VANCOUVER, British Columbia and LAS VEGAS, May 31, 2023 (GLOBE NEWSWIRE) -- Hydreight Technologies Inc. ("Hydreight" or the "Company") (TSXV: NURS)(FSE: SO6)(OTCQB: HYDTF) an on-demand home healthcare and wellness platform, is pleased to announce that the Company’s total top-line non-GAAP Adjusted Revenue* for Q1 2023 reached C$4,167,670 representing a growth rate of 211% over the Company’s Q1 2022 Adjusted Revenue* of C$1,339,818.

“We are proud to report that we have continued on our growth trajectory throughout the first quarter of 2023, with momentum building in each area of the business,” said Shane Madden, CEO of Hydreight. “Three significant revenue streams, a strategic focus on high-performance areas of the business, and our finger on the pulse of industry and regulatory changes are core pillars of our growth strategy.”

Hydreight is an on-demand home healthcare and wellness platform that makes it possible for anyone across the United States to book health and wellness services at home. Registered nurses and other licensed providers on the platform can be their own bosses and offer services independently with the oversight of a Hydreight medical director. The platform provides them with everything they need to manage their businesses.

The Company’s performance for the first quarter of 2023 has seen a significant increase across all revenue streams over the first quarter of 2022:

• Total top-line non-GAAP Adjusted Revenue* for Q1 2023 increased 211% over Q1 2022, reaching C$4,167,670
• Total revenue for Q1 2023 increased 329% over Q1 2022, reaching C$2,631,817
• Contract revenue from business partners who provide services via the platform has increased by approximately 386%
• Commission revenue on services booked through the platform has increased by approximately 118%
• Pharmacy sales through the Company’s digital pharmacy have increased by approximately 333%
  

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:

¹Refer to Use of Non-GAAP Financial Measures

“The team continuously monitors both internal and external key indicators to ensure that we use data-driven decision-making. We have strategically expanded each division of the Company in proportion with its ability to drive revenue, putting additional focus on scaling those areas of the business that demonstrate the strongest performance,” added Madden. “At the same time, we are committed to remaining nimble and fine-tuning our strategy as needed, our medical network structure has provided us with a unique level of flexibility in the market.”

The 503B landscape in 2021 experienced some significant legislation changes regarding patient-specific prescriptions for some medications that were previously available without a prescription. Hydreight, through its medical network structure and nationally approved telemedicine features within the platform, was uniquely positioned to fill this gap in the market.

Q1 2023 Key Milestones

The Company completed several key improvements from January 1 to March 31, 2023, that played a pivotal role in the growth throughout 2023 thus far:

• The platform attracted 185 new business Partner account sign-ups in the first quarter of 2023, an over 250% increase over the first quarter of 2022
• The app received a significant update to enable service providers to take greater control of their service offering, and also access additional in-app training
• The company commenced operations with its second Pharmacy Whitelabel
• The company achieved record sales across all revenue streams in March 2023 and April 2023
• The Company entered into a co-marketing agreement with one of the largest Aesthetic manufacturers in the United States
• The Company Released a major enterprise level software upgrade to provide additional functionality for the company's expansion across a variety of areas.
• Major partnerships were secured with pharmaceutical partners including Empower, McKesson, Medline, and Olympia, to ensure consistent supply as well as preferred pricing on products and medications.
  

Please see SEDAR for the Company's condensed consolidated interim financial statements and MD&A for the quarter ended March 31, 2023 and audited annual consolidated financial statements for the year ended December 31, 2022.

About Hydreight Technologies Inc.

Hydreight Technologies Inc. (TSXV: NURS) is a home healthcare and wellness platform, and medical network, that bridges the gap between provider compliance and patient convenience, empowering nurses, med spa technicians, and other licensed healthcare professionals to deliver services independently, on their own terms, or add mobile services to existing location-based operations. The network offers medical director oversight, liability insurance, HIPAA-compliant documentation, competitively priced prescriptions via a 503B licensed pharmacy, and more. The platform includes a built-in, easy-to-use suite of fully-integrated tools for accounting, documentation, sales, inventory, booking, managing patient data, and more, making it possible to deliver fully-compliant mobile medicine reporting framework used to prepare the Company's financial statements and might not be comparable to similar financial measures disclosed by other issuers. Accordingly, these measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP, and are not necessarily indicative of other metrics presented in accordance with GAAP.across 50 states.

Learn more at Hydreight.com.

Patients can download the Hydreight Wellness App from the Apple App store or Google Play Store, and prospective service providers can sign up at: Hydreight.com/start-a-business/

On behalf of the Board of Directors

Shane Madden
Director and Chief Executive Officer
Hydreight Technologies Inc.
www.hydreight.com
Telephone: (775) 567 3938

For further information about Hydreight, please contact:

Investor Relations
Contact – Abbey Vogt
Email: ir@hydreight.com
Telephone: (775) 567 3938

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 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.