Hydreight Technologies is “Shopify for healthcare”, this analyst says

Beacon Securities analyst Gabriel Leung noted in an August 12 watchlist update that Hydreight Technologies (Hydreight Technologies Stock Quote, Chart, News, Analysts, Financials TSXV:NURS) provided a corporate update highlighting strong VSDHOne order growth. VSDHOne is the company’s fully compliant, tech-enabled ecosystem that connects prescribers and pharmacies with e-commerce healthcare companies — “Shopify for healthcare.”

For June 2025, VSDHOne processed about 7,187 orders, in line with the company’s internal forecast of 7,000–10,000. July saw roughly 35,642 orders, far exceeding the ~10,000 forecast, and the company projects about 55,000 orders in August. Hydreight maintained its goal of reaching 1.3 million total VSDHOne orders for calendar 2025.

“Based on Hydreight’s previous disclosure of expecting to generate ~$80–$120 per order, combined with the company’s goal of hitting 1.3M in orders, this would imply ~$100M in revenues to Hydreight from VSDHOne alone in CY25,” Leung said.

He added that, based on past disclosures, VSDHOne’s gross margins are likely in the low teens to around 20%. “The company’s goal is to get gross margins to 20–30% via its (pending) Perfect Scripts equity stake and for margins to move higher as its 503B pharmacy rolls out.”

Nevada-based Hydreight operates an integrated platform linking about 3,000 nurses with physical franchises and online healthcare firms, offering tools for managing appointments, inventory, and patient records, plus nationwide access to physicians, telehealth services, and both 503A and 503B pharmacy networks.

Hydreight also announced the launch of Hydreight Marketing Solutions, a division providing turnkey marketing services to VSDHOne licensees and telehealth partners, including data-driven campaigns, creative content, and patient acquisition strategies tailored for healthcare providers on VSDHOne.

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