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Biotricity, Inc. (BTCY) is a medical technology company at the forefront of healthcare innovation. Specializing in biometric data monitoring solutions, Biotricity aims to improve healthcare by developing remote monitoring solutions for chronic disease prevention and management. Its premier product, Bioflux, is an ECG monitoring system used by physicians to diagnose and monitor cardiac patients remotely. Biotricity's Biolife solution extends medical-grade monitoring to the consumer market, empowering users to self-manage chronic conditions through lifestyle changes. With a focus on preventive healthcare, Biotricity's R&D efforts aim to put health management directly into the hands of individuals, easing the burden on the healthcare system.
Biotricity (BTCY) reported strong Q3 FY25 results with revenue growth of 21.7% YOY to $3.6 million. The company achieved significant improvements in key metrics, including gross margins reaching 76.4% (up from 72.9% YOY) and a 56.7% reduction in net loss to $1.32 million.
Recurring Technology Fee revenue, comprising 94% of total revenue, demonstrated robust performance with an 81.4% gross profit percentage. The company successfully reduced SG&A expenses by 20.5% to $2.38 million compared to the previous year. Biotricity achieved positive cash flow on current operating basis for the second consecutive quarter, showing a 114.5% improvement from the prior quarter.
The company's technology is currently utilized across hundreds of centers in 35 states, with a growing focus on hospital networks and AI-driven solutions for remote cardiac care.
Biotricity (OTCQB: BTCY), a Technology-as-a-Service company in remote cardiac monitoring, has announced strong financial performance for Q3-FY25. The company expects to report revenue of $3.6 million, representing a 22% year-over-year growth and an 11% sequential increase from the previous quarter.
The company will achieve positive cash flow for Q3-FY25 on current operating basis (before interest, dividends, and amortization), along with improved gross margins and operating results. This progress stems from their focus on automation, operating efficiency, and financial discipline while leveraging their Biocore suite of products and AI-driven solutions.
The full financial results will be released on February 19th, 2025, followed by a conference call on February 20th at 5:30 PM EST.
Biotricity Inc. (OTCQB:BTCY) and B-Secur have announced a strategic partnership to develop an advanced device-neutral platform for integrated heart monitoring. The collaboration combines B-Secur's FDA-cleared HeartKey® algorithms and analytics with Biotricity's diagnostic solutions to enhance Ambulatory Cardiac Monitoring capabilities.
The partnership aims to address critical healthcare challenges, including the fact that 90% of U.S. adults are at risk of developing cardiovascular disease (CVD), an expected shortage of up to 124,000 physicians by 2034, and CVD-related costs projected to triple to $1.8 trillion by 2050. The solution focuses on early detection and intervention, which can reduce heart attack and stroke risk by over 80%.
Biotricity (OTCQB: BTCY) has secured significant financing to strengthen its financial position and reach profitability without requiring future funding. The company completed an $811,000 capital raise through promissory notes, matched with a $635,000 term loan. The lender also provided interest relief by capitalizing $945,000 in existing debt.
This capital enabled Biotricity to place its largest manufacturing order to date, preparing for anticipated 2025 sales. The company's AI workflow engine has improved operational capacity by 50%, with an additional 15% improvement expected. Their next-generation AI cloud system is projected to reduce COGS across their SaaS business by 5% post-FDA clearance.
Biotricity (OTCQB: BTCY) has achieved positive free cash flow for the first time, marking a significant milestone towards profitability. For the quarter ended September 30, 2024, the company reported positive Free Cash Flow of $355,016 ($0.016 per share), a substantial improvement from negative $725,567 in the previous quarter and negative $1.6 million in the same quarter last year. This achievement demonstrates the company's progress in operational efficiency and financial discipline. Management plans to accelerate new product launches in FY25 to enhance long-term profitability and sustainability.
Biotricity (BTCY) reported Q2 FY25 financial results with 13% year-over-year revenue growth to $3.3 million. The company achieved significant improvements in key metrics, including gross margins increasing to 75.3% from 69.1% year-over-year. Recurring Technology Fee revenue comprised 94% of total revenue with a 79% gross profit percentage. The company reduced SG&A by 35.5% to $2.25 million and decreased net loss by 57.4% to $1.65 million. Notably, Biotricity achieved positive cash flow in September on a current operating basis, before interest, dividends, and amortization, with management expecting continued improvement in cash flows.
Biotricity (OTCQB:BTCY) has scheduled its Fourth Quarter Fiscal Year 2024 Financial Results and Business Update Call for November 15, 2024, at 4:30 PM ET. The company announces its best financial performance to date, highlighting improvements in margins, operational efficiency, and a shift to positive adjusted EBITDA. The call will feature CEO Dr. Waqaas Al-Siddiq and CFO John Ayanoglou, followed by an investor Q&A session. A replay will be available for approximately 3 hours after the live call through November 29, 2024.
Biotricity Inc. (OTCQB:BTCY), a Technology-as-a-Service company in the healthcare industry, has announced an accelerated path to profitability by the end of Fiscal Q4. The company reports growing revenues from sales and strategic partnerships, improving margins, and has achieved EBITDA positive on a go-forward cash basis earlier than expected.
CEO Dr. Waqaas Al-Siddiq attributes this success to the company's novel approach and increasing demand for their diagnostically superior remote monitoring solutions. Biotricity's flagship product, Biocore Pro, is highlighted as the only 3 channel connected cardiac monitor in the world. The company aims to leverage its technology suite to address gaps in care delivery for both medical providers and patients.
Biotricity Inc. (OTCQB:BTCY), a leading Technology-as-a-Service company in healthcare, has been included as a supplier to a major medical system covering 60,000 care providers across 400 hospitals and 400 care centers in 21 states. This partnership aims to address the significant gap in cardiovascular care accessibility in the U.S., where 121.5 million adults have some form of cardiovascular disease, and nearly half of U.S. counties lack a practicing cardiologist.
Biotricity offers Biocore, the world's only 3-lead compact connected cardiac monitoring device, known for its superior diagnostic yield. The company's solutions are currently used by over 2,500 cardiologists in more than 500 locations. This new inclusion is expected to expand Biotricity's market reach and accelerate its path to profitability.
Biotricity (OTCQB:BTCY) has launched a new cardiac monitoring pilot program with a major hospital system serving over 800,000 individuals. This partnership aims to address the growing demand for innovative cardiac monitoring solutions, given that 90% of U.S. adults are at risk of cardiovascular disease and a projected shortage of up to 124,000 physicians in the next 12 years.
Biotricity offers the world's only remote three-channel compact cardiac monitoring device, providing essential health insights and facilitating quicker treatment. The company's solutions can help healthcare professionals increase their revenue fivefold compared to existing options. This is particularly important as 30% of rural hospitals face closure threats, potentially limiting care access for 60 million Americans in those regions.
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