VANCOUVER, British Columbia and LAS VEGAS, Jan. 09, 2025 (GLOBE NEWSWIRE) -- Hydreight Technologies Inc. ("Hydreight” or the "Company”) (TSXV: NURS) (OTCQB: HYDTF) (FSE: SO6), a rapidly growing mobile clinical network and medical platform, today issued a letter to shareholder partners from Chief Executive Officer, Shane Madden.
Dear Shareholders,
As we prepare to enter 2025, I am honored to reflect on a year that has been nothing short of transformative for Hydreight Technologies (NURS.V). Thanks to your support, we have not only reinforced our leadership in mobile healthcare innovation but also laid the foundation for an even more impactful future.
2024: A Year of Milestones and Momentum
This past year, Hydreight Technologies reached new heights, driven by strategic investments in technology, infrastructure, and compliance. Some of our notable achievements include:
- VSDHOne's Success: Launched as an innovative telemedicine and e-commerce platform, VSDHOne enables healthcare businesses to scale nationally in a matter of days. Since its introduction, we have sold and on boarded over 200 licenses across all 50 states, supporting our partners in seamlessly launching and expanding their businesses.
- Record Performance: Hydreight reported $6.12 million in revenue for Q3 2024, marking a 54% year-over-year increase. Our achievements led to Hydreight being ranked 56th on Deloitte's Technology Fast 500™ in North America and 9th on Deloitte Canada's Technology Fast 50™.
- Financial Turnaround: We achieved positive adjusted EBITDA, reflecting our focus on profitability and sustainability.
The $4.9 Trillion Opportunity in U.S. Healthcare
The U.S. healthcare market, valued at $4.9 trillion in 2023 (source: CMS.gov), represents one of the most complex and fragmented systems globally. Yet, as thought leaders like Marc Andreessen and a16z have pointed out, this fragmentation creates a trillion-dollar opportunity for innovation.
Key challenges include:
- 50% of care delivery is inefficient, according to Deloitte.
- 25% of healthcare spending is lost to administrative costs, compared to 8% in peer countries (JAMA).
- 40% of Americans delay or forgo care due to cost or accessibility barriers (KFF's 2023 Health Care Priorities & Experiences Survey).
VSDHOne: Revolutionizing Direct-to-Consumer Healthcare
VSDHOne has proven to be a game-changer, enabling businesses to:
- Scale Nationally: Navigate regulatory frameworks across all 50 states with ease.
- Diversify Offerings: Provide services ranging from chronic care management to wellness programs and telehealth consultations.
- Leverage Infrastructure: Access our cutting-edge legal, compliance, and technology stack to operate efficiently.
"Hims & Hers Health, Inc. reported that it processed approximately 2.66 million net orders with an Average Order Value ("AOV”) of approximately $147 in the third quarter of 2024. This translates to an average of about 29,600 orders per day during that quarter. We are helping other vendors to have such infrastructure to offer similar services without being worried about the details of offering and operations,” said Shane Madden, CEO, Hydreight Technologies.
Upcoming VSDHOne Webinar:
To delve deeper into the vision and potential of VSDHOne, Hydreight's management and medical team will be hosting a webinar in January. This session will explore the platform's capabilities, its role in reshaping healthcare delivery, and our plans for future growth. If you're interested in attending, please email [email protected] to receive an invite.
Looking Ahead: 2025 Catalysts and Beyond
Hydreight is poised for another year of transformation. Our strategy for 2025 focuses on three core pillars:
1. Expanding Our Platform and Offerings
We will broaden VSDHOne's reach by introducing comprehensive at-home testing services, which include genetic testing, food allergy testing, and diagnostic tests for specific conditions. These tests serve as the starting point for care, seamlessly integrated into our platform's 360-degree healthcare solution. Following the initial test, our platforms provide a complete continuum of care: telehealth consultations, treatment plans, and prescription delivery-whether self-administered (via VSDHOne) or administered by healthcare professionals (via Hydreight). Our services include chronic care management, personalized wellness plans, ongoing medical oversight, and recurring medication management. This integrated approach ensures superior outcomes for patients and unmatched value for providers. By leveraging proprietary IP and partnerships with leading labs, we deliver an end-to-end healthcare solution that addresses gaps in the traditional system.
2. Driving Organic Growth and Strategic Acquisitions
Hydreight's scalable platform allows us to achieve sustainable organic growth while exploring strategic acquisitions to expand our footprint and capabilities. This dual approach ensures we capture value across the healthcare innovation spectrum.
3. Investing in Technology and Partnerships
From AI-powered decision-making tools to secure, innovative data management solutions, we are committed to advancing our technology stack. Collaborations with leading tech companies and insurers will amplify our impact and accelerate our vision for accessible, efficient healthcare.
Financial Performance: A Strong Foundation for Growth
Our 2024 financial performance underscores the strength of our business model:
- $6.12 million in Q3 revenue, a 54% year-over-year increase.
- $16.58 million in topline revenue for the first 9 months of 2024, an increase of 37% compared to the first 9 months of 2023.
- Positive adjusted EBITDA, reflecting sustainable profitability.
For further financial details, including net income, please refer to our previous news release: Hydreight Reports Record Topline Revenue of $6.12M in Q3-2024 (YOY Increase of 54%) and achieved positive Adjusted EBITDA
Hydreight's Competitive Advantage
What sets Hydreight apart is our ability to combine innovation with execution. By leveraging our national network, regulatory expertise, and scalable platform, we have created a healthcare ecosystem that addresses some of the most pressing challenges in the industry.
Our ambition is not just to grow as a company but to lead a healthcare revolution-one that makes care accessible, efficient, and patient-centric.
Gratitude and Commitment
To our shareholders, partners, and team members, thank you for your unwavering trust and support. Your belief in our mission fuels our ambition to create meaningful change.
As Jeff Bezos famously said, "Stubborn on vision, flexible on details.” This philosophy reflects our commitment to achieving our long-term goals while adapting to the dynamic healthcare landscape.
As we move into 2025, I am optimistic about our potential to drive growth and contribute to meaningful changes in healthcare. Together, we are shaping the future of the industry.
Warm regards,
Shane Madden
CEO, Hydreight Technologies
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 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.
On behalf of the Board of Directors
Shane Madden
Director and Chief Executive Officer
Hydreight Technologies Inc.
Contact
Email: [email protected]; Telephone: 1 (702) 970-8112
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.
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, path to profitability, 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”, "aim”, "estimate”, "projecting”, "expect” or similar expressions and includes information regarding expectations for the Company's growth, VSDHone's number of licenses and orders, growth and company's growth projections in 2025.
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.
