HAMILTON, Ontario, March 01, 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 consolidated financial statements (“Financial Statements”) and Management’s Discussion and Analysis (“MD&A”) for the quarter ended December 31, 2021, are now available on the Company’s profile on SEDAR (www.sedar.com).
“We have now filed our quarterly financials for Q2 Fiscal Year 2022,” said Dr. Lisa Crossley, CEO of Reliq Health Technologies, Inc. “The first two quarters of FY2022 were a period of rapid growth for the Company. Revenues for the period from July 1 – December 31, 2021 were $3,748,292 as compared to $843,449 for the period from January 1 – June 30, 2021, an increase of over 344%. Gross Margin improved to 74% in Q2 FY2022 as compared to 58% for FY2021. Despite the dramatic resurgence of COVID (Omicron variant) in Q2 FY2022, the Company reached a revenue run rate of $2 Million/month as of December 31, 2021, where run rate represents the number of subscribers onboarded as of the given date. Revenue run rate is a leading indicator of revenue that is expected to be recognized within the following two to three months as patients complete training and adapt to using the platform consistently in order to reach the required compliance thresholds. As previously disclosed, during the pandemic the Company extended flexible payment terms to clients and received similarly generous payment terms from our key suppliers. Receivables older than one year are expected to be paid in full by our clients by the end of March 2022 and the Company expects to collect all other receivables in a timely manner going forward now that most of our clients have resumed normal operations.”
The Company is also pleased to provide the following corporate update.
1. Highlights from Q2 FY2022 Quarterly Financial Statements
During the period ending December 31, 2021 and subsequent, the Company:
2. Overview of Revenue Run Rate, Revenue Recognition and Guidance
Despite the dramatic resurgence of COVID (Omicron variant) in Q2 FY2022, the Company reached a revenue run rate of $2 Million per month or $24 million per year at the end of the quarter (December 31, 2021). Revenue run rate is calculated using the number of subscribers as of the given timepoint and is an indication of the revenue expected over the next year, excluding new clients and patients subsequently announced within the given year. New patient revenue is typically recognized after the second or third full month that a patient is on the platform when patients typically reach the required compliance thresholds. Therefore, revenue run rate is a leading indicator of revenue which is expected to be recognized approximately three months later. Revenue run rate differs from revenue guidance in that guidance includes expected growth over the year.
3. Outlook for Calendar Year 2022
The Company expects to generate $40 Million CAD in revenue in Calendar Year 2022.
4. Date for Webinar to Review Q3 FY2022 Financials
The Company’s consolidated financial statements for Q3 FY2022 (quarter ending March 31, 2022) are due to be filed on or before May 30, 2022. The webinar to review the financial statements will be scheduled on or before May 31, 2022.
About Reliq Health
Reliq Health Technologies is a rapidly growing global healthcare technology company that develops innovative Virtual Care solutions for the multi-billion dollar Healthcare market. Reliq’s powerful iUGO Care platform supports care coordination and community-based 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 and on the OTC as RQHTF.
ON BEHALF OF THE BOARD
“Dr. Lisa Crossley”
CEO and Director
For further information please contact:
Company Contact
Investor Relations at [email protected]
US Investor Relations Contact
Investor Relations
Lytham Partners, LLC
Ben Shamsian
New York | Phoenix
646-829-9701
[email protected]
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.