|Hydreight Reports Record Revenue in Q3 2023|
|By: GlobeNewswire - 21 Nov 2023||Back to overview list
VANCOUVER, British Columbia and LAS VEGAS, Nov. 20, 2023 (GLOBE NEWSWIRE) -- 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 announce its financial results for the third quarter ended September 30, 2023. All financial information is presented in Canadian dollars unless otherwise indicated.
Shane Madden, CEO of Hydreight commented, “Q3 2023 was an excellent quarter for Hydreight and our financial results reflect the continued organic growth across all our divisions and diverse revenue mix. Q3 was the 8th consecutive quarter of meaningful revenue growth, and we expect a strong finish to 2023 and momentum to continue into 2024. Our focus in the first half of the year was developing and advancing our proprietary technology platform, adding features including direct booking, telemedicine and a dispatch center, and adhering to the state-by-state healthcare regulations to ensure compliance. These advancements in turn, create a fully automated, fully-integrated, turnkey solution which enables nurses to deliver services outside of traditional brick-and-mortar healthcare facilities. We have created one of the only healthcare technology platforms that works across 50 states and over 650 cities in the United States. Because of that, Hydreight has a significant competitive advantage in the sector.”
He continued, “In the last two years, we’ve experienced significant growth. Looking ahead, our focus includes expanding services for our customers, growing our network of nurses and users, driving white label partnerships, increasing margins on our pharmacy division, and looking at strategic tuck-in M&A opportunities to scale the business quickly and efficiently. Recent legislative changes in the healthcare market, particularly in the 503B landscape, have affected patient-specific prescriptions for previously over-the-counter medications. The technology and legal investments we made in the beginning of the year, have uniquely positioned Hydreight to fill this gap and enable healthcare practitioners, and healthcare businesses to operate legally under our platform. This remains a key competitive advantage, establishing us as industry leaders with a proprietary platform poised for continued growth. I am proud of our team's ability to execute our growth strategy, adapt swiftly to evolving industry legislation, and deliver meaningful results."
Third Quarter 2023 Key Highlights and Subsequent Events
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:
Hydreight has expanded each division according to the revenue generation and needs of each specific division; scaling while the division’s initiatives are performing successfully.
The table below sets out a summary of certain financial results of the Company over the past eight quarters and is derived from the audited annual consolidated financial statements and unaudited quarterly consolidated financials statements of the Company.
The Company has experienced dramatic user growth over the past two years as can be seen by the consistent revenue growth over the past eight quarters. Net loss and comprehensive loss have generally remained comparable from the fourth quarter of 2021 through the current period when looking only at operating expenses, not including the reverse takeover (“RTO”) Transaction related expenses included in the fourth quarter of 2022 (See 2022 Audited Annual Financial Statements).
The Company continues to deliver on its mission of building the largest mobile clinical network in the United States. Through its medical network, pharmacy network and proprietary technology platform that adheres to the complex healthcare legislation across 50 states, Hydreight has provided a fully integrated solution for healthcare providers to become independent contractors.
Hydreight remains focused on its strategic priorities of (1) onboarding and supporting additional nurses on the platform (2) adding more product and service offerings for its customers, (3) increasing pharmacy margins (4) driving white label partnerships and (5) looking for strategic tuck in M&A opportunities to scale and grow the business quickly and efficiently. Hydreight will continue to invest into its technology to ensure continuous improvements, advancements and updates adhering to changes within the healthcare industry.
In 2024, management expects to see meaningful revenue growth and margin expansion across all divisions.
Management will be hosting a webinar to discuss the overall operational performance of the Company, as well as its financial performance and growth drivers moving forward. Investors are encouraged to join the presentation.
Date and Time: Wednesday, November 22, 2023, at 9:15am Pacific Time / 12:15pm Eastern Time
Registration Link: https://us06web.zoom.us/webinar/register/WN_IuaulPeDRPORRvvY2aHe-A
Financial Statements and Management’s Discussion and Analysis
This news release should be read in conjunction with the Company’s condensed interim consolidated financial statements and related notes, and management’s discussion and analysis (“MD&A”) for the three and nine months ended September 30, 2023 and audited annual consolidated financial statements for the year ended December 31, 2022. and copies of which can be found under the Company’s profile at SEDAR+.
About Hydreight Technologies Inc.
Hydreight Technologies Inc. is building the largest mobile clinic network in the United States. Its proprietary, fully integrated platform hosts a network of over 2500 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 is bridging the gap between provider compliance and patient convenience, empowering nurses, med spa technicians, and other licensed healthcare professionals. The Hydreight platform allows healthcare professionals to deliver services independently, on their own terms, or to add mobile services to existing location-based operations. Hydreight has 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
Email: firstname.lastname@example.org; Telephone: (480) 790 6886
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.
1Refer to Use of Non-GAAP Financial Measures. “Topline revenue” and “Adjusted revenue” are be used interchangeably.
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