Biotricity Advances Towards Breakeven Milestone - Set to Announce Record Margins and Operational Efficiency for Third Quarter of Fiscal Year 2024

Rhea-AI Summary

Biotricity Inc. (BTCY) announces record gross margins of 73% and improved operational efficiency in its fiscal third quarter 2024 results. The company focuses on subscription-based revenue, margin improvement, and operational efficiency enhancements to achieve breakeven. Dr. Waqaas Al-Siddiq, CEO, highlights revenue growth, operational efficiency, and data utilization to drive better patient outcomes and healthcare savings.

Positive

• Record gross margins of 73% compared to the prior year quarter of 57%.
• Improved operational efficiency with a reduction in operating expenses of over 30%.
• Revenue growth despite traditionally low seasonal business volumes.
• Advancements towards achieving positive cash flow, margin improvement, and revenue growth.
• Leveraging data intelligently for operational automation and efficiency.
• Surpassed 500 billion heartbeats and helped diagnose over 250,000 patients, supporting R&D efforts.
• Development of Cardiac AI Cloud to provide superior quality data for improved patient outcomes.
• Expansion of proprietary cardiac AI technology for predictive monitoring tools and disease profiling.
• Focus on revolutionizing disease prevention within cardiac care for substantial healthcare savings.

Negative

• None.

Insights

Financial Analyst

The strategic shift towards a subscription-based model by Biotricity Inc. indicates a focus on building a recurring revenue stream, which is often valued higher by investors due to its predictability and potential for stable long-term cash flows. The reported increase in gross margins to 73% represents a significant improvement from the previous year's 57%, which is indicative of enhanced cost management and potentially higher scalability of the company's services. Furthermore, the substantial reduction in operating expenses by over 30% could signal a leaner, more efficient operation that is better aligned with the company's revenue growth trajectory.

These financial metrics suggest a strong move towards operational excellence and profitability. The positive implications of improved margins and operational efficiencies are likely to be well-received by shareholders and could result in a more favorable stock valuation. It is also noteworthy that the company achieved these results in what is traditionally a low season for business, which could imply that the company has the potential to perform even better during peak seasons.

Market Research Analyst

The remote cardiac monitor sector is part of a growing trend in telehealth and remote patient monitoring, driven by technological advancements and a shift towards personalized healthcare. Biotricity's focus on leveraging its dataset of over 500 billion heartbeats to enhance its R&D efforts and improve patient outcomes is a strategic move that could position the company as a leader in predictive monitoring tools within cardiac care.

By expanding their proprietary cardiac AI technology to include disease profiling and prevention tools, Biotricity is not only enhancing its product offering but also potentially increasing its addressable market. The development of the Cardiac AI Cloud could serve as a differentiator in the competitive landscape, potentially leading to increased market share and customer loyalty.

Medical Research Analyst

The significance of Biotricity's dataset in supporting R&D efforts cannot be understated. With over 250,000 patients diagnosed using their technology, the company is amassing a wealth of data that can be instrumental in refining algorithms and improving the accuracy of cardiac event predictions. This data-driven approach to healthcare can lead to earlier medical interventions and may result in substantial cost savings for the healthcare system by reducing the need for more expensive treatments and hospitalizations.

The company's focus on operational automation and efficiency is likely to enhance its ability to scale up the deployment of its remote monitoring devices and services. As the healthcare industry continues to embrace digital transformation, Biotricity's advancements in Cardiac AI Cloud and predictive monitoring tools could significantly impact patient management and disease prevention, ultimately contributing to the overall improvement of healthcare delivery.

• Company continues its shift to subscription-based revenue, prioritizing margin improvement and operational efficiency enhancements, on the path to breakeven
• Management to announce Third Quarter Fiscal 2024 Results at market close on February 20, 2024

REDWOOD CITY, CA / ACCESSWIRE / February 14, 2024 / Biotricity Inc. (NASDAQ:BTCY) ("Biotricity" or the "Company"), a Technology-as-a-Service (TaaS) company operating in the remote cardiac monitor sector of consumer healthcare, provided selected preliminary financial results for its fiscal third quarter 2024 results, ended December 31, 2023, that include record gross margins and record operational efficiency.

