Hydreight Technologies Inc.
("
Hydreight" or the "
Company")
(
TSXV: NURS)(FSE:
SO6)(OTCQB:
HYDTF) an on-demand home healthcare and
wellness platform, is pleased to announce that it achieved CAD$1.4
million in monthly top line non-GAAP Adjusted Revenue** in March
2023. This represents a 201% increase from March the year prior.
The Company’s non-GAAP Adjusted Gross Margin** also increased by
225% in the same period.
“We are focused on rapidly scaling our user
base, and are achieving revenue growth throughout all channels
including subscriber signups, pharmacy orders, and service
delivery,” said Shane Madden, CEO of Hydreight. “This traction has
been largely organic, which demonstrates that we have found a
legitimate problem in the market and have created the right
solution to solve it.”
Hydreight’s monthly revenue has been steadily
increasing over the past year as the presence of the platform grows
throughout the U.S. The Company believes the following Non-GAAP**
financial measures provide meaningful insight to its shareholders
in understanding the Company’s performance, and may assist in the
evaluation of the Company’s business relative to that of its
peers:
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2023 |
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2022 |
Growth |
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Adjusted Revenue |
$ |
1,448,509 |
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$ |
480,825 |
201% |
Deduct - deferred business partner contract revenue |
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(222,908) |
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74,519 |
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Deduct - business partner payouts on application service gross
revenue |
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524,294 |
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149,466 |
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GAAP Revenue |
$ |
1,147,123 |
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$ |
256,841 |
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Adjusted
Gross Margin |
$ |
374,863 |
|
$ |
105,548 |
255% |
Deduct - deferred business partner contract revenue |
|
(222,908) |
|
|
74,519 |
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Deduct - inventory impairment |
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- |
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- |
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GAAP Gross Margin |
$ |
597,771 |
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$ |
31,029 |
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** See Use of Non-GAAP Financial Measures
“We have placed a particular emphasis on
ensuring that service providers on the platform are successfully
growing their businesses, and we have a variety of initiatives in
the works in this area,” added Madden. “The old adage is correct:
take care of your customers, and they will take care of you.”
Hydreight’s on-demand home healthcare and
wellness platform makes it possible for anyone to book health and
wellness services from registered nurses and other licensed
providers in the comfort of their own homes.
Providers on the platform are empowered to be
their own bosses, make their own hours, and deliver services
outside of traditional medical settings. They work independently
with the oversight of a Hydreight medical director and have access
to a digital pharmacy, as well as a full suite of HIPAA-compliant
tools to manage their businesses.
Hydreight will host a
live Q&A webinar for investors with CEO, Shane Madden and
Victory Square Technologies (CSE:VST) (OTC:VSQTF) (FWB:6F6) CEO
Shafin Tejani, on Friday, May 26 at 10:30 am PST / 1:30 pm EST,
during which participants will have the opportunity to ask
questions in a group format. Sign up
here: https://us06web.zoom.us/webinar/register/WN_gIIZPr9HTF2DgKdI_XMBEA.
** See Use of Non-GAAP Financial Measures
About Hydreight Technologies
Inc.
Hydreight Technologies Inc. (TSXV: NURS) is a
home healthcare and wellness platform, and medical network, that
bridges the gap between provider compliance and patient
convenience, empowering nurses, med spa technicians, and other
licensed healthcare professionals to deliver services
independently, on their own terms, or add mobile services to
existing location-based operations. The network offers medical
director oversight, liability insurance, HIPAA-compliant
documentation, competitively priced prescriptions via a 503B
licensed pharmacy, and more. The platform includes a built-in,
easy-to-use suite of fully-integrated tools for accounting,
documentation, sales, inventory, booking, managing patient data,
and more, making it possible to deliver fully-compliant mobile
medicine across 50 states. Learn more at Hydreight.com.
Patients can download Hydreight from the Apple
App Store or Google Play Store, and prospective service providers
can sign up at: Hydreight.com/start-a-business/.
On behalf of the Board of Directors
Shane MaddenDirector and Chief Executive
OfficerHydreight Technologies Inc.Telephone: (775) 567 3938
For further information about Hydreight,
please contact:
Investor RelationsContact – Abbey VogtEmail:
ir@hydreight.comTelephone: (775) 567 3938
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.
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
regarding the number of new business partners of Hydreight by the
end of 2022.
Investors are cautioned that forward-looking
information is not based on historical facts but instead reflect
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.
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