Hydreight Technologies Inc. (“Hydreight” or the “Company”) (TSXV:
NURS)(OTCQB: HYDTF)(FSE: SO6), a fast-growing telehealth platform
and medical network enabling flexible home healthcare, is pleased
to provide a corporate update highlighting key achievements at the
end of 2022, and within the first and second quarter of 2023 (“YE
2022”, “Q1 2023”, and “Q2 2023”, respectively).
Highlights:
- Hydreight to Attend CEM’s TSX Venture Growth
Conference, July 21-23 - Hydreight will
be available to discuss the Company’s achievements and goals for
2023 and beyond with shareholders and potential investors.
- Hydreight Achieves Record Top Line Adjusted Revenue and
Revenue: YE 2022 Adjusted Revenue (see use of Non-GAAP
Financial Measures) of $8,425,719 and audited GAAP Revenue of
$4,268,431. Q1 2023 Adjusted Revenue of $4,167,670 and GAAP Revenue
of $2,631,817 (unaudited), an increase of 211% over Q1 2022, paving
the way for continued growth in 2023.
- Added 389 New Business Partners in the first half of
2023 - The platform attracted 389 new Business Partner
account sign-ups in the first half of 2023, an increase of over 61%
compared to the same period last year.
- Expanded Medical Network - Over 100 new Doctor
relationships and pharmaceutical partners added to the Hydreight
ecosystem.
- New Features & Services - Hydreight rolled
out an upgraded platform built on innovative technology, a new
direct booking system utilizing QR codes, has rolled out Phase I of
its new dispatch call centre, and will be launching a new website
booking system.
- Hydreight Shares Commence Trading in the USA on the OTC
Markets Exchange
“We saw tremendous growth in 2022, continuously
attracting new service providers to the platform, and expanding our
footprint to 437 cities throughout the United States,” said Shane
Madden, CEO of Hydreight. “The start of 2023 we again saw record
top line numbers, and new features and services that allow business
partners and customers to connect faster and easier. Our commitment
to continuous improvement is highlighted by our investments into
our technology, pharmacy and legal infrastructure allowing us to
become the only solution for mobile medicine in the United
States.”
CORPORATE
Hydreight to Present at the
CEM’s TSX Venture Growth Conference, July 21-23
Management will be attending the Capital Event Series Conference
being held in Kelowna, BC, from July 21-23, 2023, to meet with an
exclusive network of investors. For more information on this
conference and for any interested investors, follow this link.
Hydreight Achieves Record Adjusted
RevenueHydreight reported record Adjusted Revenue of
$8,425,719, representing a growth rate of 279% over the reported
Adjusted Revenue of $2,220,424, for the year ended December 31,
2021 (“YE 2021”)(see press release dated May 2, 2023).
Hydreight was pleased to report significant
Adjusted Revenue of $4,167,670 for Q1 2023, representing an
increase of 211% over Q1 2022 Adjusted Revenue1 of $1,339,818. (see
press releases dated May 24 and May 31, 2023). The Company
continued its growth in Q2 2023 and saw Adjusted Revenue
approximately increase 106% over Q2 2022.
The significant increase in Adjusted Revenue for
the YE 2022 and Q1 2023 over the previous year can be attributed to
the continued addition of new business partners to the network,
along with renewals which has resulted in greater cash inflows from
annual subscription fees, pharmacy sales, and App service gross
sales.
Hydreight Shares Commence Trading in the
USA on the OTC Markets ExchangeHydreight’s common shares
began trading on the OTCQX® Best Market, a top tier public market
in the United States, under the symbol “HYDTF”, on February 27,
2023. The Company subsequently announced that shares are now
eligible for electronic deposit with DTC to manage the electronic
clearing and settlement in the United States. This provides
improved accessibility and liquidity for U.S. shareholders and
investors.
SALES & MARKETING
Service and Pharmacy
SalesService and pharmacy sales in app increased over 92%
and 225% respectively in Q1 2023 relative to Q1 2022.
