Hydreight Achieves Record Revenue and EBITDA in Q2-2024
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Hydreight Reports Record Topline Revenue of $5.59M in Q2-2024
“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.
Hydreight Technologies Inc. (“Hydreight” or the “Company”) 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. The Company has been rapidly growing as a mobile clinical network and medical platform offering at-home medical services across numerous locations.
Q2 2024 Financial Highlights
In Q2 2024, Hydreight achieved significant financial milestones:
- GAAP revenue for Q2 2024 reached $4.10 million, a remarkable increase of 52% compared to Q2 2023.
- Topline revenue hit a record of $5.59 million, reflecting a 27% increase from the previous year.
- Adjusted EBITDA recognized was $218K compared to a loss of $456K in the same quarter last year.
- The gross margin for Q2 2024 was $1.56 million, an increase from $1.08 million recorded in Q2 2023.
- Hydreight has successfully established national medical spa partnerships, with nearly 700 locations sold and 140 operational across the U.S.
- Pharmacy orders through the Hydreight platform increased by 74% year-to-date compared to the same period last year.
- The Company maintained a solid cash position of $1.40 million as of June 30, 2024.
Strategic Partnerships and Innovations
Hydreight's commitment to innovation is further highlighted by its recent partnership with DSV Global and VS Digital Health to launch VSDHOne, a telemedicine solution aimed at helping companies establish direct-to-consumer healthcare brands efficiently.
This service allows existing businesses to navigate the complexities of compliance, doctor networks, telemedicine, and pharmacy partnerships, enhancing convenience and accessibility for healthcare delivery.
Future Outlook and Growth Strategy
CEO Shane Madden expressed excitement about the operational and financial successes achieved, indicating that continued investment in technology will play a crucial role in expanding their services. He stated, “We are very excited about our VSDHONE product expansion and cash flow in the next 12 months.”
Hydreight is strategically focused on five main priorities: enhancing profitability, expanding product and service offerings, increasing shareholder engagement, driving white-label partnerships for nurses, and identifying strategic mergers and acquisitions to promote rapid growth.
Webinar Announcement
In an effort to foster investor relations, Hydreight will be hosting a webinar to discuss its financial results and provide updates on corporate developments. The webinar is scheduled for Tuesday, September 3, 2024, at 11:00AM PT / 2:00PM ET.
About Hydreight Technologies Inc.
Hydreight Technologies Inc. is committed to building the largest mobile clinical network in the United States. Its advanced platform integrates a network of over 2,500 nurses and 100 doctors across 50 states, providing seamless access to medical services directly to patients in various settings.
The platform includes comprehensive tools for managing patient data and healthcare delivery processes, empowering professionals in the healthcare field to operate more independently.
Frequently Asked Questions
What are the key financial results for Hydreight in Q2 2024?
In Q2 2024, Hydreight reported record revenue of $5.59 million, a 27% increase over the prior year, and positive Adjusted EBITDA of $218K.
What is the significance of the VSDHOne partnership?
The VSDHOne partnership is aimed at simplifying the launch and management of direct-to-consumer healthcare brands, addressing compliance and operational challenges.
How has Hydreight's business grown recently?
Hydreight has expanded its pharmacy orders by 74% year-to-date, and secured partnerships allowing for nearly 700 medical spa locations throughout the U.S.
When is the upcoming investor webinar?
The investor webinar will take place on September 3, 2024, at 11:00 AM PT / 2:00 PM ET.
What is Hydreight's growth strategy for the future?
Hydreight is focusing on profitability, expanding service offerings, enhancing shareholder engagement, fostering partnerships, and exploring strategic M&A opportunities.
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