Reliq Health Technologies, Inc. Files Q1 FY 2023 Financial Statements, Announces Record Growth
HAMILTON, Ontario, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT or OTCQB:RQHTF) (“Reliq” or the “Company”), a rapidly growing global healthcare technology company that specializes in developing innovative Virtual Care solutions for the multi-billion dollar Healthcare market, today announced that the financial statements (“Financial Statements”) and Management’s Discussion and Analysis (“MD&A”) for the quarter ended September 30, 2022 (Q1 FY 2023), are now available on the Company’s profile on SEDAR (www.sedar.com).
“We have now filed our financials for the first quarter of Fiscal Year 2023,” said Dr. Lisa Crossley, CEO of Reliq Health Technologies, Inc. “The Company achieved record revenues of $3,472,237 for the three months ending September 30, 2022, despite the significant impact the hurricanes during this period had on patients and clinicians in Florida, Puerto Rico and the US Virgin Islands. Software and services revenue continues to increase as percentage of total revenue, 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. Reliq remains 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.”
“Subsequent to Q1 FY 2023, the Company added a new market segment to its total addressable market - Skilled Nursing Facilities (SNFs). SNFs represent a large and previously untapped market for Reliq’s products. There are over 15,000 SNFs in the United States and over 1.5 million Medicare patients received care in a SNF setting in 2021 (www.cms.gov). Since October, 2022 the Company has signed contracts with Skilled Nursing Facility networks in Florida and California to onboard 105 facilities to its iUGO Care platform. These contracts are expected to add over 10,000 new patients per month to Reliq’s platform, or over 120,000 patients per year every year beginning in 2023. Reliq will provide TCM to newly discharged patients from these SNFs at a rate of $60 per patient, with recurring revenue from RPM, CCM and BHI of $65/patient per month, at 75% gross margin. The Company expects its rapid expansion into the Skilled Nursing space to accelerate in 2023 as SNFs face increasing pressure from payors to reduce length of stay for patients while also avoiding readmissions. Reliq’s iUGO Care solutions improve post-discharge health outcomes for SNF patients and reduce readmissions, while also generating new revenue streams for the facilities.”
The Company is also pleased to provide the following corporate update.
1. Highlights from Q1 FY 2023 Annual Audited Financial Statements
3. Guidance for 2023
Given the impact on the business of the Omicron wave of COVID-19 in the first half of Calendar Year 2022 and the hurricanes in Texas, Florida and the US Virgin Islands in September, 2022, the Company expects previously forecasted revenues to be achieved approximately 4-6 months later than originally anticipated. The Company currently has over $15 Million in device orders from clients that it had originally expected to fulfill by the end of Calendar Year 2022, but due to the conditions described above clients asked to delay shipment of the devices for a number of months. Since the Company recognizes revenue from devices only once the customer has taken possession of the device, the $15 Million in revenue from these device orders will be received in the first half of Calendar Year 2023 instead of in Calendar Year 2022 as initially expected. All device orders are associated with software and services subscriptions and are therefore a leading indicator of future software and services revenue.
4. Date for Webinar to Review Q2 FY 2023 Annual Audited Financials
About Reliq Health
ON BEHALF OF THE BOARD
CEO and Director
For further information please contact:
US Investor Relations Contact
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.
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