- Reliq Health Technologies (RHT) has provided a preliminary update on sales for Q1 FY 2022
- Total revenues have exceeded $1.5 million for the quarter
- The quarter ending September 30, 2021 was Reliq’s first full profitable quarter
- FY 2022 is expected to be a period of very rapid growth due to Medicare’s continued expansion of the scope of their virtual care programs
- Reliq Health Technologies is a rapidly growing global telemedicine company that specializes in developing innovative Virtual Care solutions
- Reliq Health Technologies Inc. (RHT) opened trading at C$1.09 per share
Reliq Health Technologies (RHT) has provided a preliminary update on sales for Q1 FY 2022 (quarter ending September 30, 2021).
“We will file our unaudited quarterly financial statements for the quarter ending September 30, 2021 on or before November 29, 2021,” said Dr. Lisa Crossley, CEO of Reliq Health Technologies, Inc.
“The preliminary sales figures for Q1 FY 2022 show that revenues have almost tripled, exceeding $1.5 million total for the quarter. This is consistent with our guidance to date that the second half of the year will provide significant growth for the company. Our margins continue to improve as we increase the percentage of revenue coming from recurring software & service subscription fees vs hardware.
The company has now sold all of the hardware (medical monitoring devices) that were held in inventory. Going forward we will facilitate hardware purchases for our clients but do not expect to dedicate significant working capital to devices.
The quarter ending September 30, 2021, was Reliq’s first full profitable quarter. We remain on track to achieve a revenue run rate of $2 million per month by the end of December 2021, with target gross margins of 75 per cent and EBITDA margins of 45 per cent. The company will continue to add Care Managers as needed and will also be hiring a Controller to expand our Finance & Accounting team to support the anticipated growth.
FY 2022 is expected to be a period of very rapid growth due to Medicare’s continued expansion of the scope of their virtual care programs, and the increasing reimbursement amounts available to clinicians who use our iUGO Care platform for their at-risk patients. A typical physician practice can generate over $1 Million in new revenue at profit margins of over 75% by implementing iUGO Care while improving patient health outcomes and quality of life. Reliq’s business model benefits all of the stakeholders in the healthcare system – patients, clinicians and payors.”
Reliq Health Technologies is a global telemedicine 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 the quality of life for patients and families and reducing the cost of care delivery.
Reliq Health Technologies Inc. (RHT) opened trading at C$1.09 per share.