Victory Square Technologies Inc. (“Victory Square”) (CSE:VST)
(OTC:VSQTF) (FWB:6F6), a company that gives investor access to a
portfolio of 25+ innovative companies from around the world in a
single stock, is pleased to share that its portfolio company –
Hydreight Technologies Inc. (“Hydreight” or the “Company”)
(TSXV:NURS) (OTCQB:HYDTF) (FSE:SO6) a mobile clinical network and
medical platform which enables flexible, at-home medical services
across the United States, is pleased to provide a corporate update
reflecting its significant organic growth, increased patient
visits, and strong revenue growth. The all-in-one solution is
designed to help brick-and-mortar locations and independent nurses
and businesses to provide medical services to clients in compliance
with state healthcare regulations.
Shane Madden, CEO of Hydreight commented, “I am incredibly
pleased with the significant growth the Company has been able to
achieve. We continue to focus on our mission of becoming the
leading mobile clinical network across North America. Currently our
platform services 50 states in the US, which is a significant
milestone for us considering the complex and different healthcare
legislation across all states. Our investment in our technology and
infrastructure in 2023 lead to become a fully automated, fully
integrated, turnkey solution for mobile medicine across the board.
This has already been paying off by signing more types of
businesses. Our focus in 2024 is to continue growing the revenue,
becoming a profitable company and introducing our story to more
potential shareholders.”
Financial and Revenue Growth:
Hydreight Reported
Record Topline(1) Revenue of $4.87M in Q1-2024 (YOY Increase of
33%). Here is a summary of Q1, 2024 financial highlights:
- Q1, 2024 GAAP revenue was $3.38
million an increase of 44% compared to Q1, 2023.
- Q1, 2024 topline¹ record revenue of
$4.87 million, an increase of 33% compared to Q1, 2023.
- Q1, 2024 gross margin of $1.23
million compared to $1.04 million in Q1, 2023.
- The Company has approximately 117
white-label locations nationwide, with new locations opening every
month.
- The company has never raised or
borrowed any additional capital since the original RTO in December
2022.
- Adjusted EBITDA¹ has improved and
is projecting a path to profitability.
- The full financial statements are
available on SEDAR+
Proprietary Platform Growth
Hydreight’s home healthcare and wellness
platform bridges the gap between providers and patients and
empowers nurses, med spa technicians, and other licensed
healthcare professionals to legally deliver at-home services on a
flexible schedule or to add mobile services to existing
location-based operations. The proprietary healthcare platform
enables nurses and businesses to legally offer at-home care
services with an independent network of doctors across 50 states.
Month over month, Hydreight has seen significant traction and
growth in its revenue and number of clients.
- The platform now has 3000+ medical
professionals operating across 50 states
- Hydreight has secured national
medical spa partners with collectively almost 700 locations sold
and 140 opened across the United States*. Hydreight charges the
franchises a licensing fee per location to access its network and
takes a percentage fee from every mobile service facilitated
through its platform. These brick-and-mortar businesses must use
Hydreight’s medical network’s pharmacy to order products.
- The Company’s main focus in the
last 12 months was to help more healthcare providers to go live and
offer more services while signing new providers
- Over the last several months,
Hydreight has developed a robust onboarding infrastructure to help
with onboarding its medical professionals. In doing so, the Company
continues to scale its network, reduce the onboarding time for its
nurses and increase overall customer satisfaction.
- The total processed services
through Hydreight platform year to date has increased by about
32%
- 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 successfully managed to navigate
the complex legal structure across 50 states and has expanded its
Legal structure to continuously monitor all three state board
legislations as well as CPOM (Corporate Practice of Medicine) laws
nationally to ensure its platform adheres to the correct rules and
regulations.
Ola Partnerships - Providing
Health and Wellness Services in Store
Hydreight Partners with Ola Digital Health, an
Independent Marketing and software solution to a National Pharmacy
Network to Provide Health and Wellness Services in Store.
- Ola Digital Health is an innovative
healthcare company with a network of 300 independent retail
pharmacies in the United States.*
- Hydreight will be the health and
wellness service provider in pharmacy locations
- All services must be booked through
Hydreight’s healthtech platform or app and services will be
performed by Nurses on Hydreight’s network.
- Immediate synergies between
Hydreight and Ola to improve patient care.
- As part of this project, Hydreight
will partner with Ola pharmacy locations to offer IV drip therapy,
NAD+, GLP-1 and various other peptides in store for customers
- There are 7
pharmacies that has implemented this at their stores as part of the
soft launch
VSDHOne (Read as VSDH-One):
Hydreight in Partnership with DSV Global and VS
Digital Health Launched Telemedicine and e-Commerce Solution that
helps companies launch a Direct to Consumers Healthcare brand In
All 50 States. This partnership creates a new division for
Hydreight Technologies that enables any existing brick and mortar
or individuals to launch a direct to consumer healthcare and
- VSDHOne Simplifies the entry challenges for companies and
medi-spa businesses to enter the Online healthcare space
compliantly.
