$RQHTF Released their Audited Year End Financials this morning and the info showed significant progress towards becoming a 1B market cap company in the near future. Being a Canadian Company their year end is at the end of June. This means they will report their 1st Quarter results at the end of November (60 days after for quarterly and 120 Days for Year end.) Due to this timing there is going to be a major catalyst in less than a month. The company is projected to double their sales between July 1st and January 1st so this upcoming report should show a significant increase in revenues again.
Highlights from FY 2022 Annual Audited Financial Statements.
Increased sales 485% to $8,551,807 for FY 2022 relative to $1,462,165 for FY 2021.
Increased revenue from software and services by over 1,940% to $2,739,516 for FY 2022 (FY 2021 - $134,264). Going forward the Company expects the majority of its revenue in 2023 and beyond to come from higher margin software and services vs device sales.
Increased gross profits over 515% to $5,301,304 for FY 2022 (FY 2021 - $857,954). Gross Margin for the year was 62%. The gross margin was affected by a temporary increase in device costs in Q3 and Q4 FY 2022 which has subsequently been resolved as the Company identified new device suppliers. Gross margins are expected to reach the target 75% in 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 device sales.
On January 1, 2022 CMS introduced five new billing codes for Remote Therapeutic Monitoring (RTM), allowing clinicians to provide ongoing in-home treatment and monitoring for patients with musculoskeletal and respiratory conditions. RTM involves having patients use medical devices that collect non-physiological data such as therapy/medication adherence and therapy/medication response, and also allows for patient self-reporting of key metrics such as pain level, mobility, nighttime waking due to breathing difficulties, etc. The new RTM codes have increased Reliq’s target patient population by over 20 million newly eligible patients to over 57 Million total eligible patients in the US alone.
Signed an agreement with Data Soft Logic (DSL) to provide iUGO Care to DSL’s existing and new clients. Data Soft Logic currently has over 600 home health and hospice care agency clients who work with more than 1,000 primary care physicians to provide care to over 500,000 Medicare and Medicaid patients. Reliq started onboarding DSL’s patients in Q2 Calendar Year 2022 and expects to ramp up to adding over 50,000 new patients per year each year beginning in 2023, at an estimated revenue of $60 per patient per month.
Signed an agreement with Cognizant to leverage Cognizant’s Care Management resources for future deployments of Reliq’s iUGO Care software to large scale clients. Cognizant provides services to 300+ health systems and over 347,000 care providers who together provide care to over 200 million lives globally. The agreement with Cognizant will allow Reliq to scale to new levels and provide even the largest healthcare organizations with confidence that the Company can meet the needs of their patient populations, no matter the size, allowing Reliq to access new opportunities to provide virtual care to much larger patient populations both within the US and globally.
Signed a contract with a large physician practice network in Florida to onboard over 50,000 patients to its iUGO Care platform by the end of 2023.
Signed a contract with a network of 40 Skilled Nursing Facilities (SNFs) in Florida which is expected to add over 48,000 patients to its iUGO Care platform every year beginning in 2023.
Signed contracts with 99 new US primary care physician practices and 28 other healthcare organizations in specialties including hospice care, nephrology, orthopedics, long term care, skilled nursing, hospital care, cardiology and care management.
Signed contracts with 25 new home health agencies in the US and 3 adult medical day care facilities.
Signed an agreement with a US Contract Research Organization to use Reliq’s iUGO Care software and Patient Engagement services to support their oncology and other clinical trials.
If this is the first you are seeing on Reliq Health you want to look at this now. This has the potential to be a 10 bagger or more in the next 12 months and realistically will be bought out by a larger company in a year or two.
