Hydreight Technologies (NURS) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 Topline revenue of $6.12M, up 54% year-over-year, and positive Adjusted EBITDA of $48K.

• GAAP revenue for Q3 2024 was $4.53M, a 47% increase compared to Q3 2023.

• Launched VSDHOne, a telemedicine and e-commerce platform, selling over 200 licenses in 90 days across all 50 states.

• Ranked 56th fastest-growing company in North America on Deloitte Technology Fast 500 and 9th in Canada.

Financial highlights

• Q3 2024 gross margin was $1.53M, up from $1.27M in Q3 2023.

• First nine months 2024 GAAP revenue reached $12.00M, up 48% year-over-year; Topline revenue was $16.58M, up 37%.

• Q3 2024 Adjusted EBITDA was $48K, compared to a loss of $265K in Q3 2023.

• Q3 2024 net loss was $89,938, improved from $466,973 in Q3 2023.

• Cash position at September 30, 2024 was $1.21M.

Outlook and guidance

• Focus remains on profitability, expanding product offerings, and strategic M&A to scale growth.

• Continued investment in technology and compliance to support rapid expansion and new service launches.

• Management anticipates further growth from VSDHOne and expects cash flow benefits in the coming year.