- DSV global is going to use VS Digital Health and Hydreight’s
Technology and infrastructure to help all businesses to launch a
direct to consumer healthcare brand in a matter of days in all 50
states.
- Compliant offerings include: GLP-1s (Semaglutide, Tirzepatide),
Peptides, Personalized Healthcare Treatments, Sermorelin, TRT ,
Hair Loss, Skincare, Sexual Health and more.
- VSDHOne’s soft release was in May 2024 and the official Launch
is in June with already having a waitlist of potential clients to
come onboard.
- The first two national clients (50 licenses for 50 states) have
been onboarded to the platform
- The purpose of launching VSDHOne is to make it easy for any
existing brick and mortar or individuals to launch a direct to
consumer healthcare brand in a few days without worrying about
compliance, doctor network, telemedicine and ecommerce Technology,
Medical direction and oversight, Pharmacy network, and a medical
legal framework in all 50 States. With the marriage of Virtual and
at facility healthcare features, Companies can expand beyond their
current Bricks and Mortar solutions.
- Customers are in charge of their marketing and bringing their
customers through this platform to make sure their offerings are in
full compliance.
- Hydreight’s fee will be calculated
based on the customer’s revenue and revenue shared model
White-Label Offering:Hydreight’s white label
solution provides an integrated, turnkey platform and the framework
for larger organizations and franchises to provide in-person and
mobile medical services, supported by technology infrastructure,
connection to an independent doctors’ network, and a pharmacy
network through its medical partner. The Company has secured three
national medical spa partners with collectively almost 700
locations Sold and 140 opened across the United States. Hydreight
charges the franchises a licensing fee per location to access its
network and takes a percentage fee from every mobile service
facilitated through its platform. These brick-and-mortar businesses
must use Hydreight’s medical network’s pharmacy to order
products.
The Medical Spa market in the U.S. is estimated
at US$6.1 Billion in the year 2023. Hydreight has become the
end-to-end platform of choice for all medspas, enabling them to
unlock their mobile services with full compliance. Additionally, it
manages all telemedicine, pharmacy connection and ordering,
booking, scheduling, and patient engagement needs, with full
integration into independent doctor and pharmacy networks.
Whitelabel Pharmacy orders in a glance:
|
Q2 2022 |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Number of Locations |
|
16 |
|
29 |
|
41 |
|
59 |
|
69 |
|
79 |
|
86 |
|
107 |
Total number of Orders |
|
78 |
|
227 |
|
334 |
|
513 |
|
812 |
|
935 |
|
1127 |
|
1352 |
Total medication ordered USD** |
$104,952 |
$162,376 |
$291,950 |
$425,961 |
$663,610 |
$808,173 |
$936,432 |
$1,072,455 |
**Total White-Label medication ordered less
amounts attributed to shipping. These figures are unaudited and
approximate.
Technology Investments and
Advances
Over the last 18 months, Hydreight has made
several technology advances to its proprietary fully integrated
medical platform comprising EMR (Electronic Medical Record),
Telemedicine and mobile booking and charting technology. With these
updates, The Company now can serve independent nurses,
multi-locations franchises and also small brick-and-mortar
locations to offer medical services to clients in compliance with
state healthcare regulations and full integration with independent
doctors and pharmacies networks.
Hydreight’s clients now can offer additional
service and products in their physical locations or virtually
including, Lab tests, aesthetics, customized patient specific,
nicotinamide adenine dinucleotide (NAD+) services, semaglutide and
weight loss by using Hydreight’s technology and Healthcare prosoft
pharmacy and doctors' network.
Corporate Milestones
The Company continues
to deliver on its mission of building the largest mobile clinical
network in the United States. Through its medical network, pharmacy
network and proprietary technology platform that adheres to the
complex healthcare legislation across 50 states, Hydreight has
provided a fully integrated solution for healthcare providers to
become independent contractors. Now Company has three main
divisions as their technology platform 1) a Nurse Network 2) White
Label offering to large organizations and franchises 3) Companies
and medi-spa businesses to enter the Online healthcare space
compliantly to launch their telemedicine and e-Commerce solution
directly to Consumers In All 50 States (VSDHONE).
