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Hydreight Provides Corporate Update Reflecting Significant Growth

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Hydreight Technologies Inc. (TSXV: NURS, OTCQB: HYDTF) reported significant growth in Q2 2024:

  • Record topline revenue of $10.46M in the first 6 months of 2024 (29% YOY increase)
  • Q2 2024 GAAP revenue of $4.10M (52% increase from Q2 2023)
  • Positive Adjusted EBITDA of $218K in Q2 2024

The company launched VSDHOne, a telemedicine and e-commerce solution, selling over 200 licenses across 50 states in 90 days. Hydreight secured national medical spa partners with almost 700 locations sold and 186 opened across the US. The company's platform facilitates mobile medical services, connecting healthcare providers with patients across all 50 states. Hydreight announced a Normal Course Issuer Bid and signed a partnership for US government agency contracts.

Hydreight Technologies Inc. (TSXV: NURS, OTCQB: HYDTF) ha riportato una crescita significativa nel secondo trimestre del 2024:

  • Entrate record di $10,46 milioni nei primi 6 mesi del 2024 (aumento del 29% rispetto all'anno precedente)
  • Entrate GAAP del Q2 2024 di $4,10 milioni (aumento del 52% rispetto al Q2 2023)
  • EBITDA rettificato positivo di $218.000 nel Q2 2024

La società ha lanciato VSDHOne, una soluzione di telemedicina e e-commerce, vendendo oltre 200 licenze in 50 stati in 90 giorni. Hydreight ha assicurato partner nazionali per spa mediche con quasi 700 sedi vendute e 186 aperte negli Stati Uniti. La piattaforma della società facilita i servizi medici mobili, collegando i fornitori di assistenza sanitaria con i pazienti in tutti e 50 gli stati. Hydreight ha annunciato un'offerta di acquisto normale da parte dell'emittente e ha firmato un partenariato per contratti con agenzie governative statunitensi.

Hydreight Technologies Inc. (TSXV: NURS, OTCQB: HYDTF) reportó un crecimiento significativo en el segundo trimestre de 2024:

  • Ingresos récord de $10.46 millones en los primeros 6 meses de 2024 (aumento del 29% en comparación con el año anterior)
  • Ingresos GAAP del Q2 2024 de $4.10 millones (aumento del 52% desde el Q2 2023)
  • EBITDA ajustado positivo de $218,000 en el Q2 2024

La empresa lanzó VSDHOne, una solución de telemedicina y comercio electrónico, vendiendo más de 200 licencias en 50 estados en 90 días. Hydreight aseguró socios médicos a nivel nacional con casi 700 ubicaciones vendidas y 186 abiertas en EE. UU. La plataforma de la empresa facilita servicios médicos móviles, conectando a proveedores de atención médica con pacientes en los 50 estados. Hydreight anunció una oferta de adquisición normal por parte del emisor y firmó una asociación para contratos con agencias gubernamentales de EE. UU.

Hydreight Technologies Inc. (TSXV: NURS, OTCQB: HYDTF)는 2024년 2분기에 상당한 성장을 보고했습니다:

  • 2024년 첫 6개월 동안 기록적인 수익 1,046만 달러(전년 대비 29% 증가)
  • 2024년 2분기 GAAP 수익 410만 달러(2023년 2분기 대비 52% 증가)
  • 2024년 2분기 조정 EBITDA 21만 8천 달러의 긍정적 수치

회사는 90일 만에 50개 주에서 200개 이상의 라이센스를 판매한 원격의료 및 전자상거래 솔루션 VSDHOne을 출시했습니다. Hydreight는 거의 700개의 위치에서 판매된 국가 의료 스파 파트너를 확보했으며, 미국 전역에서 186개 매장이 개설되었습니다. 회사의 플랫폼은 이동식 의료 서비스를 촉진하여 모든 50개 주의 의료 제공자와 환자를 연결합니다. Hydreight는 정상발행자매입공고를 발표하고 미국 정부 기관 계약을 위한 파트너십을 체결했습니다.

