The home healthcare market is projected to reach $340B USD by 2027 in the US alone, and Victory Square Company Hydreight is well positioned to capitalize on the rapidly growing home healthcare industry.
VANCOUVER, British Columbia, June 26, 2024 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. ("Victory Square") (CSE:VST) (OTC:VSQTF) (FWB:6F6), a company that gives investor access to a portfolio of 25+ innovative companies from around the world in a single stock, is pleased to share that its portfolio company - Hydreight Technologies Inc. ("Hydreight" or the "Company") (TSXV:NURS) (OTCQB:HYDTF) (FSE:SO6) a mobile clinical network and medical platform which enables flexible, at-home medical services across the United States, is pleased to provide a corporate update reflecting its significant organic growth, increased patient visits, and strong revenue growth. The all-in-one solution is designed to help brick-and-mortar locations and independent nurses and businesses to provide medical services to clients in compliance with state healthcare regulations.
Shane Madden, CEO of Hydreight commented, "I am incredibly pleased with the significant growth the Company has been able to achieve. We continue to focus on our mission of becoming the leading mobile clinical network across North America. Currently our platform services 50 states in the US, which is a significant milestone for us considering the complex and different healthcare legislation across all states. Our investment in our technology and infrastructure in 2023 lead to become a fully automated, fully integrated, turnkey solution for mobile medicine across the board. This has already been paying off by signing more types of businesses. Our focus in 2024 is to continue growing the revenue, becoming a profitable company and introducing our story to more potential shareholders."
Financial and Revenue Growth:
Hydreight Reported Record Topline(1) Revenue of $4.87M in Q1-2024 (YOY Increase of 33%). Here is a summary of Q1, 2024 financial highlights:
- Q1, 2024 GAAP revenue was $3.38 million an increase of 44% compared to Q1, 2023.
- Q1, 2024 topline¹ record revenue of $4.87 million, an increase of 33% compared to Q1, 2023.
- Q1, 2024 gross margin of $1.23 million compared to $1.04 million in Q1, 2023.
- The Company has approximately 117 white-label locations nationwide, with new locations opening every month.
- The company has never raised or borrowed any additional capital since the original RTO in December 2022.
- Adjusted EBITDA¹ has improved and is projecting a path to profitability.
- The full financial statements are available on SEDAR+
Proprietary Platform Growth
Hydreight's home healthcare and wellness platform bridges the gap between providers and patients and empowers nurses, med spa technicians, and other licensed healthcare professionals to legally deliver at-home services on a flexible schedule or to add mobile services to existing location-based operations. The proprietary healthcare platform enables nurses and businesses to legally offer at-home care services with an independent network of doctors across 50 states. Month over month, Hydreight has seen significant traction and growth in its revenue and number of clients.
- The platform now has 3000+ medical professionals operating across 50 states
- Hydreight has secured national medical spa partners with collectively almost 700 locations sold and 140 opened across the United States*. Hydreight charges the franchises a licensing fee per location to access its network and takes a percentage fee from every mobile service facilitated through its platform. These brick-and-mortar businesses must use Hydreight's medical network's pharmacy to order products.
- The Company's main focus in the last 12 months was to help more healthcare providers to go live and offer more services while signing new providers
- Over the last several months, Hydreight has developed a robust onboarding infrastructure to help with onboarding its medical professionals. In doing so, the Company continues to scale its network, reduce the onboarding time for its nurses and increase overall customer satisfaction.
- The total processed services through Hydreight platform year to date has increased by about 32%
- The total number of pharmacy orders through Hydreight platform year to date has increased by about 74% in comparison to the same period last year.
The company has successfully managed to navigate the complex legal structure across 50 states and has expanded its Legal structure to continuously monitor all three state board legislations as well as CPOM (Corporate Practice of Medicine) laws nationally to ensure its platform adheres to the correct rules and regulations.
Ola Partnerships - Providing Health and Wellness Services in Store
Hydreight Partners with Ola Digital Health, an Independent Marketing and software solution to a National Pharmacy Network to Provide Health and Wellness Services in Store.
- Ola Digital Health is an innovative healthcare company with a network of 300 independent retail pharmacies in the United States.*
- Hydreight will be the health and wellness service provider in pharmacy locations
- All services must be booked through Hydreight's healthtech platform or app and services will be performed by Nurses on Hydreight's network.
- Immediate synergies between Hydreight and Ola to improve patient care.
