HAMILTON, Ontario, June 01, 2021 (GLOBE NEWSWIRE) — Reliq Health Technologies Inc. (TSXV:RHT or OTCQB:RQHTF) (“Reliq” or the “Company”), a rapidly growing global telemedicine that specializes in developing innovative Virtual Care solutions for the multi-billion dollar Healthcare market, announced that the interim consolidated financial statements (“Financial Statements”) and Management’s Discussion and Analysis (“MD&A”) for the quarter ended March 31, 2021, are now available on the Company’s profile on SEDAR (www.sedar.com). The Company is also pleased to provide the following corporate update.
As previously announced, Reliq will be hosting a webinar today, June 1st at 6:00am PDT / 9:00am EDT at www.reliqhealth.com/webinar. For those who are not able to attend the webinar, a recording of the webinar will be available on the Company’s website shortly after the session. A written summary of the material updates to be presented in the webinar is also provided below.
Agenda for Webinar
- Highlights from Q3 FY2021 interim consolidated financial statements
- Outlook for Q4 FY2021 and remainder of Calendar Year 2021
- Date for webinar to review annual audited FY2021 financials
1. Highlights from Q3 FY2021 Financial Statements
Q3 FY2021 was very significant for Reliq as it was in this quarter that the US began widespread vaccination against COVID-19. Thanks to the successful vaccine rollout in the US in Q3 FY2021, Reliq has significantly increased onboarding and revenue in the current quarter (Q4 FY2021 – period ending June 30, 2021). Sales are expected to reach a run rate of over $1.5 Million per quarter by the end of FY2021 (June 30, 2021), taking the Company to profitability.
During the period ending March 31, 2021 and subsequent, the Company:
- Increased working capital significantly, from $938,892 as at June 30, 2020 to $2,433,443 as at March 31, 2021.
- Received a total of $1,472,694 in gross proceeds in Q3 FY2021 through the issuance of 4,327,500 common shares on the exercise of 4,327,500 stock options for gross proceeds of $1,284,919 and the issuance of 645,417 common shares upon the exercise of 645,417 warrants for gross proceeds of $187,775.
- Subsequent to March 31, 2021, received a total of $917,904 in gross proceeds through the issuance of 2,963,500 common shares on the exercise of 2,963,500 stock options for gross proceeds of $728,835 and issued 630,230 common shares on the exercise of 630,230 warrants for gross proceeds of $189,069.
- Signed its first contract to deploy its proprietary iUGO Home Solution with a US client.
- Launched a new multilingual Interactive Voice Recognition product, iUGO Care IVR, and signed a new contract with a physician practice in Maryland to use iUGO Care IVR with both their English- and Russian-speaking patients.
- Signed a new contract with a Care Management Network in California that includes 50 Clinics and over 500 physicians. The network delivers culturally customized, technology-enabled health care to senior citizens in the Asian-American community across California and will leverage Reliq’s customizable, multilingual iUGO Care and iUGO Home solutions to meet the needs of their Medicare, Medicaid and privately-insured patients.
- Signed three new contracts with US Nephrology practices to use Reliq’s proprietary iUGO Care platform to monitor Chronic Kidney Disease (CKD) patients, demonstrating the flexibility of iUGO Care and its ability to help clinicians and patients manage virtually any complex chronic condition(s).
- Initiated investor outreach programs to build awareness of the Company and its significant growth potential among potential investors, particularly in the US investment community. The Company engaged Lytham Partners for US Investor Relations and Wall Street Reporter for Investor Marketing.
- Signed a new contract with a physician practice in Florida to provide iUGO Care to over 25 nursing facilities.
- Signed new contracts with three US Orthopedic Practices to provide remote patient monitoring (RPM), chronic care management (CCM), principal care management (PCM) and behavioural health integration (BHI) software and services to chronic orthopedic patients (e.g. those living with rheumatoid arthritis, osteoarthritis, osteoporosis, etc.) and post-operative patients.
- Resumed onboarding at its Remote Health Clinics (RHCs) and Federally Qualified Health Centers (FQHCs) clients as US COVID cases drop. The Company expects to onboard 27,000 patients over the next 12 months through these clients.
- Adopted the FHIR (Fast Healthcare Interoperability Resources) standard for its iUGO Care platform to meet the needs of large-scale enterprise clients such as managed care plans and other payers, who must comply with new CMS regulations for interoperability.
- Signed four new Skilled Nursing Facility clients in the Southern United States and expanded its Care Management team in response to significant demand for the Company’s Care Management Services.
2. Outlook for Q4 FY2021 and Remainder of Calendar Year 2021
The Company remains on track to achieve profitability in Q4 FY2021 (quarter ending June 30, 2021). Sales are expected to increase month over month every month throughout the remainder of Calendar Year 2021. Growth is expected to accelerate significantly in the latter half of Calendar 2021 thanks to the successful COVID-19 vaccine rollout in the US and the corresponding elimination of COVID-associated obstacles to onboarding. The Company expects to generate $11M in revenue in calendar year 2021, ending the year at a run rate of approximately $2M/month ($24M annually), with gross margins of over 75% and EBITDA margins of over 45% by December 31, 2021.
3. Date for Webinar to Review Annual Audited Financials
The Company’s annual audited consolidated financial statements for FY2021 (twelve months ending June 30, 2021) are due to be filed on or before October 28, 2021. The webinar to review the financial statements will be scheduled on or before October 29, 2021.
ON BEHALF OF THE BOARD
“Dr. Lisa Crossley”
CEO and Director
About Reliq Health
Reliq Health Technologies is a rapidly growing global telemedicine that specializes in developing 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 OTCQB as RQHTF.
For further information please contact:
Company Contact
Investor Relations at ir@reliqhealth.com
US Investor Relations Contact
Investor Relations
Lytham Partners, LLC
Ben Shamsian
New York | Phoenix
646-829-9701
shamsian@lythampartners.com
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.
