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Hydreight Achieves Record Revenue, Files Audited Financial Statements for Fiscal Year 2023

2023 Adjusted Revenue1 record revenue of $17.05 million, an increase of 102% compared to 2022. 2023 GAAP revenue was $11.51 million an increase of 170% compared to 2022. 2023 gross margin of 43.11% compared to 43.00% in 2022. Q4, 2023 Adjusted Revenue1 of $4.99 million, an increase of 77% compared to Q4, 2022. Q4, 2023 GAAP revenue was $3.37 million an increase of 99% compared to Q4, 2022. Q4, 2023 gross margin of 46.54% compared to 43.77% in Q4, 2022 Expanded service offering to over 700 cities across 50 states in the United States. Named one of Canada's Companies to Watch as part of the 2023 Deloitte Technology Fast 50™ program The Company has approximately 107 white-label locations nationwide, with new locations opening every month.  Hydreight Added Semaglutide to Product Offerings in Dec 2023 The Company onboarded 2,249 nurses on its platform Strategic priorities include scaling the business and driving organic growth on platform, adding to product and service offering, increasing sales of white label solution, and strategic tuck-in acquisitions. Investor webinar, Wednesday May 1, 2024 at 11:00am PT/ 2:00pm ET VANCOUVER, British Columbia and LAS VEGAS, April 29, 2024 (GLOBE NEWSWIRE) -- Hydreight Technologies Inc. ("Hydreight" or the "Company") (TSXV:NURS)(OTCQB:HYDTF)( FSE: SO6 ), a fast-growing mobile clinical network and medical platform which enables flexible at-home medical services across 50 states in the United States, is pleased to announce that it has filed its audited financial statements for the 2023 fiscal year ended December 31, 2023.. All financial information is presented in Canadian dollars unless otherwise indicated. Shane Madden, CEO of Hydreight commented, "2023 was an excellent year for Hydreight and our financial results reflect the continued organic growth across all our divisions and diverse revenue mix. Our investment in our technology and infrastructure in 2023 lead to create a fully-automated, fully-integrated, turnkey solution which enables nurses to deliver services outside of traditional brick-and-mortar healthcare facilities. This has already been paying off by signing up new nurses and whitelabel clients. We have created one of the only healthcare technology platforms that works across 50 states and over 700 cities in the United States. Because of that, Hydreight has a significant competitive advantage in the sector." He continued, "In the last two years, we've experienced significant growth. Looking ahead, our focus includes expanding services for our customers, growing our network of nurses and users, driving white label partnerships, increasing margins on our pharmacy division, and looking at strategic tuck-in M&A opportunities to scale the business quickly and efficiently. We are also working on an Artificial intelligence (AI) Solution to use our existing data from the past few years to suggest the best solutions to the patients. Our goal for 2024 is to continue the growth and being a profitable company by the end of the year." 1 See Use of Non-GAAP Financial Measures 2023 Key Highlights and Subsequent Events 2023 Adjusted Revenue revenues were $17.05 million, GAAP revenues were $11.51 million. 2023 Gross profit margin (GAAP) was 43.11% in the year 2023 compared to 43% in 2022. The Company expanded its services to over 700 cities across 50 states in the United States.  The Company has approximately 107 white-label locations nationwide, with new locations opening every month.  On December 20, 2023, Hydreight added Semaglutide to Product Offerings; Studies have shown that Semaglutide injections can be used together with diet and exercise to help control your blood sugar and help lose weight and keep the weight off. On November 8, 2023, Hydreight was named one of Canada's Companies to Watch as part of the 2023 Deloitte Technology Fast 50™ program. The award highlights the Company's significant organic revenue growth of 250% year-over-year and validates the business operations and key differentiators Hydreight has in the market. On October 19, 2023, Hydreight Launched NAD+ as part of its robust patient service offering on its proprietary healthcare technology platform. NAD+ or Nicotinamide Adenine Dinucleotide is a coenzyme central to metabolism which is found in all living cells and consists of two nucleotides joined through their phosphate groups. Clinical studies have suggested that NAD+ may help to improve cognitive function, energy, weight management, pain management, and may also reduce and reverse effects of aging and more. On October 5, 2023, Hydreight provided a corporate update reflecting significant revenue growth and strong organic operational growth. On August 23, 2023, Hydreight announced nationwide expansion of doctor network to meet demand across all 50 states across the U.S. Hydreight Partners with Ola Digital Health, an Independent, National Pharmacy Network to Provide Health and Wellness Services in Store Hydreight Partners with American Frontline Nurses with a Network of Over 26,000 Nurses The Company believes the following Non-GAAP1 financial measures provide meaningful insight to aid in the understanding of the Company's performance and may assist in the evaluation of the Company's business relative to that of its peers:   Three months ended December 31,     Year ended December 31,       2023 2022 % change   2023 2022 % change   Adjusted Revenue $         4,992,195 $         2,815,572 77 % $        17,050,345 $         8,425,719 102