In a joint-venture with a national laboratory, Hydreight and its medical network are expanding at-home lab tests spanning a range of general wellness, nutrition, heart health, blood sugar, sexual health, thyroid, inflammation and gut health by Q4, 2024.
VANCOUVER, British Columbia and LAS VEGAS, July 11, 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 a partnership formed with a National Laboratory to expand its "At-Home Testing" Solution in all 50 States by Q4, 2024. This partnership was finalized on July 9, 2024.
Subscribers and Nurses on Hydreight's platform can start offering at-home lab tests spanning a range of general wellness, nutrition, heart health, blood sugar, sexual health, thyroid, inflammation and will include chronic care management and drug testing by the end of the year.
After ordering the test online and paying up front, a nurse would come to the consumer's location to administer the test and ship back the sample collection to the National Laboratory partner. Within a few days, the consumer can access a breakdown of their results in Hydreight's app and for certain conditions may be connected to virtual consultation services. Hydreight currently offers all necessary blood tests for GLP-1, available and fully integrated on its app.
At-home tests cover a broad spectrum of health concerns, including:
- Blood Glucose (calculates blood sugar level)
- Lipid profile test (measures cholesterol and triglycerides)
- Metabolic panel (monitors Kidney and Liver health)
- Thyroid Hormone test (Thyroid hormone production)
- Reactive protein test (measures inflammation in the body)
Shane Madden established Hydreight in 2018 with the goal of creating a platform and solution to help with delivering healthcare directly to people's homes. Motivated by his own experience of a health issue that remained undiagnosed for months due to lengthy test result wait times, numerous doctor visits, and high costs, Madden sought to create a more efficient and accessible way to address health concerns.
"Our mission is to empower individuals to lead longer, happier lives by offering tools for managing health from home. We provide direct access to diagnostic testing, virtual care, and medication delivery for a broad spectrum of health and wellness conditions," Madden stated.
The U.S. diagnostic testing market size was valued at USD 84.85 billion in 2023 and is anticipated to reach around USD 158.77 billion by 2033, growing at a CAGR of 6.5% from 2024 to 2033.
The pandemic got consumers used to home-testing for COVID-19, which resulted in a watershed moment for all aspects of diagnostics. And now they're interested in doing additional at-home diagnostics, for example, for vitamin and mineral deficiencies, gut health, hormone and cholesterol. People now expect affordable, high-quality, and easy diagnostic testing more than ever before.
The diagnostic testing market in the US is thriving, with diagnostic tests being a cornerstone of its healthcare system. These tests, which analyze samples from the body, serve diverse purposes across medical care stages, including prevention, detection, diagnosis, treatment, and disease management. They facilitate evidence-based medicine, enhance quality of care, promote wellness, enable early disease detection, and contribute to reducing overall healthcare costs.
"The pandemic highlighted the difficulties Americans face with lab testing, including unclear costs, confusion, and inconvenience. At Hydreight, we are providing a new approach to testing, and we will continue to pioneer in this fast-growing field," stated Shane Madden, CEO of Hydreight. "We envision a future where lab testing is quick, straightforward, and integrated with virtual care, allowing us to create a transformative, enduring digital health company that prioritizes people – exactly where they should be."
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.
On behalf of the Board of Directors
Shane Madden
Director and Chief Executive Officer
Hydreight Technologies Inc.
Contact
Email: ir@hydreight.com
Telephone: (480) 790 6886
Cautionary Note Regarding Forward-Looking Information
This 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 and the date and success of expanding the "At-Home Blood Testing" Solution.
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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.
