VANCOUVER, British Columbia, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT) (OTCPink:RQHTF) (FSE:MHN2), a rapidly growing global telemedicine company developing innovative Virtual Care solutions for the multibillion-dollar Healthcare market, has filed its audited financial statements for year ended June 30, 2022, reporting a revenue increase of 485% Year-over-Year.
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Dr. Lisa Crossley, CEO, stated: “FY 2022 was a period of tremendous growth for the Company. Revenues for the fiscal year increased by 485% to $8,551,807 for FY 2022 as compared to $1,462,165 for FY 2021. Despite the significant resurgence of COVID-19 (Omicron variant) in late 2021 / early 2022, revenue from software and services sales increased by over 1,940% to $2,739,516 for FY 2022 compared to $134,264 for FY 2021, consistent with the Company’s prior statements that for 2023 and beyond the majority of the Company’s revenue would be generated by software and services sales vs device sales. We expect growth to accelerate through the end of calendar year 2022 and through 2023. We remain on track to onboard over 100,000 patients to the platform by the end of December 2022 and over 200,000 by mid-calendar year 2023.”
Gross profits hit $5,301,304 compared to a loss of $857,954 the previous year, with gross margin dipping to 62%, due to a temporary increase in device costs in the last half of the year. The company has identified new device suppliers and expects gross margins to reach the target of 75% in 2023, aided by an increase in revenues generated from higher margin software and services versus device sales.
Dr. Lisa Crossley, CEO, commented further: “To date, as a Company we have been focused primarily on cementing our first mover advantage and establishing ourselves as the market leader by acquiring as many clients and patients as possible in the shortest possible time period. Going forward we will be shifting resources to the account management side to help accelerate onboarding, reduce the time it takes for patients to go from initial onboarding to fully adherent and billable, and accelerate collections. The Company expects to be generating significant free cash in 2023 and intends to initiate a share buyback program at that time to offset any dilution incurred over the past several years.”
On January 1, 2022, the Centers for Medicare & Medicaid Services or CMS, introduced five new billing codes for Remote Therapeutic Monitoring, allowing clinicians to provide ongoing in-home treatment and monitoring for patients with musculoskeletal and respiratory conditions. These new codes added more than 20 million newly eligible patients, giving Reliq a target market of more than 57 million eligible patients in the US alone.
Reliq contracted with Data Soft Logic to provide iUGO Care to their existing and new clients. Reliq started onboarding their patients in the second quarter and expects to add more than 50,000 new patients each year beginning in 2023, at an estimated revenue of $60 per patient per month. Data Soft Logic has been partnering with home health, hospice, and therapy agencies for more than 10 years, with its software platform currently used by more than 600 agencies, with 1,000 primary care physicians providing care to more than 500,000 Medicare and Medicaid patients across the United States.
Reliq signed an agreement with Cognizant to leverage Cognizant’s Care Management resources for future deployments of Reliq’s iUGO Care software to large scale clients, which provides even the largest healthcare organizations with confidence that Reliq can meet the needs of their patient populations. Cognizant, a multinational information technology company with a capitalization exceeding US$32 billion, provides services to more than 300 health systems and approximately 347,000 care providers, who together provide care to more than 200 million lives globally.
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, including physician practices, skilled nursing facilities and other healthcare organizations. 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.
The technology platform is a comprehensive SaaS solution that allows 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.
Subsequent to June 30th, the company received $341,805 from the exercise of warrants, with an additional 3,738,332 warrants exercisable at $0.30 expiring between November 13 and December 3, 2022, which should add another $1,121,500 to the treasury. The shares are trading at $0.61.
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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