VANCOUVER, British Columbia, June 10, 2022 (GLOBE NEWSWIRE) — Reliq Health Technologies Inc. (TSXV:RHT) (OTCPink:RQHTF) (FSE:MHN2), a fast-growing global telemedicine company developing innovative Virtual Care solutions for multi-billion dollar Healthcare, has signed 5 new contracts with physicians’ offices and home health agencies and goes into operation 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.
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When the 2,500+ new patients are fully onboarded and generating an average revenue of $50 per patient per month with a gross margin of 75%, the company expects to generate additional gross revenue of over CDN$150,000 per month.
Dr. Lisa Crossley, CEO, stated: “We are delighted to go live on yet another clinical trial, this one for diabetics using standard glucometers and continuous blood glucose monitors. The iUGO Care platform’s ability to connect to a wide variety of connected devices is a key competitive advantage for Reliq in the virtual care and clinical trials markets. The diabetes clinical trial will also utilize 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 2022 were a period of rapid growth for the company, with revenues for the nine months ended March 31, increasing by more than 490% to $6,263,304 compared to $1,060,701 for the nine months ended March 31, 2021. Gross margins increased to 70% for the nine month period compared to 47% for the comparable period in fiscal 2021. Management expects revenue growth to accelerate in the second half of this calendar year as previously reported larger customers 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 coordinating home care and healthcare integrates wearables, sensors, voice technology with intuitive mobile apps and desktop software for patients, families, physicians and healthcare administrators.
The technology platform is a comprehensive SaaS solution that enables complex patients to receive high-quality care at home, improving healthcare outcomes, improving the quality of life for patients and families, and reducing the cost of providing care. iUGO Care provides real-time access to remote patient monitoring data, enabling timely interventions by the care team to avoid costly hospital readmissions and ER visits.
The shares are trading at $0.51. For more information, visit the company’s website, www.ReliqHealth.com or email [email protected]. Investor Relations in the United States is handled by Ben Shamsian of Lytham Partners, who can be reached by phone at 649-829-9701 or by email at [email protected].
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