Reliq Health Technologies Inc. (RHT:TSX.V; RQHTF:OTCQB) provided in a news release a Q3 FY20 corporate update.
During the quarter ended March 31, 2020, Reliq generated 359% greater revenue year over year and 14% greater revenue quarter over quarter.
During the same period, the healthcare tech company received gross proceeds of $1,255,625 from employees and consultants exercising options along with $200,000 as the final payment from its lawsuit settlement. Consequently, management believes the company will not need to raise funds for the rest of calendar year 2020.
Reliq currently has a near-term pipeline of about 1,300 providers and 550,000 patients, as determined by its number of clients under contract and its accounts expected to close sometime during the next two quarters. Further, the pipeline is continuing to grow as demand for the company's products increases.
The release highlighted that Reliq's telemedicine and remote monitoring technology offerings are more relevant than ever in light of the current COVID-19 pandemic as the healthcare industry shifts to a virtual care model from an in-person one.
"Reliq will be dedicating additional resources to onboarding patients to the iUGO Care platform in the coming months to help the company's clients achieve their goals of keeping patients healthy and at home and reducing their potential exposure to the virus," the release noted.
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