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.
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 legislations across all states. Our platform
allows healthcare professionals the ability to operate as
independent contractors across the United States, hence why we are
referred to as the "Uber" for nurses. Over the last three years we
have achieved close to triple digit revenue growth, and we are
projecting 2023 topline revenue of approximately $17 million from
our four key revenue pillars. This increase represents 250% growth
YoY.”
He continued, “We know that the
home healthcare market is projected to reach $340B USD11 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.”
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 to legally offer at-home care services with a
network of doctors across 50 states. Month over month, Hydreight
has seen significant traction and growth in its nurse network and
patient visits.
- The platform now has +2600 medical
professionals operating in over 650 cities across 50 states
- Network of +100 independent doctors
and growing nationally
- +100,000 home services provided to
date
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.
Technology Investments and
Advances
Over the last few months, Hydreight has made
several technology advances to its proprietary fully integrated
medical platform comprising of Electronic Medical Records (EMR),
Telemedicine and mobile booking and charting technology. The
Company continues to advance its technology and is planning to
launch additional service offerings including, lab tests,
aesthetics, customized patient specific, nicotinamide adenine
dinucleotide (NAD+) services, semaglutide and weight loss.
Hydreight’s technology platform is now available
from the Google play and Apple App store and online via browsers
which offers patients more options to book services. Furthermore,
through technology advances the platform is now connected to the
complete independent doctor network across the United States and
Nurse Practitioners in the states that allow it to offer robust
telemedicine services to support its comprehensive platform as
needed.
Pharmacy Partnerships
Hydreight’s pharmacy division directly manages
and supports its proprietary health and wellness platform. Year to
date, Hydreight has filled approximately 6,240 pharmacy orders
through its direct network and white label clients, compared to
3,021 pharmacy orders during the full year 2022.
White label partnerships allow brick and mortar
franchise networks to take advantage of an end-to-end solution
including integrated technology, as well as its doctor and pharmacy
networks, which ensures these businesses are compliant. The company
has secured multiple white label partnerships, including an IV
clinic network with 75 locations across the United States.
Hydreight will continue to focus on expanding its white label
partnership network to become a meaningful revenue stream.
Corporate Milestones
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.
Part of this development includes an online
learning and development hub, with a library of valuable resources
to support and help the network, including over 50 videos and
training instructions across 10 topics. The learning center will
help nurses navigate easily to find answers to questions and master
the health and wellness app.
Since listing on the TSXV, Hydreight has also
listed on the OTCQB to help support its awareness efforts in the
United States and the Frankfurt exchange as part of its European
strategy. The Company has also started implementing a strong
capital markets strategy to build investor awareness.
The Company has entered into director services
agreements with Carey Dillen and Alexandros Tzilios (through his
holding company, Perihelion Holdings Ltd.) effective as of October
3, 2023. Pursuant to such agreements, the Company pays Ms. Dillen
and Mr. Tzilios monthly cash compensations of $5,500 and $5,000
respectively for the services they provide to the Company as board
members of the Company. The agreements are for an initial term of 4
months and then continue on a month-to-month basis until terminated
in accordance with their terms. Since January 2023, the Company has
paid Perihelion Holdings Ltd. $5,000 per month for services
provided by Mr. Tzilios as a board member of the Company.
Looking forward, Hydreight will continue to
focus on product expansion and widening of the overall service
offering, tech enabled solutions facilitating patient specific
medications and integrated telemedicine and pharmacy delivery. The
Company continues to review and evaluate strategic tuck-in
acquisitions that align with Hydreight’s business model to scale
and grow its network and revenue quickly.
About Hydreight Technologies
Inc.
Hydreight Technologies Inc. is building the
largest mobile clinic network in the United States. Its
proprietary, fully integrated platform includes 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 nurses
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. It delivers services
independently, on its own terms, or adds mobile services to
existing location-based operations. Hydreight has a 503B pharmacy
network servicing all 50 states and is a U.S. certified e-script
and telemedicine provider that allows it to provide services in
over 650 cities and growing. The Company generates revenue from
four main revenue streams: high margin, recurring subscription
revenue from nurses using the platform, a percentage of the
services provided, margins from the products being ordered from its
pharmacy network, and most recently, white label partnerships.
On behalf of the Board of Directors
Shane MaddenDirector and Chief Executive OfficerHydreight
Technologies Inc.Contact
Email: ir@hydreight.com; Telephone:
(480) 790 6886
Use of Non-GAAP Financial
Measures:
This release contains references to non-GAAP
financial measures Adjusted Revenue (also referred to as Topline
Revenue) and Adjusted Gross Margin. 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 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 and 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, 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 in 2023.
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.
1 Markets and Markets (2022). Home Healthcare Market by Product,
Service, Indication And Region – Global Forecast to 2027. Home
Healthcare Market Size, Share, Trends and Revenue Forecast [Latest]
(marketsandmarkets.com)
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