Reliq Health Technologies, Inc. Files Q3 FY 2023 Financial Statements, Announces Record Revenue and First EBITDA Positive Quarter
2023年5月31日 - 12:27PM
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 condensed interim consolidated
financial statements (“Financial Statements”) and Management’s
Discussion and Analysis (“MD&A”) for the quarter ended March
31, 2023 (Q3 FY 2023), are now available on the Company’s profile
on SEDAR (www.sedar.com).
“We have now filed our financials for the third
quarter of Fiscal Year 2023,” said Dr. Lisa Crossley, CEO of Reliq
Health Technologies, Inc. “The Company achieved record revenues of
$4,741,037 for the three months ending March 31, 2023 and had our
first profitable quarter with a gain from operations of $731,017.
Software and services revenue continues to increase as percentage
of total revenue, increasing over 69% to $1,804,891 relative to the
three months ended March 31, 2022 ($1,067,426). This is consistent
with the Company’s previous guidance that high margin software and
services will account for the majority of its revenue by the end of
2023 and beyond. Since January 1, 2023 the Company has added over
120 new Skilled Nursing Facilities to its client base and signed
new contracts with a large US Healthcare System client and a large
US Health Plan. It is a tremendous validation of Reliq’s unique
value proposition that we are able to attract these very large
clients. We expect to see increasing traction with large clients
through the remainder of 2023 and beyond.”
The Company is also pleased to provide the
following corporate update.
1. Highlights from Q3 FY 2023 Interim
Financial Statements
During the
three-month period ending March 31, 2023 and subsequent, the
Company:
- Increased sales
for the three months ended March 31, 2023 by over 88% to $4,741,037
relative to the three months ended March 31, 2022
($2,431,511).
- Increased
revenue from software and services by over 69% to $1,804,891
relative to the three months ended March 31, 2022 ($1,067,426). The
Company expects the majority of its revenue to come from software
and services vs hardware sales by 2024.
- Increased gross
profits for the three months ended March 31, 2023 by 95% to
$3,201,727 (March 31, 2022 - $1,636,105). Gross margins for the
period were 68% and are expected to exceed 70% by the end of
calendar year 2023 due to reduced device costs and an increase in
the percentage of the Company’s total revenues from higher margin
software and services vs hardware.
- The Company
reported a gain of $731,017 for the three months ending March 31,
2023, as compared to a loss of ($811,042) for the three months
ending March 31, 2022.
- After adjusting
for non-cash expenses including share-based compensation,
depreciation and accretion, and one-time non-reoccurring expenses
including development costs associated with implementing the FHIR
standard, the Company’s adjusted EBITDA (gain) for Q3 FY 2023 was
$1,448,490, a 2,190% increase relative to the comparative period
(Q3 FY 2022 adjusted EBITDA (gain) - $63,235).
- Continued to
expand in the Skilled Nursing Facility (SNF) space, adding over 120
new SNFs since January 1, 2023.
- Signed a new
contract with a large US healthcare system that operates over 1,200
care centers across seven US States, including Skilled Nursing
Facilities (SNFs), hospitals, home health agencies, hospice
agencies and primary care clinics. The healthcare system has more
than 10 million patient encounters a year across their
network.
- Signed a new
contract with a large US health plan that operates Accountable Care
Organizations (ACOs) in five US States with over 3,000 doctors and
more than 1,000,000 patients. Accountable Care Organizations (ACOs)
are groups of healthcare providers who work together under a
value-based care model to reduce healthcare costs and improve
quality of care. The ACOs in this client’s network include over
3,000 physicians and serve more than a million patients.
2. Notes on Adherence and Accounts
Receivable
- The Company
began the process of taking over Adherence Management for all
clients as of January 1, 2023. As of March 31, 2023, the Company
had assumed responsibility for Adherence Management for 30% of its
existing clients and improved the average Adherence levels for the
associated patients associated with these clients from <20% to
approximately 70%. The Company expects to be managing Adherence for
essentially all of its clients by the end of FY 2023 (June 30,
2023).
- The Company expects to have all clients caught up on Accounts
Receivable by the end of FY 2023 (June 30, 2023).
3. Dates for Upcoming Webinars
The Company will host
webinars in mid-July and early September (exact dates TBD) to
provide interim updates on progress in key areas.
About Reliq Health
Reliq Health Technologies is a rapidly growing
global healthcare technology company 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 virtual 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, on the
OTC as RQHTF and on the Frankfurt Stock Exchange under the WKN:
A2AJTB.
ON BEHALF OF THE BOARD
“Dr. Lisa Crossley”
CEO and Director
For further information please contact:
Company ContactInvestor Relations at
ir@reliqhealth.com
US Investor Relations ContactLytham Partners,
LLCBen ShamsianNew York |
Phoenix646-829-9701shamsian@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.
Reliq Health Technologies (TSXV:RHT)
過去 株価チャート
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Reliq Health Technologies (TSXV:RHT)
過去 株価チャート
から 5 2023 まで 5 2024