VANCOUVER, British Columbia, Dec. 01, 2022 (GLOBE NEWSWIRE) — Reliq Well being Applied sciences Inc. (TSXV:RHT) (OTCPink:RQHTF) (FSE:MHN2), a quickly rising world healthcare know-how firm growing progressive Digital Care options for the multibillion-dollar Healthcare market, reviews document development for the quarter ending September 30, 2022.
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Dr. Lisa Crossley, CEO, acknowledged: “The Firm achieved document revenues of $3,472,237 for the three months ending September 30, 2022, regardless of the numerous affect the hurricanes throughout this era had on sufferers and clinicians in Florida, Puerto Rico and the US Virgin Islands. Software program and providers income continues to extend as a share of complete income, in line with the Firm’s earlier steering that prime margin software program and providers will account for almost all of its income in 2023 and past. Reliq stays on monitor to onboard over 100,000 sufferers to the platform by the tip of December 2022 and over 200,000 by mid-calendar 12 months 2023.”
Gross revenue elevated from $1,159,000 to $2,175,000, a rise of 88%, with the loss for interval falling dramatically from $4,210,000 to solely $122,000.
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Dr. Lisa Crossley, CEO, commented additional: “Subsequent to Q1 FY 2023, the Firm added a brand new market section to its complete addressable market – Expert Nursing Amenities. SNFs symbolize a big and beforehand untapped marketplace for Reliq’s merchandise. There are over 15,000 SNFs in the USA and over 1.5 million Medicare sufferers obtained care in a SNF setting in 2021. Since October 2022 the Firm has signed contracts with Expert Nursing Facility networks in Florida and California to onboard 105 services to its iUGO Care platform. These contracts are anticipated so as to add over 10,000 new sufferers per thirty days to Reliq’s platform, or over 120,000 sufferers per 12 months yearly starting in 2023.”
Reliq will present Transitional Care Administration to newly discharged sufferers from these SNFs at a fee of $60 per affected person, with recurring income from Distant Affected person Monitoring, Persistent Care Administration and Behavioural Well being Integration of $65 per affected person per thirty days, at a 75% gross margin.
The corporate expects its fast enlargement into the Expert Nursing house to speed up in 2023 as SNFs face growing strain from payors to cut back size of keep for sufferers whereas additionally avoiding readmissions. Reliq’s iUGO Care options enhance post-discharge well being outcomes for SNF sufferers and cut back readmissions, whereas additionally producing new income streams for the services.
The corporate presently has greater than $15 million in gadget orders that it had initially anticipated to meet by the tip of Calendar 12 months 2022. Nonetheless, as a result of affect from the Omicron wave of COVID-19 within the first half of Calendar 12 months 2022 and the hurricanes in Texas, Florida and the US Virgin Islands in September, the corporate expects beforehand forecasted revenues to be achieved roughly 4 to six months later than initially anticipated. It must be famous that these gadget orders can be adopted by ongoing software program and repair subscriptions and are due to this fact a number one indicator of future recurring revenues.
Primarily based in Hamilton, Ontario, with workplaces in Florida and Texas, Reliq focuses on growing progressive Digital Care options for the multi-billion greenback healthcare market, together with doctor practices, expert nursing services and different healthcare organizations. The corporate’s highly effective iUGO CARE platform for care coordination and residential healthcare integrates wearables, sensors, voice know-how with intuitive cell apps and desktop software program for sufferers, households, clinicians, and healthcare directors.
The know-how platform is a complete SaaS answer that enables advanced sufferers to obtain high-quality care at house, bettering well being outcomes, enhancing the standard of life for sufferers and households, and lowering the price of care supply. iUGO Care supplies real-time entry to distant affected person monitoring knowledge, permitting for well timed interventions by the care crew to forestall expensive hospital readmissions and emergency room visits.
The shares are buying and selling at $0.62. For extra info, please go to the corporate’s web site, www.ReliqHealth.com or e mail [email protected]. Investor Relations in the USA is dealt with by Ben Shamsian of Lytham Companions, who could be reached at 649-829-9701 or by e mail at [email protected].
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Barry Morgan, CEO