Hydreight Tech Stock Price, News & Analysis

Hydreight Technologies reported strong Q3 2024 financial results with record topline revenue of $6.12M, marking a 54% increase year-over-year. The company achieved positive Adjusted EBITDA of $48K compared to ($265K) in Q3 2023. GAAP revenue reached $4.53M, up 47% from Q3 2023, with gross margins of $1.53M. The company launched VSDHOne, a telemedicine solution, selling over 200 licenses across 50 states in its first 90 days. Hydreight was ranked 56th on Deloitte's Technology Fast 500™ and 9th in Canada's Fast 50 Program for 2024.

Hydreight Technologies has achieved significant recognition in Deloitte's prestigious technology rankings for 2024, securing the 56th position in North America's Technology Fast 500™ and ranking 9th in Canada's Technology Fast 50. The rankings showcase North America's fastest-growing companies across technology, media, telecommunications, life sciences, fintech, and energy tech sectors. Companies on the 2024 Technology Fast 500™ list demonstrated revenue growth ranging from 201% to 186,373% over three years, with average and median growth rates of 2,100% and 460% respectively. To qualify, companies must have proprietary technology, minimum operating revenues of US$50,000 in the base year and US$5 million in the current year.

Hydreight Technologies has secured the 9th position in Deloitte's 2024 Technology Fast 50™ awards program, recognizing Canada's fastest-growing technology companies based on revenue growth from 2020 to 2023. As a mobile clinical network and medical platform, Hydreight's achievement highlights its significant organic revenue growth and market position. The company, which was previously named one of Canada's Companies-to-Watch in the same program last year, qualified by meeting criteria including minimum revenue requirements of $50,000 in 2020 and $5 million in 2023, proprietary technology ownership, and investing at least 5% of gross revenues in R&D activities in Canada.

Hydreight Technologies (TSXV: NURS) (OTCQB: HYDTF) has expanded its VSDHOne platform to include Asynchronous Telehealth Treatments for skincare, hair loss, and sexual health. This addition allows patients to submit information anytime without requiring real-time consultations. The platform, launched in Q2 2024 with Victory Square Technologies, initially focused on Synchronous Telehealth treatments including GLP-1 and Testosterone Replacement Therapy. Within its first 90 days, VSDHOne sold over 200 licenses across all 50 states. The platform offers businesses a complete solution for launching direct-to-consumer healthcare brands, including compliance, telemedicine technology, and nationwide doctor and pharmacy networks.

Hydreight Technologies Inc. (TSXV: NURS, OTCQB: HYDTF) reported significant growth in Q2 2024:

• Record topline revenue of $10.46M in the first 6 months of 2024 (29% YOY increase)
• Q2 2024 GAAP revenue of $4.10M (52% increase from Q2 2023)
• Positive Adjusted EBITDA of $218K in Q2 2024

The company launched VSDHOne, a telemedicine and e-commerce solution, selling over 200 licenses across 50 states in 90 days. Hydreight secured national medical spa partners with almost 700 locations sold and 186 opened across the US. The company's platform facilitates mobile medical services, connecting healthcare providers with patients across all 50 states. Hydreight announced a Normal Course Issuer Bid and signed a partnership for US government agency contracts.

Hydreight Technologies Inc. (TSXV: NURS) (OTCQB: HYDTF) (FSE:SO6), a mobile clinical network and medical platform operating across 50 U.S. states, has announced its intention to initiate a normal course issuer bid (NCIB). The company plans to repurchase up to 1,378,633 of its common shares, representing approximately 3.42% of outstanding shares and 10% of its public float.

The NCIB will commence on October 4, 2024, and conclude on October 3, 2025, unless completed earlier. Research Capital will conduct the bid on behalf of Hydreight. Purchases will be made on the open market through the TSX Venture Exchange, with the company paying the prevailing market price at the time of purchase. The repurchase will be funded from existing working capital.

Hydreight believes this move may contribute to an orderly market and is in the best interests of the company and its shareholders. The company may purchase shares if it believes they are trading at a price that doesn't adequately reflect Hydreight's business prospects, growth, and financial position.

Hydreight Technologies (TSXV: NURS, OTCQB: HYDTF) reported record topline revenue of $5.59 million in Q2 2024, a 27% year-over-year increase. The company achieved positive Adjusted EBITDA of $218K, compared to ($456K) in Q2 2023. GAAP revenue rose 52% to $4.10 million. Hydreight has secured national medical spa partners with nearly 700 locations sold and 140 opened across the United States. The company announced a partnership with DSV Global and VS Digital Health to launch VSDHOne, a telemedicine solution for direct-to-consumer healthcare brands. CEO Shane Madden emphasized the company's focus on revenue growth, profitability, and expanding shareholder outreach in 2024.

Hydreight has announced a partnership with a national laboratory to expand its at-home blood testing services covering a wide range of health concerns, available in all 50 states by Q4 2024. The expanded tests will include general wellness, nutrition, heart health, blood sugar, sexual health, thyroid, inflammation, chronic care management, and drug testing. Consumers can order tests online, have samples collected at home, and receive results through Hydreight's app within days. The U.S. diagnostic market is expected to grow significantly, from $84.85 billion in 2023 to $158.77 billion by 2033, driven by consumer demand for accessible and affordable home-testing solutions.

Hydreight Technologies provides a corporate update reflecting significant revenue growth and enhanced operational performance. The company, operating a mobile clinical network and medical platform across all 50 U.S. states, reported a 44% increase in Q1 2024 GAAP revenue to $3.38M and a 33% rise in topline revenue to $4.87M. Hydreight's gross margin improved to $1.23M from $1.04M in Q1 2023. The platform now supports over 3,000 medical professionals and has partnered with 700 medical spa locations, driving significant service and pharmacy order growth. Notably, the company has not raised additional capital since its 2022 RTO and continues to focus on profitability and expanding its service offerings through strategic partnerships and technology investments.