- As part of this project, Hydreight will partner with Ola pharmacy locations to offer IV drip therapy, NAD+, GLP-1 and various other peptides in store for customers
- There are 7 pharmacies that has implemented this at their stores as part of the soft launch
VSDHOne (Read as VSDH-One):
Hydreight in Partnership with DSV Global and VS Digital Health Launched Telemedicine and e-Commerce Solution that helps companies launch a Direct to Consumers Healthcare brand In All 50 States. This partnership creates a new division for Hydreight Technologies that enables any existing brick and mortar or individuals to launch a direct to consumer healthcare and
- VSDHOne Simplifies the entry challenges for companies and medi-spa businesses to enter the Online healthcare space compliantly.
- DSV global is going to use VS Digital Health and Hydreight's Technology and infrastructure to help all businesses to launch a direct to consumer healthcare brand in a matter of days in all 50 states.
- Compliant offerings include: GLP-1s (Semaglutide, Tirzepatide), Peptides, Personalized Healthcare Treatments, Sermorelin, TRT, Hair Loss, Skincare, Sexual Health and more.
- VSDHOne's soft release was in May 2024 and the official Launch is in June with already having a waitlist of potential clients to come onboard.
- The first two national clients (50 licenses for 50 states) have been onboarded to the platform
- The purpose of launching VSDHOne is to make it easy for any existing brick and mortar or individuals to launch a direct to consumer healthcare brand in a few days without worrying about compliance, doctor network, telemedicine and ecommerce Technology, Medical direction and oversight, Pharmacy network, and a medical legal framework in all 50 States. With the marriage of Virtual and at facility healthcare features, Companies can expand beyond their current Bricks and Mortar solutions.
- Customers are in charge of their marketing and bringing their customers through this platform to make sure their offerings are in full compliance.
- Hydreight's fee will be calculated based on the customer's revenue and revenue shared model
White-Label Offering:
Hydreight's white label solution provides an integrated, turnkey platform and the framework for larger organizations and franchises to provide in-person and mobile medical services, supported by technology infrastructure, connection to an independent doctors' network, and a pharmacy network through its medical partner. The Company has secured three national medical spa partners with collectively almost 700 locations Sold and 140 opened across the United States. Hydreight charges the franchises a licensing fee per location to access its network and takes a percentage fee from every mobile service facilitated through its platform. These brick-and-mortar businesses must use Hydreight's medical network's pharmacy to order products.
The Medical Spa market in the U.S. is estimated at US$6.1 Billion in the year 2023. Hydreight has become the end-to-end platform of choice for all medspas, enabling them to unlock their mobile services with full compliance. Additionally, it manages all telemedicine, pharmacy connection and ordering, booking, scheduling, and patient engagement needs, with full integration into independent doctor and pharmacy networks.
Whitelabel Pharmacy orders in a glance:
| Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | |||||||||
| Number of Locations | 16 | 29 | 41 | 59 | 69 | 79 | 86 | 107 | ||||||||
| Total number of Orders | 78 | 227 | 334 | 513 | 812 | 935 | 1127 | 1352 | ||||||||
| Total medication ordered USD** | $104,952 | $162,376 | $291,950 | $425,961 | $663,610 | $808,173 | $936,432 | $1,072,455 | ||||||||
**Total White-Label medication ordered less amounts attributed to shipping. These figures are unaudited and approximate.
Technology Investments and Advances
Over the last 18 months, Hydreight has made several technology advances to its proprietary fully integrated medical platform comprising EMR (Electronic Medical Record), Telemedicine and mobile booking and charting technology. With these updates, The Company now can serve independent nurses, multi-locations franchises and also small brick-and-mortar locations to offer medical services to clients in compliance with state healthcare regulations and full integration with independent doctors and pharmacies networks.
Hydreight's clients now can offer additional service and products in their physical locations or virtually including, Lab tests, aesthetics, customized patient specific, nicotinamide adenine dinucleotide (NAD+) services, semaglutide and weight loss by using Hydreight's technology and Healthcare prosoft pharmacy and doctors' network.
Corporate Milestones
The Company continues to deliver on its mission of building the largest mobile clinical network in the United States. Through its medical network, pharmacy network and proprietary technology platform that adheres to the complex healthcare legislation across 50 states, Hydreight has provided a fully integrated solution for healthcare providers to become independent contractors. Now Company has three main divisions as their technology platform 1) a Nurse Network 2) White Label offering to large organizations and franchises 3) Companies and medi-spa businesses to enter the Online healthcare space compliantly to launch their telemedicine and e-Commerce solution directly to Consumers In All 50 States (VSDHONE).