For the Third Quarter of Fiscal Year 2024, the Company expects to announce:

• Record gross margins of 73% compared to the prior year quarter of 57%
• Improved operational efficiency, reflected in a reduction in operating expenses of over 30%

The results for our third quarter will demonstrate year-over-year improvements in all key operating metrics- specifically in operational costs and gross margins. Throughout this, we have maintained a strong focus on our goal of achieving positive cash flow and profitability."

Dr. Waqaas Al-Siddiq, Biotricity Founder & CEO, said, "In the third quarter of fiscal 2024, we increased our revenues despite the traditionally low seasonal business volumes associated with this quarter. I am proud to note that we had a record month of device sales - a precursor to future technology revenues. This quarter, we advanced towards achieving positive cashflow, emphasized by operational efficiency, margin improvement, and revenue growth. We continued to leverage our data intelligently, pushing the boundaries of operational automation and efficiency, enabling us to enhance our sales force and provide our customers with superior technology and customer service.

Notably, we have surpassed 500 billion heartbeats and helped diagnose over 250,000 patients, a dataset that is supporting our R&D efforts to continuously improve analytics to help drive better patient outcomes. Our ongoing development of our Cardiac AI Cloud aims to provide superior quality data to more physicians and patients alike. Our goal is to create the most efficient Cardiac Cloud to support earlier medical interventions, resulting in substantial healthcare savings for both patients and the healthcare system. Building on this dataset and goal, we are expanding our proprietary cardiac AI technology development to include a suite of predictive monitoring tools for disease profiling to improve patient management and to revolutionize disease prevention within cardiac care.

About Biotricity Inc.

Biotricity is reforming the healthcare market by bridging the gap in remote monitoring and chronic care management. Doctors and patients trust Biotricity's unparalleled standard for preventive & personal care, including diagnostic and post-diagnostic solutions for chronic conditions. The Company develops comprehensive remote health monitoring solutions for the medical and consumer markets. To learn more, visit www.biotricity.com.

Important Cautions Regarding Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words "may," "should," "would," "will," "could," "scheduled," "expect," "anticipate," "estimate," "believe," "intend," "seek," "project," or "goal" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (a) the plans, objectives and goals of management for future operations, including plans, objectives or goals relating to the design, development and commercialization of Bioflux or any of the Company's other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (a), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. There cannot be any assurance that the Company will ever become profitable. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.

Contacts

Investor Relations

Biotricity Investor Relations
Investors@biotricity.com

SOURCE: Biotricity, Inc.

View the original press release on accesswire.com

FAQ

What are Biotricity's (BTCY) record gross margins for the fiscal third quarter 2024?

Biotricity (BTCY) announced record gross margins of 73% for the fiscal third quarter 2024, compared to 57% in the prior year quarter.

How has Biotricity (BTCY) improved its operational efficiency?

Biotricity (BTCY) has improved operational efficiency by reducing operating expenses by over 30% in the fiscal third quarter 2024.

What is the focus of Biotricity (BTCY) in its shift to subscription-based revenue?

Biotricity (BTCY) is focusing on margin improvement and operational efficiency enhancements to achieve breakeven in its shift to subscription-based revenue.

What key metrics have shown year-over-year improvements in Biotricity's (BTCY) third quarter results?

Biotricity's (BTCY) third quarter results demonstrate year-over-year improvements in operational costs and gross margins.

How has Biotricity (BTCY) utilized data to drive better patient outcomes?

Biotricity (BTCY) has leveraged data intelligently for operational automation and efficiency to drive better patient outcomes.

What is the goal of Biotricity (BTCY) in developing its Cardiac AI Cloud?

Biotricity (BTCY) aims to provide superior quality data through its Cardiac AI Cloud to support earlier medical interventions and substantial healthcare savings.