Beacon Securities analyst Gabriel Leung initiated protection of Hydreight Applied sciences on Oct. 20 with a “Speculative Purchase” score and an $8.50 goal value, based mostly on 25× CY27e EV/EBITDA, citing accelerating progress throughout its digital healthcare community and powerful traction in its new direct-to-consumer platform.
“Nevada, Las Vegas-based Hydreight is a digital healthcare expertise firm with the objective of constructing the most important, ‘compliance-first’ cellular clinic community within the US,” Leung mentioned. The agency operates a authorized and expertise framework that enables healthcare suppliers, together with registered nurses and wellness clinics, to supply at-home care in all 50 states. Its ecosystem features a pharmacy community and nationwide doctor group that collectively type what Leung described as an “essential aggressive moat enabling operations in all 50 states.”
Hydreight at the moment generates income from three essential enterprise segments: its nurse community, a franchise white-label program, and the VSDHOne direct-to-consumer platform. The primary two segments have expanded income from about $1.2-million in 2021 to an annualized $21.5-million based mostly on Q2 2025 outcomes, whereas the corporate has maintained profitability since This autumn 2024.
Leung known as VSDHOne the corporate’s “valuation sizzle,” given its fast progress and scalability. Pharmacy order quantity on the platform climbed from about 7,000 in June 2025 to greater than 80,000 by August.
“We count on volumes to proceed to extend month-over-month and for the corporate to hit a CY25e exit run-rate of ~1.5M orders,” he mentioned.
Leung added that Hydreight’s pending 5% fairness funding in Excellent Scripts LLC, a deal anticipated to speed up prescription success, might additionally improve margins and drive extra income by way of VSDHOne.
“In time, we count on VSDHOne to behave as a key distribution channel for different medical companies past Excellent Script’s present choices, which might additional propel progress,” he mentioned.
He famous that Hydreight has delivered a number of milestones in current months, together with its binding definitive settlement with Texas-based Excellent Scripts, an replace exhibiting it had already surpassed its inside pharmacy order targets, and Q2 2025 outcomes that includes income of $5.4-million (up 31% year-over-year) and constructive EBITDA of $182,000. The corporate ended the quarter with $6.1-million in money and $750,000 in debt. After a $11.5-million convertible financing, Beacon estimates pro-forma money of $18.4-million and debt of $12.2-million.
Leung additionally highlighted Hydreight’s binding LOI with Auxano One LLC, a Pennsylvania-based associate with which a definitive settlement is anticipated by Nov. 4. He mentioned the corporate continues to diversify its service base, noting that August order quantity exceeded 80,000, reflecting “broad demand throughout a number of service traces, lots of that are among the many fastest-growing segments of the U.S. healthcare market.”
Leung mentioned Hydreight ought to generate $2.5-million in Adjusted EBITDA on $43.4-million of income in fiscal 2025, enhancing to $9.1-million on $100.8-million in fiscal 2026.
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