16:15:55 EDT Thu 23 May 2024
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Victory Square Technologies Inc
Symbol VST
Shares Issued 97,930,700
Close 2024-01-09 C$ 0.125
Market Cap C$ 12,241,338
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Victory Square's Hydreight reviews 2024

2024-01-09 12:00 ET - News Release

Also News Release (C-NURS) Hydreight Technologies Inc

Mr. Shane Madden of Hydreight reports


Victory Square Technologies Inc.'s portfolio company Hydreight Technologies Inc. has provided 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 health care 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 with 15,600 services in 2022, representing an increase of over 150 per cent;

  • Filled 8,786 in total pharmacy orders during the year, compared with 3,021 total orders in 2022, representing an increase of 191 per cent;

  • Filled 3,387 pharmacy orders through its white label solution, compared with 639 orders in 2022, representing an increase of 430 per cent;

  • 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 generally accepted accounting principles revenue for the nine months ended Sept. 30, 2023, was $8.14-million, an increase of 216 per cent over same period in 2022. Gross margin for the same period in 2023 was 41.6 per cent, compared with 49 per cent in 2022.

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 the 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 health care 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.

From a financial lens, the company remains focused on meaningful revenue growth, overall margin expansion and achieving cash-flow positivity on a generally accepted accounting principles basis in the first half of 2024.

Shane Madden, chief executive officer of Hydreight, commented: "We are building one of the largest mobile clinical network in the United States and 2023 was a transformative year with significant growth across the entire business. Throughout the entire year, we made incredible advances in our technology platform, medical network, pharmacy distribution and product offering. We made important investments in ongoing legal and compliance which have already proven to be beneficial to the business and will continue to support our growth long term. The accomplishments during the year were numerous, and I am proud of the team for their execution and delivery. Although 2023 was a pivotal year for us, we are just getting started, and I know that 2024 will be another strong year for the company. We spent the last couple of years building the infrastructure and foundational pillars of our mobile network, now we must be laser focused on scale and growth, quickly. On behalf of the Hydreight team, we would like to wish everyone a happy new year."

About Hydreight Technologies Inc.

Hydreight Technologies is building one of the largest mobile clinic network in the United States. Its proprietary, fully integrated platform hosts a network of 3,000 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 health care professionals to provide services directly to patients at home, office or hotel. Hydreight empowers nurses, med spa technicians and other licensed health care professionals to deliver services independently, on their own terms, or to add mobile services to existing location-based operations. The Hydreight platform hosts 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 over 650 cities and growing.

About Victory Square Technologies Inc.

Victory Square (VST) builds, acquires and invests in promising start-ups, then provides the senior leadership and resources needed for fast-track growth. VST's sweet spot is cutting-edge tech that is shaping the fourth industrial revolution. Victory Square's corporate portfolio consists of 25-plus global companies using artificial intelligence, virtual reality/augmented reality and blockchain to disrupt sectors as diverse as fintech, insurance, health and gaming.

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