Biotricity Reaches $12M Revenue Run Rate in March with Promising Future Growth Ahead

Rhea-AI Summary

Biotricity (NASDAQ:BTCY) announced a record $12 million annualized revenue run rate as of March 2023. The company expects continued revenue growth in April and Q4 FY23, driven by strong sales of remote cardiac monitors, the expansion of subscription-based services, and a new distribution strategy. Biotricity emphasizes its cloud-based Biosphere solutions and a scalable business model aimed at increasing product sales and recurring revenue. The CEO, Dr. Waqaas Al-Siddiq, highlights the company’s focus on expense management and margin improvement to achieve positive EBITDA and cash flow. Despite reporting a net loss of $14.7 million for the nine months ended December 31, 2022, the outlook remains optimistic for upcoming quarters.

Positive

• Achieved a record annualized revenue run rate of $12 million.
• Strong sales growth in remote cardiac monitors and subscription services.
• Optimistic revenue growth projections for April and Q4 FY23.
• Scalable business model focused on increasing margins and positive cash flow.

Negative

• Reported a net loss of $14.7 million for the nine months ended December 31, 2022.

REDWOOD CITY, CA / ACCESSWIRE / April 19, 2023 / Biotricity Inc. (NASDAQ:BTCY) ("Biotricity" or the "Company"), a leading medical diagnostic and consumer healthcare technology company, today reported that it reached a record $12 million annualized revenue run rate in March 2023.

Based on preliminary month-to-date results and internal projections, the Company remains excited regarding potential top line revenue growth in April and the current quarter (Q4FY23) as it maintains optimized investment in R&D, sales and marketing. The Company attributed its strengthening financials to the growing sales of its product line of remote cardiac monitors spanning consumers to cardiologists, the ramp up of its subscription-based recurring service revenues, and the early success of its recently expanded distribution strategy.

"Our continued growth, at a time when many tech companies are downsizing, is a testament to our execution of our capital efficient business. It reflects the value-added resiliency of our cloud-based Biosphere solutions' excellent health and wellness cost/benefit -- as insurers already fully recognize," said Dr. Waqaas Al-Siddiq, Biotricity Founder and CEO.

"Our business model is highly scalable and will be a major contributor to drive product sales and recurring service revenues, that also includes our cloud-based subscription business. We remain committed to maintaining a balanced approach towards maintaining our expenses, increasing our margins, and growing our revenue which will accelerate our path to positive EBITDA and cash flow."

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 (i) 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 (i), (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. During the nine months ended December 31, 2022, the Company incurred a net loss attributable to common stockholders of $14.7 million. 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

Media Relations
STiR-communications
Greg Salsburg
greg@STiR-communications.com

Investor Relations
Biotricity Investor Relations
Investors@biotricity.com

SOURCE: Biotricity, Inc.

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FAQ

What was Biotricity's revenue run rate in March 2023?

Biotricity reported a record annualized revenue run rate of $12 million in March 2023.

What are Biotricity's revenue growth projections for April 2023?

Biotricity expects continued revenue growth in April 2023 based on strong preliminary results.

How did Biotricity perform financially in 2022?

Biotricity incurred a net loss of $14.7 million for the nine months ended December 31, 2022.

What factors contributed to Biotricity's revenue growth?

Revenue growth was driven by increased sales of remote cardiac monitors, subscription services, and a new distribution strategy.

What is Biotricity's strategy for financial improvement?

Biotricity aims to maintain balanced expenses while increasing margins and achieving positive EBITDA and cash flow.