"We had another outstanding quarter with record revenue and positive Adjusted EBITDA...Our focus in 2024 is to continue growing revenue, being a profitable company and introducing our story to more potential shareholders" - Shane Madden, CEO of Hydreight
VANCOUVER, British Columbia and LAS VEGAS, Aug. 28, 2024 (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 first quarter ended June 30, 2024. All financial information is presented in Canadian dollars unless otherwise indicated.
Summary of Q2, 2024 Financial Highlights:
Q2, 2024 GAAP revenue was $4.10 million an increase of 52% compared to Q2, 2023.
Q2, 2024 topline¹ record revenue of $5.59 million, an increase of 27% compared to Q2, 2023.
Q2, 2024 Adjusted EBITDA¹ was $218K compared to ($456K) in the comparative quarter.
Q2, 2024 gross margin of $1.56 million compared to $1.08 million in Q2, 2023.
Hydreight has secured national medical spa partners with collectively almost 700 locations sold and 140 opened across the United States.
The total number of pharmacy orders through Hydreight platform year to date has increased by about 74% in comparison to the same period last year.
The company has never raised or borrowed any additional capital since the original going public transaction in December 2022.
The Company's cash position at June 30, 2024 is $1.40 million.
Hydreight announced a partnership with DSV Global and VS Digital Health called VSDHOne, a telemedicine solution that helps companies launch a direct to consumer ("D2C") healthcare brand in all 50 States. The purpose of launching VSDHOne is to make it easy for any existing brick and mortar or individual to launch a D2C healthcare brand in a few days without worrying about compliance, doctor network, telemedicine and ecommerce technology, medical direction and oversight, pharmacy network, and medical legal framework covering all 50 States. With the marriage of virtual and at facility healthcare features, companies can expand beyond their current Brick and Mortar solution.
Investor webinar, Tuesday, September 3, 2024, at 11:00am PT/ 2:00pm ET
Shane Madden, CEO of Hydreight commented, "We had an outstanding quarter with record revenue, Adjusted EBITDA¹ and Adjusted Revenue¹. Our investment in our technology and infrastructure in 2023 helped us to become the mobile medicine solutions for nurses, bricks and mortar and D2C businesses. We are very excited for our "VSDHONE" products expansion and cashflow in the next 12 months."
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:
Three months ended June 30,
Six months ended June 30,
2024
2023
% change
2024
2023
% change
Adjusted Revenue
$
5,589,481
$
4,416,103
27%
$
10,456,485
$
8,083,524
29%
Deduct - deferred business partner contract revenue
(186,935)
190,934
(303,913)
171,886
Deduct - business partner payouts on app service gross revenue
1,676,204
1,525,501
3,282,580
2,863,554
GAAP Revenue
$
4,100,212
$
2,699,668
52%
$
7,477,818
$
5,048,084
