Hydreight Technologies (NURS) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 topline revenue of $22.32M, up 31% year-over-year, and transitioned from a startup to a profitable, recognized industry leader, earning awards such as Deloitte Fast 500, TSX Venture Top 50, and Financial Times recognition.

• Reached profitability milestone with positive cash flow from operations and Adjusted EBITDA of $490K, a turnaround from $(1.38)M in 2023.

• Maintains a strong cash position, supported by a $5.4M LIFE offering in February 2025 and a $5M offering at $1.55/share, enabling strategic investments and acquisitions.

• Expanded VSDHOne platform, onboarded high-volume D2C partners, and launched new telehealth and wellness offerings.

• Positioned 2025 as a pivotal year to fully leverage three business verticals and accelerate growth.

Financial highlights

• Top-line revenue reached $22.32M in 2024, up from $452,000 in 2020, with consistent 20-31% year-over-year growth.

• Fiscal 2024 Adjusted EBITDA was $490K, up from $(1.38)M in 2023, and net loss narrowed to $(405K) from $(1.94)M in 2023.

• Cash balance at year-end 2024 was $1.19M, with additional $5.4M raised in February 2025.

• Q4 2024 revenue was $4.04M, up 20% from Q4 2023, despite a temporary dip due to a North Carolina hurricane impacting pharmacy supply.

• Sales tax provision reduced from $700,000 in Q4 2023 to $363,000 in Q4 2024, despite higher sales.

Outlook and guidance

• 2025 strategy focuses on scaling VSDHOne, expanding franchise white-label partnerships, and launching new wellness categories, targeting another 30% growth.

• No change to 2025 goals for VSDH One, aiming for 1.3 million orders and significant ramp-up in D2C orders in the second half of 2025.

• Plans to expand product catalog to 70-100 treatments, including at-home genetic and DNA testing.

• Focused on executing mergers, acquisitions, and partnerships to expedite growth and increase pharmacy margins.