Hydreight Technologies Inc. (TSXV: NURS, OTCQB: HYDTF) a annoncé une croissance significative au deuxième trimestre 2024 :

  • Chiffre d'affaires record de 10,46 millions de dollars au cours des 6 premiers mois de 2024 (augmentation de 29 % par rapport à l'année précédente)
  • Chiffre d'affaires GAAP de 4,10 millions de dollars au T2 2024 (augmentation de 52 % par rapport au T2 2023)
  • EBITDA ajusté positif de 218 000 dollars au T2 2024

L'entreprise a lancé VSDHOne, une solution de télémédecine et de commerce électronique, vendant plus de 200 licences dans 50 États en 90 jours. Hydreight a sécurisé des partenaires médicaux nationaux avec près de 700 emplacements vendus et 186 ouverts aux États-Unis. La plateforme de l'entreprise facilite les services médicaux mobiles, connectant les prestataires de soins de santé avec les patients dans tous les 50 États. Hydreight a annoncé une offre publique de rachat normale et a signé un partenariat pour des contrats avec des agences gouvernementales américaines.

Hydreight Technologies Inc. (TSXV: NURS, OTCQB: HYDTF) berichtete über ein signifikantes Wachstum im 2. Quartal 2024:

  • Rekordumsatz von 10,46 Millionen USD in den ersten 6 Monaten 2024 (29% Anstieg im Vergleich zum Vorjahr)
  • GAAP-Umsatz im 2. Quartal 2024 von 4,10 Millionen USD (52% Anstieg gegenüber dem 2. Quartal 2023)
  • Positives bereinigtes EBITDA von 218.000 USD im 2. Quartal 2024

Das Unternehmen startete VSDHOne, eine Telemedizin- und E-Commerce-Lösung, und verkaufte innerhalb von 90 Tagen über 200 Lizenzen in 50 Bundesstaaten. Hydreight hat nationale Partner von medizinischen Spas gesichert, mit fast 700 verkauften Standorten und 186 eröffneten in den USA. Die Plattform des Unternehmens erleichtert mobile medizinische Dienstleistungen, indem sie Gesundheitsdienstleister mit Patienten in allen 50 Bundesstaaten verbindet. Hydreight kündigte ein reguläres Aktienrückkaufprogramm an und schloss eine Partnerschaft für Verträge mit US-Regierungsbehörden ab.

Positive
  • Record topline revenue of $10.46M in first 6 months of 2024 (29% YOY increase)
  • Q2 2024 GAAP revenue of $4.10M (52% increase from Q2 2023)
  • Positive Adjusted EBITDA of $218K in Q2 2024
  • Launched VSDHOne, selling over 200 licenses across 50 states in 90 days
  • Secured national medical spa partners with almost 700 locations sold
  • 23% increase in total processed services year-to-date
  • 72% increase in total pharmacy orders year-to-date
  • 93% growth in pharmacy orders in Q3 2024 compared to previous year
Negative
  • None.
  • 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


FAQ

What was Hydreight's (HYDTF) revenue for Q2 2024?

Hydreight's GAAP revenue for Q2 2024 was $4.10 million, a 52% increase compared to Q2 2023.

How many licenses did VSDHOne sell in its first 90 days?

VSDHOne, Hydreight's telemedicine and e-commerce solution, sold over 200 licenses across 50 states within its first 90 days of launch.

What was Hydreight's (HYDTF) Adjusted EBITDA for Q2 2024?

Hydreight's Adjusted EBITDA for Q2 2024 was $218,000, compared to ($456,000) in the comparative quarter.

How many medical spa locations has Hydreight (HYDTF) secured partnerships with?

Hydreight has secured national medical spa partners with collectively almost 700 locations sold and 186 opened across the United States.

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