Hydreight Technologies (NURS) Planet MicroCap Showcase: Toronto 2026 summary

Platform and business model

• Three verticals built since 2018: mobile health and wellness, non-traditional brick-and-mortar care, and patient-specific virtual care, launched Q4 2024 into Q1 2025.

• A 50-state medical network was designed to support care under state and federal compliance requirements; 30 states have corporate-practice-of-medicine restrictions, according to management.

• The modular B2B ecosystem combines medical, physician and pharmacy networks with technology for licensing, compliance, operations and other partner needs.

• The platform is product-agnostic across categories including sexual health, weight loss, longevity, hormones and lab testing; partner businesses market to end clients, which management says makes acquisition costs essentially zero.

Growth and performance

• Q2 revenue was $28 million, up 420% YoY and 12.5% QoQ; management said Q2 represented ~80% of 2025 revenue.

• Third-vertical licensees grew from ~3,000 at end-2025 to more than 11,000 by March-April 2026, amid increased FDA scrutiny; the base included 650+ businesses.

• OPEX rose modestly in Q2 with added headcount, while OPEX as a share of revenue fell from 36% to under 10%.

• Management cited record Q2 momentum continuing into Q3 and a visible growth runway into H2 2026.

• Patient-specific virtual care is expected to represent ~95% of the business going forward, with brick-and-mortar partners also using virtual services to increase customer lifetime value.

Market and regulatory outlook

• U.S. telehealth was estimated at $150 billion by 2030; management sees further expansion from patient-specific care and peptide treatments.

• Management cited six to seven peptides recommended in July and said FDA action had been fast-tracked, with approvals expected in 2026 based on advice from legal and FDA consultants.

• A further committee meeting was expected in February to consider another seven to 12 peptides; management cited 100 peptides in clinical trials.

• The peptide gray market was estimated at CAD 10 billion; management expects compliant supply and regulatory pressure to drive another influx of licensees, including in 2027 and beyond.

• Management expects the market to continue growing over the next 24-36 months, as new treatments expand the categories partners can offer.