Reliq Health Technologies is a global healthcare technology company that specializes in developing innovative solutions for the community care market. The company recently appeared on Cannin’s Best Cannabis Stocks for 2022 – but why is Reliq Health a strong buy?
Related: 5 Things to Know Before Buying Delta-8
The company is comprised of a passionate team of clinicians, healthcare experts, and technologists driven to revolutionize healthcare for traditionally underserved, high-risk patient populations. Reliq Health believes that using technology to connect providers with their patients outside of clinic settings benefits everyone in the circle of care.
Follow along as we guide you through Cannin’s deep-dive fundamental analysis of Reliq Health.
Company Profile
HQ: Hamilton, ON, Canada
Founded: 2005
Symbol: RQHTF (OTC), RHT (TSX), A2AJTB (WKN)
Reliq Health Focus: Strong
Reliq Health, formerly Moseda Technologies, develops mobile apps for the heath care market. They do this through their iUGO Health technology platform. They’ve developed an app for cannabis users to track their usage, symptoms and health outcomes. This platform is tied into physicians if needed.
Reliq Health Size: Neutral
Market Cap: US $75.7
Enterprise Value: $75.2
# of employees: 67
Reliq Health Markets: Strong
Secondary: Canada
Majority Subsidiaries: CareKit Health Corp.
Reliq Health Operations: Neutral
Cultivation: None
Distribution:
They are rolling out their iUGO Care software to generate recurring revenue. Average cost is $40 per patient per month. They have over 50 US clients with a pipeline of over 0.5 million patients with chronic diseases.
Integration/Diversification:
Vertically integrated: No
Horizontally diversified: Yes
Company Financials: Weak
Revenue (ttm): $1.07 million
Outstanding shares (diluted): 166.2 million
See Cannin’s Techincal Analysis of Reliq Health
Reliq Health Management: Strong
CEO: Dr. Lisa Crossley
CFO: Mathew Lee
CTO: Rob Prouse
CMO: Dr. Joyce Johnson
We love to see the female leaders in Reliq. The Chief Product Officer and Chief Innovation Officer also have loads of experience.
Related: Columbia Care – Is this Cannabis Stock a Buy?
Branding: Neutral
There software platform, iUGO Care, provides real-time access to remote patient monitoring significantly improving telemedicine, health outcomes, and chronic care management.
Reliq Health Valuation: Weak
Current share price: US $0.4045
52 week high/low: $0.16-0.75
Price to Sales: 60.18
EV/Revenue: 60.97
Price/book: 37.27
Reliq Health Financing: Neutral
They have total cash of $523,500 and total debts of $384,400. During Q3 2021 they increased working capital to $2.2 million (as of March 31, 2021).
Investment Risks: Low
The risks of investing in any cannabis company are very high given the immaturity of the market and all competitors. This company less risk given most of their business is outside the cannabis company. They are now onboarding hospitals again after covid which is another good sign.
Bottom Line: Why is Reliq Health One of Cannin’s Best Stocks for 2022?
Cannin Recommendation: Strong
Reliq Health Technologies is a relatively under the radar stock. They are a telemedicine company that mostly develops software platforms for virtual care health solutions. Their iUGO Care platform integrates wearables, sensors, voice technology, and mobile apps to increase health outcomes, reduce hospitalizations, improve compliance with medications, and increase patient satisfaction.
Their subscription models for the iUGO Care platform can generate around $300 per patient per month for hospitals/medical practices and $40 per patient per month for the company. They are forecasting profitability into 2022, and generating $11 million for the year. We think these are a bit optimistic.
They are also targeting profitability so that they can achieve listing on the Nasdaq. If successful and with access to that increased liquidity, they forecast revenue of over $30 million in 2022 and $60 million in 2023. If they can do all this, they definitely won’t be a penny stock flying under the radar.
They did have to pause increasing patient enrollments during covid-19 but that is now back on. They’ve announced they are resuming onboarding at rural health clinics and federally qualified health centers and are targeting almost 30,000 new patients towards the end of 2022.
They haven’t made a lot of noise about their cannabis app, announced in 2017 so we assume they are quietly deprioritizing that revenue stream but there is still lots to be excited about with them. Cannin’s top 20 hottest stocks, rankings based fully on technical analyses of over 430 stocks, recently identified Reliq as hot. For all these reasons, we give them a Strong rating for 2022. Look for the stock price to increase and for them to get closer to Nasdaq.
Cannin’s Best Cannabis Stocks 2022: Reliq Health
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