InvestmentPitch Media Video Discusses Reliq Health’s Continued US Expansion and Signing of 5 New Contracts with Physician Practices in Nevada, California and Texas
Rhea-AI Summary
Reliq Health Technologies (OTCPink:RQHTF) announces the signing of five new contracts with physician practices across Nevada, California, and Texas, expecting to onboard over 2,500 new patients by April. This expansion will enhance access to telemedicine services for chronic condition management. In its recent financial report, the company noted a revenue increase of over 344%, reaching approximately $3.75 million for the last two quarters of 2021. The gross margin improved to 74%, with a revenue run rate of $2 million/month as of December 2021.
Positive
- Signed five new contracts with physician practices, expanding telemedicine services.
- Anticipates onboarding over 2,500 new patients by April, generating potential revenues exceeding CDN$150,000 monthly.
- Reported a 344% revenue increase to $3.75 million for the last two quarters of 2021.
- Achieved a gross margin of 74% in Q2 FY2022.
Negative
- None.
News Market Reaction – RQHTF
In the trading session that priced this news, RQHTF declined 1.06%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
VANCOUVER, British Columbia, March 04, 2022 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT) (OTCPink:RQHTF) (FSE:MHN2), a rapidly growing global telemedicine company developing innovative Virtual Care solutions for the multibillion-dollar Healthcare market, has signed 5 new contracts with physician practices in Nevada, California and Texas.
Dr. Lisa Crossley, CEO, stated: “We are very excited to be expanding into Nevada with three new physician practices. Over 1 million residents of Nevada have chronic conditions like hypertension, arthritis, diabetes and kidney disease. Nevada is ranked 47th out of 50 US States in terms of the ratio of physicians to residents, making access to care a significant challenge for patients across the State. Using Reliq’s iUGO Care platform, clinicians in Nevada can provide high quality, proactive, preventative care to more patients, improving access to care and health outcomes for at-risk patients. We are also pleased to add two new primary practices in California and Texas.”
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company. The video is available for viewing on “InvestmentPitch.com” and on “YouTube”. If these links are not enabled, please visit www.InvestmentPitch.com and enter “Reliq” in the search box.
Together, these five new contracts are expected to add more than 2,500 new patients to the company’s platform with patient onboarding from these practices expected to begin in April. When the 2,500 patients are fully onboarded and generating revenues of US
The company released its financials for the second quarter earlier this week.
Commenting of these financials, Dr. Crossley stated: “The first two quarters of FY2022 were a period of rapid growth for the company. Revenues for the period from July 1 to December 31, 2021 were
Based in Hamilton, Ontario, with offices in Florida and Texas, Reliq specializes in developing innovative Virtual Care solutions for the multibillion-dollar healthcare market. The company’s powerful iUGO Care technology platform is a comprehensive SaaS solution that 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. 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 emergency room visits.
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