HAMILTON, Ontario, May 30, 2023 (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 condensed interim consolidated financial statements (“Financial Statements”) and Management’s Discussion and Analysis (“MD&A”) for the quarter ended March 31, 2023 (Q3 FY 2023), are now available on the Company’s profile on SEDAR (www.sedar.com).
“We have now filed our financials for the third quarter of Fiscal Year 2023,” said Dr. Lisa Crossley, CEO of Reliq Health Technologies, Inc. “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 ($1,067,426). 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.”
The Company is also pleased to provide the following corporate update.
1. Highlights from Q3 FY 2023 Interim Financial Statements
During the three-month period ending March 31, 2023 and subsequent, the Company:
- Increased sales for the three months ended March 31, 2023 by over 88% to $4,741,037 relative to the three months ended March 31, 2022 ($2,431,511).
- Increased revenue from software and services by over 69% to $1,804,891 relative to the three months ended March 31, 2022 ($1,067,426). The Company expects the majority of its revenue to come from software and services vs hardware sales by 2024.
- Increased gross profits for the three months ended March 31, 2023 by 95% to $3,201,727 (March 31, 2022 - $1,636,105). 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 revenues from higher margin software and services vs hardware.
- The Company reported a gain of $731,017 for the three months ending March 31, 2023, as compared to a loss of ($811,042) for the three months ending March 31, 2022.
- After adjusting for non-cash expenses including share-based compensation, depreciation and accretion, and one-time non-reoccurring expenses including development costs associated with implementing the FHIR standard, the Company’s adjusted EBITDA (gain) for Q3 FY 2023 was $1,448,490, a 2,190% increase relative to the comparative period (Q3 FY 2022 adjusted EBITDA (gain) - $63,235).
- Continued to expand in the Skilled Nursing Facility (SNF) space, adding over 120 new SNFs since January 1, 2023.
- Signed a new contract with a large US healthcare system that operates over 1,200 care centers across seven US States, including Skilled Nursing Facilities (SNFs), hospitals, home health agencies, hospice agencies and primary care clinics. The healthcare system has more than 10 million patient encounters a year across their network.
- Signed a new contract with a large US health plan that operates Accountable Care Organizations (ACOs) in five US States with over 3,000 doctors and more than 1,000,000 patients. Accountable Care Organizations (ACOs) are groups of healthcare providers who work together under a value-based care model to reduce healthcare costs and improve quality of care. The ACOs in this client’s network include over 3,000 physicians and serve more than a million patients.
2. Notes on Adherence and Accounts Receivable
- The Company began the process of taking over Adherence Management for all clients as of January 1, 2023. As of March 31, 2023, the Company had assumed responsibility for Adherence Management for 30% of its existing clients and improved the average Adherence levels for the associated patients associated with these clients from <20% to approximately 70%. The Company expects to be managing Adherence for essentially all of its clients by the end of FY 2023 (June 30, 2023).
- The Company expects to have all clients caught up on Accounts Receivable by the end of FY 2023 (June 30, 2023).
3. Dates for Upcoming Webinars
The Company will host webinars in mid-July and early September (exact dates TBD) to provide interim updates on progress in key areas.
About Reliq Health
Reliq Health Technologies is a rapidly growing global healthcare technology company that specializes in developing innovative Virtual Care solutions for the multi-billion dollar Healthcare market. Reliq’s powerful iUGO Care platform supports care coordination and community-based virtual 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, on the OTC as RQHTF and on the Frankfurt Stock Exchange under the WKN: A2AJTB.
ON BEHALF OF THE BOARD
“Dr. Lisa Crossley”
CEO and Director
For further information please contact:
Investor Relations at firstname.lastname@example.org
US Investor Relations Contact
Lytham Partners, LLC
New York | Phoenix
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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.