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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 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.
Biotricity Inc. (OTCQB:BTCY) reported its Q1 fiscal 2025 results, showing continued margin improvement and reduced losses. Key highlights include:
- Revenue grew 6% YOY to $3.2 million
- Gross margins improved to 73.8% from 63.5% last year
- SG&A reduced by 16% to $3 million
- Operating loss decreased by 51.8% to $1.1 million
- EBITDA and Adjusted EBITDA improved by 18.9% and 49.8% YOY
The company's recurring Technology Fee (SaaS) revenue accounted for over 94% of total revenue with a 76% gross margin. Biotricity continues to focus on increasing sales of remote cardiac monitoring devices and subscription-based services, aiming for profitability and cash-flow break-even.
RedChip Companies will air interviews with LOBO EV Technologies (Nasdaq:LOBO) and Biotricity, Inc. (Nasdaq:BTCY) on Bloomberg TV this Saturday, July 27, at 7 p.m. ET. Harry Schulman, an independent director of LOBO EV, will provide a corporate update. LOBO EV, based in Wuxi, China, is an OEM and ODM manufacturer of electric vehicles, including e-bicycles, e-mopeds, e-tricycles, and electric off-highway four-wheeled shuttles.
The Chinese e-bike market, currently valued at $16 billion, is forecasted to reach $31.3 billion in the next five years with a CAGR of 11.76%. LOBO EV's financial performance and market opportunities position it for potential growth in China's EV industry.
Biotricity Inc. (Nasdaq: BTCY) has announced significant improvements in operational efficiency and margin performance driven by enhancements to its proprietary AI Cloud platform. The latest version has improved tech stack efficiency by 20%, expected to result in a 200-300 basis point margin improvement in coming quarters. The next version in development is anticipated to enhance the tech stack by another 20%, potentially adding 100-200 basis points to margins.
These improvements are accelerating Biotricity's path to breakeven and positive cash flow. The company's AI Cloud platform leverages over 500 billion beats of anonymized data to build predictive cardiac AI models, enhancing diagnoses and interventions. Biotricity is targeting a $35 billion total addressable market, with solutions used by cardiologists across 35 states and hundreds of centers, supported by a high retention rate of approximately 99%.
RedChip Companies will air interviews with Enlivex Therapeutics (Nasdaq:ENLV) and Biotricity, Inc. (Nasdaq:BTCY) on the RedChip Small Stocks, Big Money™ show on Bloomberg TV on July 20, 2024, at 7 p.m. ET. Oren Hershkovitz, Ph.D., CEO of Enlivex Therapeutics, will provide a corporate update on their clinical stage macrophage reprogramming immunotherapy company developing Allocetra™, a universal, off-the-shelf cell therapy designed to reprogram macrophages into their homeostatic state. Allocetra™ has the potential to address life-threatening and debilitating unmet medical needs in conditions like osteoarthritis and sepsis.
Biotricity (Nasdaq: BTCY) and bioAffinity Technologies (Nasdaq: BIAF) will be featured on the RedChip Small Stocks, Big Money™ show on Bloomberg TV this Saturday, July 13, at 7 p.m. ET. Biotricity's CEO, Dr. Waqaas Al-Siddiq, will discuss their portfolio of cardiac monitoring solutions, including FDA-cleared Bioflux® and Biocore. With 8% market share in cardiology, Biotricity aims for profitability and expects to be EBITDA positive by end of 2024. bioAffinity Technologies' CEO, Maria Zannes, will provide updates on their early-stage cancer diagnostic product, CyPath® Lung. The noninvasive test has shown high sensitivity, specificity, and accuracy, and is part of a pilot program in Texas. The lung cancer screening market is projected to reach $5.7 billion by 2030, and bioAffinity holds substantial patents and insider ownership of 39%, indicating strong growth potential.
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