Reliq Health Technologies, Inc. Files Q3 FY2022 Quarterly Financial Statements, Provides Corporate Update

HAMILTON, Ontario, Might 30, 2022 (Globe NEWSWIRE) — Reliq Well being Technologies Inc. (TSXV:RHT or OTCQB:RQHTF) (“Reliq” or the “Enterprise”), a speedily expanding worldwide healthcare know-how firm that specializes in acquiring modern Digital Care alternatives for the multi-billion dollar Healthcare market, today announced that the consolidated financial statements (“Financial Statements”) and Management’s Dialogue and Analysis (“MD&A”) for the quarter ended March 31, 2022, are now readily available on the Company’s profile on SEDAR (www.sedar.com).

“We have now filed our quarterly financials for Q3 Fiscal 12 months 2022,” claimed Dr. Lisa Crossley, CEO of Reliq Health Systems, Inc. “The initially three quarters of FY2022 were being a period of time of fast growth for the Enterprise. Revenues for the 9 months ended March 31, 2022 increased by above 490% to $6,263,304 as as opposed to $1,060,701 for the 9 months finished March 31, 2021. Gross Margin enhanced to 70% for the nine month period as when compared to 47% for the similar period of time in FY2021. Inspite of the substantial resurgence of COVID-19 (Omicron variant) in late 2021 / early 2022, income from application and providers product sales far more than doubled quarter-around-quarter from Q2 to Q3 FY2022, regular with the Company’s prior statements that by the conclude of Calendar 2022 the greater part of the Company’s income would be created by software and services revenue vs gadget income. The Enterprise expects the bulk of its expansion to occur in the 2nd 50 % of this calendar yr as previously disclosed much larger clients come on the internet and the impression of COVID-19 on functions is lowered.”

The Company is also happy to deliver the subsequent corporate update.

1. Highlights from Q3 FY2022 Quarterly Economical Statements
   Throughout the 9 month period ending March 31, 2022 and subsequent, the Enterprise:

• To date the majority of the Company’s revenues have been generated via the sale of gadgets. Subsequent to July 1, 2021 all machine buys are linked with a subscription for computer software and providers, and hence are a direct top indicator of upcoming software package and expert services profits. Consumers are available 12- or 24-thirty day period payment designs for components buys. The Business prices a higher cost for units that are paid for by way of payment plans and for that reason generates increased margin profits for these devices. For the reason that hardware income is collected on a regular foundation over a 12- or 24-thirty day period interval for every the invest in payment system, the Company’s receivables will carry on to improve as device product sales raise. This is as expected and is not an indication that the receivables are at possibility of not becoming collected. As the Company’s program and products and services earnings will increase as a percentage of total revenue, the excellent receivables as a share of whole sales will decrease.
• Observe that earnings from components revenue (corresponding to the overall acquire price tag of the devices) is acknowledged when the shopper can take possession of the hardware. Components revenue is then obtained regular in accordance with the hardware purchase payment system. Program and providers profits is regarded on a regular monthly foundation for program and companies delivered in the supplied month and is collected monthly in accordance with the Company’s standard Web 60 day payment terms.

3.   Impact of COVID-19 on Operations in Q3 FY2022
Profits for the quarter ending March 31, 2022 was temporarily impacted by the COVID-19 surge caused by the Omicron variant during the interval from November 2021 by means of February 2022. All through this period, a lot of of the patients on the iUGO Care system contracted COVID-19. Some of these sufferers became adequately sick that they essential hospitalization or were temporarily prescribed in individual residence treatment visits. Below the conditions of the Medicare and Medicaid digital care applications leveraged by the Company’s clientele, clinicians cannot invoice for numerous of the proactive, preventative expert services shipped employing the iUGO Care system for any thirty day period in which a patient gets acute treatment in the kind of hospitalization or approved in person home treatment visits. The Company was as a result not equipped to present billable services to those distinct individuals in the course of the thirty day period in which they gained acute treatment owing to COVID-19, and as a consequence was not ready to invoice the connected shopper for affected sufferers all through the acute care period of time. In addition, numerous of the Company’s medical professional and dwelling wellbeing company purchasers and their medical employees contracted COVID-19 for the duration of the Omicron wave, which in some conditions resulted in for a longer time instruction and client engagement moments for new clients. For these customers this enhanced the time from which their sufferers were onboarded to the position at which the Business was equipped to invoice for its expert services to over 90 times. Irrespective of the problems connected with the Omicron variant surge, the Company’s software and expert services profits greater above 200% from Q2 to Q3.