Hydreight remains focused on its strategic priorities of (1) Profitability (2) adding more product and service offerings for its customers, (3) introducing Hydreight story with more potential shareholders (4) driving white label partnerships and Nurses to the platform and (5) looking for strategic tuck in M&A opportunities to scale and grow the business quickly and efficiently. Hydreight will continue to invest into its technology to ensure continuous improvements, advancements and updates adhering to changes within the healthcare industry.
The home healthcare market is projected to reach $340B USD by 2027 in the US alone, and the Company is well positioned to capitalize on the rapidly growing home healthcare industry and will continue using our platform to empower healthcare professionals to deliver personalized, on demand care bridging the gap between provider compliance and patient convenience.
About Hydreight Technologies Inc.
Hydreight Technologies Inc. is building the largest mobile clinic network in the United States. Its proprietary, fully integrated platform hosts a network of over 2,500 nurses, over 100 doctors and a pharmacy network across 50 states. The platform includes a built-in, easy-to-use suite of fully integrated tools for accounting, documentation, sales, inventory, booking, and managing patient data, which enables licensed healthcare professionals to provide services directly to patients at home, office or hotel. Hydreight is bridging the gap between provider compliance and patient convenience, empowering nurses, med spa technicians, and other licensed healthcare professionals. The Hydreight platform allows healthcare professionals to deliver services independently, on their own terms, or to add mobile services to existing location-based operations. Hydreight though its medical network has a 503B pharmacy network servicing all 50 states and is closely affiliated with a U.S. certified e-script and telemedicine provider network that provides services in all 50 states.
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On behalf of the Board of Directors
"ShafinDiamond Tejani"
Director and Chief Executive Officer
Victory Square Technologies Inc.
www.victorysquare.com
For further information about Victory Square, please contact:
Investor Relations Contact - Abbey Vogt
Email: ir@victorysquare.com
Telephone: 604 283-9166
Peter Smyrniotis - Director
Telephone: 604 283-9166
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square is a Venture Builder that provides investors a liquid way to invest in early-stage technology companies without buying a venture fund that requires accredited investor status or multi-year commitments.
- A diverse portfolio of 25+ innovative companies from around the world (founders come from: Ireland, Sri Lanka, Bulgaria, Australia, India, Brazil, the Middle East and North America)
- Sectors include: Digital Health, Artificial Intelligence (AI), Machine Learning (ML), Blockchain/Web3, Virtual & Augmented Reality (VR/AR), Gaming, Climate Tech
- Owner-operated (approx. 15% Management Ownership)
Business Model:
The Victory Square business model is to buy, build and invest in early stage tech companies. We spend upwards of 48 months with those companies until they're ready to spin-off or stand on their own. There are a couple of unique elements to our business model…
- We have unparalleled access to startups through our internal incubator and International network with over 250+ founders, investors, tech accelerators and venture capital firms from more than 60 countries.
- Second, our management team and advisors are actively involved in our investments from incubation through monetization, providing them with financial, operational, and strategic support to scale globally.
- We drive value by monetizing investments and reinvesting the gains in new innovations. The strategy was to build a self-sustaining business.
VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSQTF).
For more information, please visit www.victorysquare.com.
ABOUT THE CANADIAN SECURITIES EXCHANGE (CSE)
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Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "Approximately" or similar expressions *Numbers of franchise sold units and pharmacies are based on the partner's management teams.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflects the Company's management's expectations, estimates or predictions concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability to obtain requisite regulatory and other approvals with respect to the business operated by the Company and/or the potential impact of the listing of the Company's shares on the TSXV on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time as a result of being a publicly listed entity. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
Use of Non-GAAP Financial Measures:
This release contains references to non-GAAP financial measures Adjusted Revenue, Adjusted Gross Margin, and Adjusted EBITDA. The Company defines Adjusted Revenue as gross cash income before adjustment for the deferred portion of business partner contract revenue and gross receipts from Hydreight App service sales. The Company defines Adjusted Gross Margin as GAAP gross margin plus inventory impairment plus the deferred portion of business partner contract revenue. The Company defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization and before (i) transaction, restructuring, and integration costs and share-based payments expense, and (iii) gains/losses that are not reflective of ongoing operating performance. The Company believes that the measures provide information useful to its shareholders and investors in understanding the Company's operating cash flow growth, user growth, and cash generating potential for funding working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. These non-GAAP measures may assist in the evaluation of the Company's business relative to that of its peers more accurately than GAAP financial measures alone. This data is furnished to provide additional information and does not have any standardized meaning prescribed by GAAP. Accordingly, it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is not necessarily indicative of other metrics presented in accordance with GAAP.
