In a news release, Reliq Health Technologies Inc. (RHT:TSX.V; RQHTF:OTCQB; A2AJTB:WKN) announced Q2/21 operating and financial results for the period ended December 31, 2020. The firm stated that the interim consolidated financial statements along with Management's Discussion and Analysis are available under Reliq Health's profile at SEDAR (www.sedar.com).
Reliq Health Technologies advised that in Q2/21 it increased revenue sequentially by 108% to CA$417,814, compared to revenue of CA$200,902 in Q1/21. The company noted that in keeping with its previously issued guidance, it expects that revenue will continue to increase in every successive quarter throughout FY/21 and Calendar Year 2021 (CY/21).
The company stated that working capital increased significantly to CA$2,092,136 as of December 31, 2020, compared to CA$938,892 as of June 30, 2020.
Reliq reported that gross margin improved to 54% in Q2/21, compared to 43% in Q1/21 and 23% in Q2/20. The firm noted that this reinforces its prior guidance claims that gross margin will increase each and every quarter through FY/21 and CY/21 and will reach approximately 75% by the end of CY/21.
The company advised that it raised gross proceeds in the amount of CA$3,036,000 from the issuance of 13,493,332 units at a price of $0.225 per unit from a private placement. The firm noted that each unit consists of one common share and one-half of a share purchase warrant and explained that each full warrant is exercisable for an additional share at a price of $0.30 for a period of two years. Reliq pointed out that the net proceeds from the capital raise are expected to be sufficient to carry the company forward through profitability which it projects will occur in Q4/21.
The company touched on some of the business highlights in Q2/21 and noted that it entered into a strategic alliance to offer the iUGO Care Platform to iDocsWeb's 200+ skilled nursing facility clients and that onboarding of patients commenced in December 2020.
The firm additionally launched iUGO Well in Australia and entered into a contract with the University of Notre Dame Australia to offer iUGO Well to the university's 12,000 students, faculty and staff. Reliq said that onboarding started in Q2/21 and is anticipated to increase each month throughout FY/21 and subsequently.
In addition, Reliq signed contracts with 15 new clients in Texas and Puerto Rico for its iUGO Care Remote Patient Monitoring, Chronic Care Management, Behavioral Health Integration and Telemedicine platform.
The company executed its first contract for its iUGO Home solution to support patients in their own homes or in long-term care, skilled nursing and hospice facilities. The propriety iUGO Home product offers fall detection with automated alerts, patient medication reminders, two-way audio capability and automated geofencing-based alerts for certain higher risk patients.
The firm also launched a new multilingual interactive voice recognition product called iUGO Care IVR and signed contracts to provide services to Russian-speaking patients in Maryland and entered into another agreement to deliver multi-language services to California's Asian-American community.
The company advised that it expects to reach profitability in Q4/21 for the period ending June 30, 2021. The firm noted that it expects that sales will increase each month throughout CY/21. The company anticipates that growth will greatly accelerate in the second half of CY/21 as COVID-19 vaccines become widely available which in turn will eliminate or reduce COVID-associated obstacles to the onboarding process.
Reliq indicated that it plans to file its interim consolidated financial statements for Q3/21 for the period ending March 31, 2021, on or before May 31, 2021, and will conduct a webinar to review the information on or before June 1, 2021.
Reliq Health advised that it created its iUGO Care platform to support care coordination and community-based virtual healthcare. The iUGO Care platform delivers high quality home care to patients which helps to improve and enhance patients health and reduce healthcare costs. The platform offers real-time access to remote patient monitoring data which permits medical staff to quickly address issues which can decrease the need for costly ER visits and hospital readmissions.
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