Beacon analyst Gabriel Leung likes this Canadian healthcare stock

Beacon Securities analyst Gabriel Leung reiterated his “Speculative Buy” rating and $8.50 target price on Hydreight Technologies (Hydreight Technologies Stock Quote, Chart, News, Analysts, Financials TSXV:NURS) in an Oct. 23 update, citing strong order momentum and expanding adoption across the company’s U.S. digital healthcare network.

Beacon initiated coverage of the stock on Oct. 20.

Las Vegas-based Hydreight is building a “compliance-first” mobile clinic network that connects licensed healthcare providers with patients through its VSDHOne direct-to-consumer platform.

Leung said the company processed roughly 295,000 VSDHOne product orders between July and September, driven by demand for weight management, hormone therapy, NAD, and genetic testing services.

“With July orders at 35,600 and August at more than 80,000, that would imply September reached a record 179,000,” he said. “VSDHOne order trends are tracking positively and are ahead of expectations—we had modeled 120,000 orders for September.”

While Hydreight has yet to disclose average order size or gross margins, Leung said management expects momentum to continue into the fourth quarter as more licensees are onboarded. The company also reported 198 new nurse sign-ups in Q3, up 49% year-over-year, and 593 year-to-date, a 63% increase. Pharmacy orders outside of VSDHOne rose 72%, suggesting “sustained growth and broader adoption across multiple wellness verticals.”

Hydreight ended the quarter with $18.7-million in cash and $5.6-million in in-the-money warrants, positioning it for potential acquisitions in technology, wellness, and digital health. Leung added that the next catalyst should be the closing of Hydreight’s 5% equity investment in Perfect Scripts LLC, which could “accelerate pharmacy orders through VSDHOne and add margin upside.”

Beacon forecasts Q3 revenue of $13.4-million and EBITDA of $754,000, representing 197% year-over-year revenue growth, with results expected in mid- to late November. Leung estimates Hydreight will generate $2.5-million in Adjusted EBITDA on $43.4-million of revenue in 2025, improving to $9.1-million on $100.8-million in 2026.

“Hydreight continues to deliver solid operating momentum, with key metrics tracking well ahead of expectations,” Leung said.

-30-