Professional
Added to YB: 2026-03-05
Pitch date: 2026-03-02
NURS.V [bullish]
Hydreight Technologies Inc.
+3.36%
current return
Author Info
Byron Street Research is an investment publication featuring a weekly event-driven idea generator, write-ups modeled in the familiar format of sell-side equity research reports, and performance reviews structured as traditional fund factsheets. Sign up for the newsletter.
Company Info
Hydreight Technologies Inc. provides operates in the digital health technology sector in the United States.
Market Cap
CAD 147.9M
Pitch Price
CAD 2.68
Price Target
12.59 (+346%)
Dividend
N/A
EV/EBITDA
183.45
P/E
272.29
EV/Sales
5.62
Sector
Health Care Technology
Category
growth
HYDREIGHT TECHNOLOGIES INC. (NURS.V) - HYDREIGHT’S PATH TO C$1B VALUATION
NURS.V: 50-state mobile healthcare/telemedicine platform at intersection of home healthcare, wellness/med aesthetics & telehealth. VSDHOne launched Q2 2024, migrating established order flow (1.3M+ orders 2025, 2.5K+ licenses sold). Legacy verticals (3K+ nurses, franchise white-label) grew 20-30% organically, covering ~C$8M fixed cost base after 4 profitable quarters. Most treatments recurring (GLP-1s, TRT, peptides); AOV ~C$17-20, targeting C$40+ long-term. Pharmacy margins 18-20%, expanding to 26-30% post-Perfect Scripts integration (5% stake, option to 40%). 2026 guidance: C$150M revenue, 15-17% EBITDA margins—implies 30%+ lower order run rate vs Dec levels or 65%+ AOV compression. Trading 6.2x 2026 EBITDA vs peers at 15x+. Net cash C$32.7M pro forma. Uplisting to Nasdaq in progress. Risks: GLP-1 regulatory uncertainty, pharmacy partner scrutiny, insider ownership concerns, capital raising activity.
Read full article (75 min)