Hydreight remains
focused on its strategic priorities of (1) Profitability (2) adding
more product and service offerings for its customers, (3)
introducing Hydreight story with more potential shareholders (4)
driving white label partnerships and Nurses to the platform and (5)
looking for strategic tuck in M&A opportunities to scale and
grow the business quickly and efficiently. Hydreight will continue
to invest into its technology to ensure continuous improvements,
advancements and updates adhering to changes within the healthcare
industry.
The home healthcare market is projected to reach
$340B USD by 2027 in the US alone, and the Company is well
positioned to capitalize on the rapidly growing home healthcare
industry and will continue using our platform to empower healthcare
professionals to deliver personalized, on demand care bridging the
gap between provider compliance and patient convenience.
About Hydreight Technologies
Inc.
Hydreight Technologies Inc. is building the
largest mobile clinic network in the United States. Its
proprietary, fully integrated platform hosts a network of over
2,500 nurses, over 100 doctors and a pharmacy network across 50
states. The platform includes a built-in, easy-to-use suite of
fully integrated tools for accounting, documentation, sales,
inventory, booking, and managing patient data, which enables
licensed healthcare professionals to provide services directly to
patients at home, office or hotel. Hydreight is bridging the gap
between provider compliance and patient convenience, empowering
nurses, med spa technicians, and other licensed healthcare
professionals. The Hydreight platform allows healthcare
professionals to deliver services independently, on their own
terms, or to add mobile services to existing location-based
operations. Hydreight though its medical network has a 503B
pharmacy network servicing all 50 states and is closely affiliated
with a U.S. certified e-script and telemedicine provider network
that provides services in all 50 states.
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On behalf of the Board of Directors
“ShafinDiamond Tejani”Director and Chief
Executive OfficerVictory Square Technologies
Inc.www.victorysquare.com
For further information about Victory
Square, please contact:
Investor Relations Contact – Abbey VogtEmail:
ir@victorysquare.comTelephone: 604 283-9166
Peter Smyrniotis – DirectorTelephone: 604
283-9166
ABOUT VICTORY SQUARE TECHNOLOGIES
INC.
Victory Square is a Venture Builder that
provides investors a liquid way to invest in early-stage technology
companies without buying a venture fund that requires accredited
investor status or multi-year commitments.
- A diverse portfolio of 25+ innovative
companies from around the world (founders come from: Ireland, Sri
Lanka, Bulgaria, Australia, India, Brazil, the Middle East and
North America)
- Sectors include: Digital Health, Artificial Intelligence (AI),
Machine Learning (ML), Blockchain/Web3, Virtual & Augmented
Reality (VR/AR), Gaming, Climate Tech
- Owner-operated (approx. 15%
Management Ownership)
Business Model:
The Victory Square business model is to buy, build and invest in
early stage tech companies. We spend upwards of 48 months with
those companies until they’re ready to spin-off or stand on their
own. There are a couple of unique elements to our business
model…
- We have unparalleled access to
startups through our internal incubator and International network
with over 250+ founders, investors, tech accelerators and venture
capital firms from more than 60 countries.
- Second, our management team and advisors are actively involved
in our investments from incubation through monetization, providing
them with financial, operational, and strategic support to scale
globally.
- We drive value by monetizing
investments and reinvesting the gains in new innovations. The
strategy was to build a self-sustaining business.
VST is a publicly-traded company headquartered in Vancouver,
Canada, and listed on the Canadian Securities Exchange (VST),
Frankfurt Exchange (6F6) and the OTCQX (VSQTF).
For more information, please visit www.victorysquare.com.
ABOUT THE CANADIAN SECURITIES EXCHANGE (CSE)The
Canadian Securities Exchange, or CSE, is operated by CNSX Markets
Inc. Recognized as a stock exchange in 2004, the CSE began
operations in 2003 to provide a modern and efficient alternative
for companies looking to access the Canadian public capital
markets.
Cautionary Note Regarding
Forward-Looking InformationThis 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”,
“Approximately” or similar expressions *Numbers of franchise sold
units and pharmacies are based on the partner’s management
teams.
Investors are cautioned that forward-looking
information is not based on historical facts but instead reflects
the Company’s management’s expectations, estimates or predictions
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.
The Canadian Securities Exchange has neither
approved nor disapproved the contents of this news release and
accepts no responsibility for the adequacy or accuracy hereof.
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, Adjusted Gross Margin, and
Adjusted EBITDA. 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 defines Adjusted
EBITDA as net income (loss) before interest, taxes, depreciation
and amortization and before (i) transaction, restructuring, and
integration costs and share-based payments expense, and (iii)
gains/losses that are not reflective of ongoing operating
performance. 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 for funding working capital
requirements, service future interest and principal debt repayments
and fund future growth initiatives. These non-GAAP measures 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.