Hydreight Reports Record Topline¹ Revenue of $5.59M in Q2-2024 (YOY Increase of 27%) and positive Adjusted EBIDTA¹
Hydreight Technologies (TSXV: NURS, OTCQB: HYDTF) reported record topline revenue of $5.59 million in Q2 2024, a 27% year-over-year increase. The company achieved positive Adjusted EBITDA of $218K, compared to ($456K) in Q2 2023. GAAP revenue rose 52% to $4.10 million. Hydreight has secured national medical spa partners with nearly 700 locations sold and 140 opened across the United States. The company announced a partnership with DSV Global and VS Digital Health to launch VSDHOne, a telemedicine solution for direct-to-consumer healthcare brands. CEO Shane Madden emphasized the company's focus on revenue growth, profitability, and expanding shareholder outreach in 2024.
Hydreight Technologies (TSXV: NURS, OTCQB: HYDTF) ha riportato un fatturato record di $5,59 milioni nel secondo trimestre del 2024, con un aumento del 27% rispetto all’anno precedente. L’azienda ha raggiunto un EBITDA rettificato positivo di $218K, rispetto a ($456K) nel secondo trimestre del 2023. Il fatturato secondo i principi contabili GAAP è aumentato del 52% a $4,10 milioni. Hydreight ha assicurato partner nazionali nel settore delle spa mediche con quasi 700 sedi vendute e 140 aperte negli Stati Uniti. L’azienda ha annunciato una partnership con DSV Global e VS Digital Health per lanciare VSDHOne, una soluzione di telemedicina per i marchi di assistenza sanitaria diretti al consumatore. Il CEO Shane Madden ha sottolineato l’impegno dell’azienda per la crescita del fatturato, la redditività e l’espansione del coinvolgimento degli azionisti nel 2024.
Hydreight Technologies (TSXV: NURS, OTCQB: HYDTF) reportó ingresos récord de $5.59 millones en el segundo trimestre de 2024, un aumento del 27% en comparación con el año anterior. La compañía logró un EBITDA ajustado positivo de $218K, en comparación con ($456K) en el segundo trimestre de 2023. Los ingresos conforme a las normas GAAP aumentaron 52% a $4.10 millones. Hydreight ha asegurado socios nacionales de spa médicos con casi 700 ubicaciones vendidas y 140 abiertas en los Estados Unidos. La compañía anunció una asociación con DSV Global y VS Digital Health para lanzar VSDHOne, una solución de telemedicina para marcas de atención médica directas al consumidor. El CEO Shane Madden enfatizó el enfoque de la compañía en el crecimiento de ingresos, la rentabilidad y la expansión del compromiso con los accionistas en 2024.
Hydreight Technologies (TSXV: NURS, OTCQB: HYDTF)는 2024년 2분기에 $5.59 백만의 기록적인 매출을 보고하며, 이는 전년 대비 27% 증가한 수치입니다. 회사는 2023년 2분기의 ($456K)와 비교하여 $218K의 긍정적인 조정 EBITDA를 달성했습니다. GAAP 기준 매출은 52% 증가하여 $4.10 백만에 도달했습니다. Hydreight는 미국 전역에 거의 700개 매장을 판매하고 140개 매장을 오픈한 전국적인 의료 스파 파트너를 확보했습니다. 회사는 DSV Global 및 VS Digital Health와 협력하여 소비자 직접 의료 브랜드를 위한 원격 의료 솔루션인 VSDHOne을 출시한다고 발표했습니다. CEO인 Shane Madden은 2024년 수익 성장, 수익성 및 주주 소통 확대에 대한 회사의 초점을 강조했습니다.
