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 signed 5 new contracts with physician practices and home health agencies and goes live with another clinical trial.
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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 signed 5 new contracts with physician practices and home health agencies and goes live with another clinical trial.
The five new contracts, with healthcare providers in California, Texas, Maryland and Michigan, are expected to add more than 2,500 patients to Reliq’s iUGO Care platform in 2022.
When the more than 2,500 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$150,000 per month.
Dr. Lisa Crossley, CEO, stated: “We are very pleased to be going live in another clinical trial, this one for diabetics using both standard glucometers and continuous blood glucose monitors. The ability of the iUGO Care platform to connect to a wide range of connected devices is a key competitive advantage for Reliq in the virtual care and clinical trials markets. The diabetes clinical trial will also be utilising iUGO Voice, Reliq’s interactive voice recognition technology, to facilitate patient follow up.”
Reliq recently released its consolidated financial statements for the quarter 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.
Management expects revenue growth to accelerate in the second half of this calendar year as previously disclosed larger clients come online and the impact of COVID-19 on operations is reduced.
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 $0.51.
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