New Sign UpsThe platform
attracted 389 new Business Partners in the first half of 2023,
representing an increase of 61% over the first half of 2022.
NEW FEATURES & SERVICES
New PlatformThe Company rolled
out a new platform, built on the newest technology with
enterprise-level software, providing additional functionality for
the Company’s expansion across a variety of areas.
The upgraded platform provides a more
user-friendly experience as well as a suite of additional features
enabling service providers to take greater control of their service
offering, and access to additional in-app training. Hydreight
continues to make incremental improvements to assist with client
onboarding and ongoing user training via full-time tech product
trainers.
Direct Booking
FeaturesHydreight has added new booking features to ensure
an easy and seamless experience for customers using a unique QR
Code. Customers will no longer need to download the app, as they
can simply scan a unique QR Code that will allow them to book
directly from a Business Partner’s website, business card, flier or
banner.
Dispatch Call CentreCustomers
will have access to a Dispatch Call Centre where a team of
qualified Registered Nurses will be able to assist customers in
finding the right services for their specific needs, and can
receive consultations. The call centre team is also able to book
appointments with Business Partners located in their respective
vicinity so that inquiries can be turned into active customers in
one call.
- New Website Booking System - In Partnership with VS Digital
Health Inc, the Company is in the process of launching a brand-new
website to revolutionize the way customers access services. The new
booking system will enable customers to effortlessly book
appointments or contact the call centre in order to inquire and
book any of the services offered by Business Partners.
Expanded Medical
NetworkHydreight has secured over 100 new Doctor
relationships and pharmaceutical partners, and we continue to
expand our medical network to improve response times and ensure
enough doctors are available for all screening calls.
Secured major partnerships with the largest
pharmaceutical companies in the US including Empower, McKesson,
Medline, and Olympia, to ensure consistent supply as well as
preferred pricing on products and medications.
The Company announces
that it has granted an aggregate of 345,000 stock options
(“Options”) and 3,546,427 restricted share units (“RSUs” and,
together with the Options, the “Awards”) to certain officers,
directors, employees and consultants of the Company. The Awards
were granted in accordance with the Company’s fixed equity
incentive plan dated for reference August 29, 2022 (the “Plan”).
The Company also issued to Mr. Shane Madden, its chief executive
officer, 476,190 common shares at a deemed price of $0.63 per share
pursuant to his employment agreement with the Company. For further
information, please refer to the Company’s filing statement dated
November 10, 2022. Each Option is exercisable to acquire one common
share of the Company at a price of $0.25 per common share until
July 18, 2025. 20% of the Options will vest every four months
starting on the four-month anniversary of the grant date of the
Options.
50% of the RSUs will
vest on the one-year anniversary of date of grant, then 25% every
six months thereafter, subject to certain exemptions. Each RSU
entitles the holder to receive one common share of the Company, or
in certain circumstances a cash payment equal to the value of one
common share of the Company, at the time the RSU becomes payable
pursuant to the terms of the applicable RSU award agreement.
Pursuant to the Plan, the Company is able to grant an additional
1,793,113 awards.
About Hydreight Technologies
Inc.
Hydreight Technologies Inc. (TSXV: NURS)(OTCQB:
HYDTF)(FSE: SO6) 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, 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 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: (480)
790 6886
For further information about Hydreight,
please contact:
Investor RelationsContact – Abbey
VogtEmail: ir@hydreight.comTelephone: (480) 790 6886
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.
Use of Non-GAAP Financial
Measures:
This release contains references to a non-GAAP
financial measure, Adjusted Revenue and Adjusted Gross Margin. The
Company defines Adjusted Revenue, or ‘top-line’ revenue, as gross
cash income before adjusting for the deferred portion of business
partner contract revenue and gross receipts from Hydreight Wellness
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 these 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. The on-GAAP
financial measures included in this press release are not
standardized financial measures under the financial 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.
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 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 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.
Hydreight Technologies (TSXV:NURS)
Historical Stock Chart
From Apr 2024 to May 2024
Hydreight Technologies (TSXV:NURS)
Historical Stock Chart
From May 2023 to May 2024