Reliq Health Technologies, Inc RHT.V C$1.29
Posted: Tuesday Oct 30 9:11:20AM 2018
Reliq held conference call for Q3 ending 6/30/18 today. Wrote off big portion of a/r until they can get a better idea of when/if they will collect a/r from Medicare/CMS. CEO Crosley said expenses have been elevated since summer due to need for extra programmers to complete updates and provide better tools for clients to onboard new patients and qualify patients prior to submitting claims. Says they have recruited veteran medical advisory board with deep experience to provide guidance. Probably no revs for several more weeks until they are sure they have problems solved. Says they are collecting revs from some clients. Stock popped premarket to C$.59 but have sold off since call. This isn't a quick fix. Medicare/CMS has rules and Reliq needs to help clients play by those rules.
Hired IR firm to answer investor questions so CEO can concentrate on operational issues. Eliminated Vancouver office to focus on Toronto HQ. Better control of staff.
Still think this has lots of potential but sold 3/4 of my position until they get things fixed.
Posted: Tuesday Oct 16 6:48:02AM 2018
Ugh! -.48 to C$.27 no wonder stock has been selling off. Obviously leaks from company. This doesn't seem like an insurmountable issue but things will be ugly for a couple of qtrs.
Reliq Health Technologies Announces Quarterly Reporting Call and Plans to Restate Financials due to Revenue Collection Issues
V.RHT | 1 hour ago
VANCOUVER, British Columbia, Oct. 16, 2018 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT or OTCQB:RQHTF)(“Reliq” or the “Company”), a technology company that develops innovative mobile health (mHealth) and telemedicine solutions for the community-based healthcare market, announces that it has decided to restate certain financial information reported for the quarter ended March 31, 2018.
The decision to restate followed a review conducted by the Company’s auditor and Audit Committee, wherein it was determined that the timing and certainty of receiving the revenue invoiced to clients is substantially unclear, due to clients’ issues with securing reimbursement from the payor.
The material changes to be included in the restatement will affect the Company’s revenue and are projected to increase the Company’s loss and comprehensive loss for Fiscal Year 2018. In addition, the Company’s Board of Directors have taken the position that no revenue will be reported for Q4 of fiscal 2018 until revenue collection issues are resolved.
"It is unfortunate that there has been such a steep learning curve for both Reliq and our clients in South Texas in terms of the claims submission process, but we have been working hard to address this issue and improve revenue collection going forward,” said Dr. Lisa Crossley, CEO of Reliq Health. “Many of the challenges the Company has faced in South Texas relate to the highly manual nature of the current clients' internal processes. We are building out new capabilities in our platform to help automate the critical components of these processes, including eligibility screening, creation and approval of care plans and billing code selection. Management expects to have all of the necessary tools in place later this quarter to allow the company to move forward successfully."
The Company will issue restated Q3 interim financial statements upon the completion of the June 30, 2018 audit, which will be filed on October 29, 2018.
The Company will hold its regularly scheduled quarterly call on October 30, 2018.
Conference Call Information:
When: October 30, 2018, 8:00am – 9:00am PDT / 11:00am – noon EDT
Dial In: Canada and U.S. - (844) 461-9931
International - (636) 812-6630
The Company would like to advise participants to join the conference call at least 10 minutes early in order to register. The Company’s CEO and CFO will present a slide deck which will be available by webinar (details to follow) and on the Reliq Health website as of 8:00am PDT / 11:00am EDT on October 30th, following which the moderator will open up the call to questions from investors who have registered and joined the queue. To join the queue participants will be asked to key in *1 at any point in the call. The moderator will open the line to callers in the queue one at a time in order of priority. A recording of the conference call will be available afterwards until November 6, 2018 and will be accessible by calling either of the following numbers: (855) 859-2056 or (404) 537-3406.
ON BEHALF OF THE BOARD
“Dr. Lisa Crossley”
CEO and Director
ABOUT RELIQ HEALTH
Reliq Health Technologies is a healthcare technology company that specializes in developing innovative software solutions for the Community Care market. Reliq’s powerful iUGO Care platform supports care coordination and community-based healthcare. The iUGO Care platform integrates wearables, sensors, voice technology and intuitive mobile apps and desktop user interfaces for patients, clinicians and healthcare administrators. 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 and on the OTCQB as RQHTF.
For further information contact:
Investor Relations at Reliq Health or IR@reliqhealth.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.
Read more at http://www.stockhouse.com/news/press-releases/2018/10/16/reliq-health-technologies-announces-quarterly-reporting-call-and-plans-to#pMJYX2prJGkc7ccm.99
Posted: Thursday Sep 27 7:41:02AM 2018
video explaining Reliq business model
Posted: Monday Sep 24 1:29:34PM 2018
RHT.v/RQHTF - .09 to C$1.21 Reliq continues to slide. Might be some of the investors in private placements this spring that are selling and holding warrants. Company hinted that news was coming in September but nothing big so far this month. Hopefully a big contract sale would pop stock price but we're almost at monthend and nothing big so far. I bought a few more at C$1.26 and C$1.20. Avg is still C$1.45 so slip sliding away.
Posted: Thursday Sep 20 12:52:20PM 2018
I bought Reliq a few months ago at C$1.47 so have a small loss so far. This Canadian company has software that allows home monitoring for patients that have 2 or more chronic conditions. Their software, called IUGO, connects to various monitoring devices and reports reading to the physician/caretaker remotely. Doctors/caretakers/relatives can be notified if readings exceed certain parameters. The system uses voice technology speakers like Alexa to interact with the patient and remind them of pills to take or ask questions if readings exceed parameters. My parents have passed but I believe this kind of system would have been beneficial to them. Reliq acquires patients by contracting with Clients that could be hospitals, health practices, nursing homes. Reliq generates revenue by complying with Medicare codes that pay $50/patient/month for remote monitoring. At the end of 2017, Reliq had 12,000 patients on the system and guided for 35,000 by 12/18. Their clients had a problem obtaining some of the monitoring devices and that slowed enrollment this summer. Reliq had raised cash thru two private placements earlier in the year so they went to the manufacturers and ordered in bulk. They will be reimbursed by their clients as they onboard patients.
The value proposition of Reliq is that their costs are very low. They claim gross margins of 80% on the $50/month. They project profitability by 12/18. The hardware problem may delay profitability but they have reiterated the 35,000 patient goal for 12/18 because they believe they can accelerate onboarding.
Most of their patients are in Texas. They recently signed to do a pilot in Australia for a healthcare provider that specializes in serving Australian that are remotely located away from cities. They also had a pilot in Canada but have yet to report on results.
Presentation shows 105 million shares outstanding and 142million FD. Stock soared from C$.25 a year ago to a 52wkhi of 2.62 in 3/18. Has been sliding since then, likely due to private placement participants selling shares and holding warrants. The delays in onboarding due to lack of hardware also hurt momentum. The hardware has been arriving since August so onboarding should be restarted.
IF Reliq can keep signing clients and hit their patient goals, they should be very profitable. I think this type of system is the future of medicine/healthcare. Whether Reliq is a survivor and a successful early entrant is still to be proved. BUT I think their future is bright.