Hydreight Provides Year-End Review on Significant Growth and Progress

VANCOUVER, British Columbia and LAS VEGAS, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Hydreight Technologies Inc. (“Hydreight” or the “Company”) (TSXV:NURS)(OTCQB:HYDTF)(FSE:S06) a mobile clinical network and medical platform which enables flexible, at-home medical services across 50 states in the United States, is pleased to provide a 2023 year-end review and summary of its progress and growth during the year and defined strategic priorities for 2024.

The Company achieved many significant accomplishments throughout the year across all aspects of the business.

Key 2023 Highlights:

• Invested significantly in proprietary technology platform and legal framework to adhere to the complex healthcare regulations in the United States.
  
• Added over 1,500 nurses nationally and increased its footprint to over 650 cities across the United States. The Company now has approximately 3,000 nurses on its platform.
  
• Provided almost 40,000 services to patients, compared to 15,600 services in 2022, representing an increase of over 150%.
  
• Filled 8,786 in total pharmacy orders during the year, compared to 3,021 total orders in 2022, representing an increase of 191%.
• Filled 3,387 pharmacy orders through its white label solution, compared to 639 orders in 2022, representing an increase of 430%.
  
• Grew its doctor network to over 100 doctors across all 50 states.
  
• Added aesthetics, NAD+ and semaglutide to its robust product offering to provide more options for its nurse network and better patient outcomes.
  
• Added two national med spa franchises to white label solution, with collectively over 90 locations and more locations opening every month.
  
• Achieved meaningful quarter over quarter revenue growth throughout the year. Total GAAP Revenue for the nine months ended Sept 30, 2023, was $8.14M, an increase of 216% over same period in 2022. Gross margin for the same period in 2023 was 41.6%, compared to 49% in 2022. Read the full Q3 press release here.
• Named one of Canada’s Companies to Watch as part of the 2023 Deloitte Technology Fast 50 program. Read the full announcement here.
  

2024 Outlook:

From an operational standpoint, Hydreight will remain focused on growing its medical network and adding more nurses on its platform, both organically and through acquisition. Hydreight plans to add more products and services to its offering, including lab testing and 12 blood tests that can be taken at home or office with the support of a nurse. Hydreight will continue rolling out semaglutide (GLP-1) to its network, which used together with diet and exercise, can help control blood sugar and has become popular to help with weight management. Semaglutide is only available with a doctor’s prescription and needs to be injected on a regular basis. All these products allow healthcare providers using the Hydreight platform to provide a higher level of medicine and shift into medical essentials. Hydreight plans to add a direct sales team to increase white label clients, targeting national med spa franchises by leveraging its mobile clinical network, proprietary technology platform, and pharmacy network. The Company will continue working on strategic tuck-in acquisitions to add more nurses on the platform quickly, as well as significant margin expansion in its pharmacy division.