Hydreight Technologies (TSXV: NURS, OTCQB: HYDTF) a annoncé un chiffre d'affaires record de $5,59 millions au deuxième trimestre 2024, ce qui représente une augmentation de 27% par rapport à l'année précédente. L'entreprise a réalisé un EBITDA ajusté positif de $218K, contre ($456K) au deuxième trimestre 2023. Le chiffre d'affaires selon les normes GAAP a augmenté de 52%, atteignant $4,10 millions. Hydreight a sécurisé des partenaires nationaux dans le domaine des spas médicaux avec près de 700 emplacements vendus et 140 ouverts à travers les États-Unis. L'entreprise a annoncé un partenariat avec DSV Global et VS Digital Health pour lancer VSDHOne, une solution de télémédecine pour les marques de santé directes aux consommateurs. Le PDG Shane Madden a souligné l'engagement de l'entreprise envers la croissance des revenus, la rentabilité et l'élargissement de l'engagement des actionnaires en 2024.
Hydreight Technologies (TSXV: NURS, OTCQB: HYDTF) berichtete von einem Rekordumsatz von $5,59 Millionen im zweiten Quartal 2024, was einen Zuwachs von 27% im Vergleich zum Vorjahr darstellt. Das Unternehmen erzielte ein positives bereinigtes EBITDA von $218K, im Vergleich zu ($456K) im zweiten Quartal 2023. Der GAAP-Umsatz stieg um 52% auf $4,10 Millionen. Hydreight hat nationale Partner im Bereich medizinische Spas gesichert, mit nahezu 700 verkauften Standorten und 140 eröffneten in den Vereinigten Staaten. Das Unternehmen kündigte eine Partnerschaft mit DSV Global und VS Digital Health zur Einführung von VSDHOne an, einer Telemedizinlösung für Direktvertriebsmarken im Gesundheitswesen. CEO Shane Madden betonte den Fokus des Unternehmens auf Umsatzwachstum, Rentabilität und die Erweiterung der Aktionärsorientierung im Jahr 2024.
- Record topline revenue of $5.59 million in Q2 2024, a 27% year-over-year increase
- Positive Adjusted EBITDA of $218K in Q2 2024, compared to ($456K) in Q2 2023
- GAAP revenue increased by 52% to $4.10 million in Q2 2024
- Gross margin improved to $1.56 million in Q2 2024 from $1.08 million in Q2 2023
- Secured national medical spa partners with almost 700 locations sold and 140 opened across the US
- 74% increase in total pharmacy orders through Hydreight platform year-to-date compared to the same period last year
- Cash position of $1.40 million as of June 30, 2024
- Launched VSDHOne, a telemedicine solution for direct-to-consumer healthcare brands
- None.
“We had another outstanding quarter with record revenue and positive Adjusted EBITDA...Our focus in 2024 is to continue growing revenue, being a profitable company and introducing our story to more potential shareholders” - Shane Madden, CEO of Hydreight
VANCOUVER, British Columbia and LAS VEGAS, Aug. 28, 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 announce its financial results for the first quarter ended June 30, 2024. All financial information is presented in Canadian dollars unless otherwise indicated.
Summary of Q2, 2024 Financial Highlights:
- Q2, 2024 GAAP revenue was
$4.10 million an increase of52% compared to Q2, 2023. - Q2, 2024 topline¹ record revenue of
$5.59 million , an increase of27% compared to Q2, 2023. - Q2, 2024 Adjusted EBITDA¹ was
$218 K compared to ($456 K) 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 and 140 opened across the United States.
- 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 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 . - Hydreight announced a partnership with DSV Global and VS Digital Health called VSDHOne, a telemedicine solution that helps companies launch a direct to consumer (“D2C”) healthcare brand in all 50 States. The purpose of launching VSDHOne is to make it easy for any existing brick and mortar or individual to launch a D2C healthcare brand in a few days without worrying about compliance, doctor network, telemedicine and ecommerce technology, medical direction and oversight, pharmacy network, and medical legal framework covering all 50 States. With the marriage of virtual and at facility healthcare features, companies can expand beyond their current Brick and Mortar solution.
- Investor webinar, Tuesday, September 3, 2024, at 11:00am PT/ 2:00pm ET
Shane Madden, CEO of Hydreight commented, “We had an outstanding quarter with record revenue, Adjusted EBITDA¹ and Adjusted Revenue¹. 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.”
