VANCOUVER, British Columbia, July 14, 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, continues its growth, signing contracts with two new physician practices and a Rural Health Clinic, along with a new sales partnership giving the company access to more than 500 physicians and their 100,000 eligible patients.
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These three new contracts are expected to add more than 4,000 patients to Reliq’s Care platform in 2022. When the more than 4,000 new patients are fully onboarded and generating an average revenue of US$50 per patient per month at a 75% gross margin, the company anticipates generating additional gross revenue of more than CDN$250,000 per month.
Dr. Lisa Crossley, CEO, stated: “We are also very excited to have signed an agreement with a new sales partner who will give us access to over 500 physicians and more than 100,000 patients with eligible chronic conditions. This partnership is expected to greatly expand Reliq’s client base in the US Mountain and Pacific states. The Company expects to add more than 20,000 patients to the platform over the next 12 months through this partnership, at an average revenue of $50 per patient per month, with a 75% gross margin. We have already begun onboarding patients for the first client acquired through this partnership. As previously disclosed, the Company expects the second half of 2022 to be a period of rapidly accelerating growth. Reliq remains on track to have over 100,000 patients on our iUGO Care platform by December 31, 2022.”
The most recently published financials were for the period ended March 31, 2022. The first three quarters of fiscal year 2022 were a period of rapid growth for the company, with revenues for the nine months ending March 31 increasing by more than 490% to $6,263,304 as compared to $1,060,701 for the nine months ended March 31, 2021. Gross Margins improved to 70% for the nine-month period as compared to 47% for the comparable period in FY2021.
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.
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.
The shares are trading at $0.425. 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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