VANCOUVER, British Columbia and LAS VEGAS, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Hydreight Technologies Inc. (“Hydreight” or the “Company”) (TSXV:NURS)(OTCQB:HYDTF)(FSE:S06) a 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 2023 year-end review and summary of its progress and growth during the year and defined strategic priorities for 2024.
The Company achieved many significant accomplishments throughout the year across all aspects of the business.
Key 2023 Highlights:
- Invested significantly in proprietary technology platform and legal framework to adhere to the complex healthcare regulations in the United States.
- Added over 1,500 nurses nationally and increased its footprint to over 650 cities across the United States. The Company now has approximately 3,000 nurses on its platform.
- Provided almost 40,000 services to patients, compared to 15,600 services in 2022, representing an increase of over 150%.
- Filled 8,786 in total pharmacy orders during the year, compared to 3,021 total orders in 2022, representing an increase of 191%.
- Filled 3,387 pharmacy orders through its white label solution, compared to 639 orders in 2022, representing an increase of 430%.
- Grew its doctor network to over 100 doctors across all 50 states.
- Added aesthetics, NAD+ and semaglutide to its robust product offering to provide more options for its nurse network and better patient outcomes.
- Added two national med spa franchises to white label solution, with collectively over 90 locations and more locations opening every month.
- Achieved meaningful quarter over quarter revenue growth throughout the year. Total GAAP Revenue for the nine months ended Sept 30, 2023, was $8.14M, an increase of 216% over same period in 2022. Gross margin for the same period in 2023 was 41.6%, compared to 49% in 2022. Read the full Q3 press release here.
- Named one of Canada’s Companies to Watch as part of the 2023 Deloitte Technology Fast 50™ program. Read the full announcement here.
2024 Outlook:
From an operational standpoint, Hydreight will remain focused on growing its medical network and adding more nurses on its platform, both organically and through acquisition. Hydreight plans to add more products and services to its offering, including lab testing and 12 blood tests that can be taken at home or office with the support of a nurse. Hydreight will continue rolling out semaglutide (GLP-1) to its network, which used together with diet and exercise, can help control blood sugar and has become popular to help with weight management. Semaglutide is only available with a doctor’s prescription and needs to be injected on a regular basis. All these products allow healthcare providers using the Hydreight platform to provide a higher level of medicine and shift into medical essentials. Hydreight plans to add a direct sales team to increase white label clients, targeting national med spa franchises by leveraging its mobile clinical network, proprietary technology platform, and pharmacy network. The Company will continue working on strategic tuck-in acquisitions to add more nurses on the platform quickly, as well as significant margin expansion in its pharmacy division.
From a financial lens, the Company remains focused on meaningful revenue growth, overall margin expansion and achieving cash-flow positivity on a GAAP basis in H1 2024.
Shane Madden, CEO of Hydreight commented, “We are building one of the largest mobile clinical network in the United States and 2023 was a transformative year with significant growth across the entire business. Throughout the entire year, we made incredible advances in our technology platform, medical network, pharmacy distribution and product offering. We made important investments in ongoing legal and compliance which have already proven to be beneficial to the business and will continue to support our growth long term. The accomplishments during the year were numerous, and I am proud of the team for their execution and delivery. Although 2023 was a pivotal year for us, we are just getting started, and I know that 2024 will be another strong year for the Company. We spent the last couple of years building the infrastructure and foundational pillars of our mobile network, now we must be laser focused on scale and growth, quickly. On behalf of the Hydreight team, we would like to wish everyone a Happy New Year!”
About Hydreight Technologies Inc.
Hydreight Technologies Inc. is building one of the largest mobile clinic network in the United States. Its proprietary, fully integrated platform hosts a network of 3,000 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 empowers nurses, med spa technicians, and other licensed healthcare professionals to deliver services independently, on their own terms, or to add mobile services to existing location-based operations. The Hydreight platform hosts 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 over 650 cities and growing.
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 and includes information regarding the Company’s future projections and plans, strategic priorities in 2024, as well as new product launches including blood tests.
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.
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