Hydreight Tech Stock Price, News & Analysis

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.

Hydreight Technologies, a mobile clinical network, announced it has added its third national wellness medspa franchise using its white label solution. This platform helps medspas provide medical services compliant with state healthcare regulations through an integrated turnkey solution.

Hydreight has partnerships with three national medspa franchises, representing nearly 700 locations sold and 140 opened across the U.S. The company charges licensing fees and takes a percentage of revenue from mobile services facilitated through its platform.

The newest partnership will use Hydreight’s technology to offer IV drip therapy, aesthetic services, and more. Hydreight is also developing a POS and payment processing solution expected to launch in Q3 2024.

The medical spa market was valued at $6.1 billion in 2023. Hydreight's platform integrates telemedicine, pharmacy connections, booking, scheduling, and patient engagement services, positioning it as a leading solution for medspas.

Hydreight Technologies, in partnership with VS Digital Health and DSV Global, has launched VSDHOne, a telemedicine solution to help businesses establish direct-to-consumer healthcare brands across all 50 states in the U.S. The platform simplifies online healthcare market entry and ensures compliance.

VSDHOne offers various services, including GLP-1 treatments, peptides, personalized healthcare, TRT, and more. Key features include eCommerce, telemedicine technology, booking and scheduling, membership management, a nationwide doctors network, pharmacy network, medical direction, legal framework, and payment processing. The official launch is set for June 2024, with a waitlist of potential clients already in place.

The platform aims to address healthcare accessibility issues, particularly in underserved areas. During the pandemic, retail chains were instrumental in vaccinations, and VSDHOne hopes to expand on this by providing convenient, affordable, and timely care through virtual means.

Hydreight Technologies, a mobile clinical network, announced record topline revenue of $4.87 million for Q1 2024, marking a 33% year-over-year increase. GAAP revenue surged by 44% to $3.38 million. The company's gross margin rose to $1.23 million, up from $1.04 million in Q1 2023. CEO Shane Madden highlighted their focus on growing revenue, profitability, and expanding their shareholder base. Hydreight operates 117 white-label locations across the U.S., with more opening monthly. Cash in hand stands at $1.34 million. The company also noted the launch of new products like Tirzepatide and Semaglutide and partnerships to expand healthcare services nationwide.

Hydreight Technologies has expanded its product offering by adding Tirzepatide, a dual GIP and GLP-1 receptor agonist, to its platform. Tirzepatide, used for treating type 2 diabetes and weight loss, joins their lineup which includes GLP-1 medications such as Semaglutide and NAD+. The addition gives over 3,000 nurses and 107 white-label locations access to the drug across 700 cities in 50 states in the U.S. This move comes amid significant growth in demand for Semaglutide, which saw a 250% increase in orders from January to February 2024. CEO Shane Madden emphasizes the importance of expanding product offerings to improve healthcare outcomes and shift towards essential care. The company also announced a marketing agreement with Fairfax Partners for social media support.