Even though there is the opportunity for COVID-19 surges in the foreseeable future, these waves will only have a limited time period effects on income. In general the lengthy term impression of the COVID-19 pandemic on the Company’s enterprise is strongly constructive, as it led to a considerable raise in the scope and reimbursement degrees of the virtual treatment programs funded by the Centers for Medicare & Medicaid Solutions, and drove a dramatic boost in acceptance and adoption of digital care methods in the Neighborhood Healthcare industry. As a end result, the sector demand from customers for the Company’s goods and products and services has amplified exponentially in excess of the past nine months.

4.   Date for Webinar to Review FY2022 Yearly Audited Financials
The Company’s consolidated audited yearly money statements for FY2022 (12 months ending June 30, 2022) are thanks to be submitted on or in advance of October 28, 2022. The webinar to critique the monetary statements will be scheduled on or prior to October 29, 2022.

About Reliq Well being
Reliq Wellbeing Technologies is a swiftly developing world-wide healthcare know-how firm that develops innovative Virtual Treatment methods for the multi-billion greenback Healthcare industry. Reliq’s strong iUGO Care platform supports treatment coordination and group-based mostly healthcare. iUGO Treatment allows advanced patients to acquire higher top quality treatment at residence, bettering health and fitness outcomes, maximizing top quality of existence for people and families and lessening the price tag of treatment shipping and delivery. iUGO Treatment delivers serious-time entry to remote client monitoring details, enabling for well timed interventions by the care group to reduce highly-priced healthcare facility readmissions and ER visits. Reliq Wellness Systems trades on the TSX Undertaking under the image RHT and on the OTC as RQHTF.

ON BEHALF OF THE BOARD
“Dr. Lisa Crossley”
CEO and Director

For additional information make sure you call:

Company Contact
Investor Relations at [email protected]

US Trader Relations Call
Lytham Companions, LLC
Ben Shamsian
New York | Phoenix
646-829-9701
[email protected]

Neither the TSX Venture Exchange nor its Regulation Products and services Company (as that time period is outlined in the guidelines of the TSX Undertaking Trade) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements About Forward Looking Facts

Sure statements in this push release represent ahead-looking statements, within the which means of relevant securities legislation. All statements that are not historical points, together with without the need of limitation, statements relating to potential estimates, ideas, packages, forecasts, projections, goals, assumptions, expectations or beliefs of future general performance, are “forward-hunting statements”.

We warning you that these “forward-wanting statements” contain identified and unknown risks and uncertainties that could bring about precise and foreseeable future gatherings to differ materially from these predicted in this kind of statements.

Ahead-hunting statements involve, but are not minimal to, statements with respect to commercial functions, together with technology development, anticipated revenues, projected dimensions of market place, and other facts that is based mostly on forecasts of potential results, estimates of quantities not yet determinable and assumptions of management.

Reliq Health Technologies Inc. (the “Enterprise“) does not intend and does not suppose any obligation, to update these forward-searching statements except as necessary by regulation. These forward-seeking statements involve risks and uncertainties relating to, among the other factors, technological innovation development and promoting things to do, the Company’s historical knowledge with technology enhancement, uninsured hazards. True success may well vary materially from those expressed or implied by such ahead-hunting statements.

Supply: Reliq Overall health Technologies Inc.