- Hydreight reported record Topline¹ Revenue of $10.46M in the first 6 months of 2024.
- Q2, 2024 GAAP revenue was $4.10 million an increase of 52% compared to Q2, 2023.
- Q2, 2024 Adjusted EBITDA¹ was $218K compared to ($456K) in the comparative quarter.
- In partnership with two other companies, Hydreight launched Telemedicine and e-Commerce Solution that helps companies launch a Direct to Consumers Healthcare brand In All 50 States.
- Within the first 90 days, VSDHOne sold over 200 licenses across 50 States.
- Announced Normal Course Issuer Bid on August 28, 2024.
- Signed a partnership with a company that works with US Government agencies for service and healthcare contracts
- Secured national medical spa partners with collectively almost 700 locations sold and 186 opened across the United States.
VANCOUVER, British Columbia and LAS VEGAS, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Hydreight Technologies Inc. ("Hydreight" or the "Company") (TSXV: NURS )(OTCQB: HYDTF )(FSE: SO6 ), a fast-growing mobile clinical network and medical platform which enables flexible at-home medical services across 50 states in 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 pleased and proud of our team with the significant growth the Company has been able to achieve. Our investment in our technology and infrastructure in 2023 helped us to become the mobile medicine solutions for nurses, bricks and mortar and D2C businesses. We are very excited for our "VSDHONE" products expansion and cashflow in the next 12 months. We continue pushing for growth, profitability and capital market exposure."
Financial and Revenue Growth:
Hydreight reported record Topline¹ Revenue of $10.46M in the first 6 months of 2024 (YOY Increase of 29%) and positive Adjusted EBIDTA¹ in Q2, 2024. Here is a summary of Q2, 2024 financial highlights:
Summary of Q2, 2024 Financial Highlights:
- Q2, 2024 GAAP revenue was $4.10 million an increase of 52% compared to Q2, 2023.
- Q2, 2024 topline¹ record revenue of $5.59 million, an increase of 27% compared to Q2, 2023.
- Q2, 2024 Adjusted EBITDA¹ was $218K compared to ($456K) in the comparative quarter.
- Q2, 2024 gross margin of $1.56 million compared to $1.08 million in Q2, 2023.
- Hydreight has secured national medical spa partners with collectively almost 700 locations sold The company has never raised or borrowed any additional capital since the original going public transaction in December 2022.
- The Company's cash position at June 30, 2024 is $1.40 million.
- The full financial statements and MD&A 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.
- Hydreight has secured national medical spa partners with collectively almost 700 locations sold and 186 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 23%
- The total number of pharmacy orders through Hydreight platform year to date has increased by approximately 72% in comparison to the same period last year.
- The total number of services booked through Hydreight platform year to date has been over 38,000.
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.
VSDHOne (Read as VSDH-One):
Hydreight in partnership with 2 other companiesLaunched 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
- Within the first 90 days, VSDHOne sold over 200 licenses across 50 States
- 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.
- Customers are being onboarded and the company is expecting a significant volume of orders in late Q4 of 2024
- 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 186 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.
- Total number of Pharmacy orders in Q3, 2024 had an approximately 93% growth in compare to the same time last year
Technology Investments and Advances
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 is also launching an end to end web-based platform for the VSDHOne offering beside the existing applications in the app stores.
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 Announced Normal Course Issuer Bid on August 28, 2024. The Company believes that purchases of its common shares pursuant to the Bid may contribute to the facilitation of an orderly market and is in the best interests of the Company and its shareholders. In the event that the Company believes that its common shares begin trading in a price range that does not adequately reflect their underlying value based on the Company's business prospects, growth and financial position, the Company may purchase common shares pursuant to the Bid.
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 USDby 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.
On behalf of the Board of Directors
Shane Madden
Director and Chief Executive Officer
Hydreight Technologies Inc.
Contact
Email: ir@hydreight.com
Telephone: (480) 790 6886
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.
Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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.
¹Refer to Use of Non-GAAP Financial Measures
