clients. We expect to see increasing traction with large clients through the remainder of 2023 and beyond.”
Sales for the 3-month period ended March 31, 2023 increased by 88.5% to $4,741,037 over the $2,515,013 reported for the 3-month period ended March 31, 2022. Gross profits for the 3-month period ended March 31, 2023 increased 95.6% to $3,201,727 over the $1,636,104 reported for the 3-month period ended March 31, 2022. Gross margins for the period were 68% and are expected to exceed 70% by the end of calendar year 2023, due to reduced device costs and an increase in the percentage of the company’s total revenue from higher margin software and services versus hardware.
The company recently signed a new contract with a large US Health Plan, which operates Accountable Care Organizations in five States with over 3,000 doctors and more than 1,000,000 patients. This new client focuses on community-based primary care, post-acute and specialty care and is a subsidiary of one of the nation’s largest providers of hospital and healthcare services and a Fortune 500 Company. Onboarding with this new client will begin in July with one of their Accountable Care Organizations in Texas, which is expected to add over 10,000 new patients to Reliq’s iUGO Care platform by the end of March 2024 at an average revenue of $65 per patient per month.
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 $0.58. 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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