The Company believes the following Non-GAAP1 financial measures provide meaningful insight to aid in the understanding of the Company’s performance and may assist in the evaluation of the Company’s business relative to that of its peers:
| Three months ended June 30, | Six months ended June 30, | |||||||||
| 2024 | 2023 | % change | 2024 | 2023 | % change | |||||
| Adjusted Revenue | $ | 5,589,481 | $ | 4,416,103 | $ | 10,456,485 | $ | 8,083,524 | ||
| Deduct - deferred business partner contract revenue | (186,935) | 190,934 | (303,913) | 171,886 | ||||||
| Deduct - business partner payouts on app service gross revenue | 1,676,204 | 1,525,501 | 3,282,580 | 2,863,554 | ||||||
| GAAP Revenue | $ | 4,100,212 | $ | 2,699,668 | $ | 7,477,818 | $ | 5,048,084 | ||
| Adjusted Gross Margin | $ | 1,372,862 | $ | 1,270,762 | $ | 2,487,218 | $ | 2,294,147 | ||
| Deduct - deferred business partner contract revenue | (186,935) | 190,934 | (303,913) | 171,886 | ||||||
| GAAP Gross Margin | $ | 1,559,797 | $ | 1,079,828 | $ | 2,791,131 | $ | 2,122,261 | ||
| Adjusted EBITDA | $ | 217,708 | $ | (455,580) | $ | 171,835 | $ | (561,936) | ||
| Deduct - amortization and depreciation | 24,636 | $ | 16,310 | 71,189 | 32,258 | |||||
| Deduct - share-based payments | 220,159 | $ | - | 436,454 | - | |||||
| GAAP Net Loss | $ | (27,087) | $ | (471,890) | $ | (335,808) | $ | (594,194) | ||
1 Refer to Use of Non-GAAP Financial Measures
The table below sets out a summary of certain financial results of the Company over the past eight quarters and is derived from the audited annual consolidated financial statements and unaudited quarterly consolidated financial statements of the Company.
| Net Loss After Taxes | Comprehensive Loss | Basic and Diluted Loss Per Share | ||
| Fiscal Quarter Ended | Revenue | |||
| June 30, 2024 | 4,100,212 | (27,087) | (48,184) | (0.00) |
| March 31, 2024 | 3,377,606 | (308,721) | (370,559) | (0.01) |
| December 31, 2023 | 3,373,193 | (898,561) | (865,068) | (0.02) |
| September 30, 2023 | 3,088,219 | (466,973) | (548,954) | (0.01) |
| June 30, 2023 | 2,699,668 | (471,890) | (405,638) | (0.01) |
| March 31, 2023 | 2,348,416 | (122,304) | (121,502) | (0.00) |
| December 31, 2022 | 1,695,134 | (5,060,755) | (5,062,144) | (1.44) |
| September 30, 2022 | 1,136,510 | (240,360) | (298,367) | (0.07) |
The Company has experienced dramatic user growth over the past two years as can be seen by the consistent revenue growth over the past eight quarters.
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.
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.
Please see SEDAR+ for the Company's condensed interim consolidated unaudited financial statements and MD&A for the three and six months ended June 30, 2024 and 2023 and for the Company’s audited annual consolidated financial statements and MD&A for the year ended December 31, 2023 and 2022.
Investor Webinar:
The Company’s management team will be hosting a webinar to discuss the financials and provide corporate updates:
Date/Time: Tuesday, Sept. 3, 2024, at 11am PT / 2pm ET
Registration link: https://hydreight.zoom.us/webinar/register/WN_6V91HNW2QlCJ0x-UUIo-rA
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 2500 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 has a 503B pharmacy network servicing all 50 states and is closely affiliated with a U.S. certified e-script and telemedicine provider network.
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
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.
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.
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, path to profitability, 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” or similar expressions and includes information regarding expectations for the Company's growth and profitability in 2024.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflects the Company’s management’s expectations, estimates or projections 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.
¹See Use of Non-GAAP Financial Measures
FAQ
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