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:
|
|
2023 |
|
|
2022 |
Growth |
Adjusted Revenue |
$ |
4,167,670 |
|
$ |
1,339,818 |
211 |
% |
Deduct - deferred business partner contract revenue |
|
197,800 |
|
|
74,542 |
|
Deduct - business partner payouts on application service gross
revenue |
|
1,338,053 |
|
|
651,542 |
|
GAAP Revenue |
$ |
2,631,817 |
|
$ |
613,734 |
|
|
|
|
|
|
Adjusted Gross Margin |
$ |
1,470,393 |
|
$ |
330,720 |
345 |
% |
Deduct - deferred business partner contract revenue |
|
197,800 |
|
|
74,542 |
|
Deduct - inventory impairment |
|
- |
|
|
- |
|
GAAP Gross Margin |
$ |
1,272,593 |
|
$ |
256,178 |
|
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 MaddenDirector and Chief Executive
OfficerHydreight Technologies Inc.www.hydreight.comTelephone: (775)
567 3938
For further information about Hydreight,
please contact:
Investor RelationsContact – Abbey VogtEmail:
ir@hydreight.comTelephone: (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.
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