Biotricity Reports Financial Results for Fiscal 2023 Third Quarter
Biotricity Inc. (Nasdaq:BTCY) reported strong financial results for the third quarter of fiscal 2023, ending December 31, 2022. Revenue grew 27.4% year-over-year to $2.46 million, achieving a gross margin of 57%. The company successfully signed two significant distribution agreements, contributing to its strategic market growth. Notably, Biotricity maintained a 98% customer retention rate, bolstering its subscription revenue model. The net loss was reduced by a third, totaling $4.75 million. As Biotricity focuses on achieving positive cash flow, it plans to optimize its R&D and capex investments while continuing product innovation.
- Revenue grew 27.4% year-over-year to $2.46 million.
- Gross margin improved to 57%.
- Customer retention rate stands at an impressive 98%.
- Net loss narrowed by one third, totaling $4.75 million.
- None.
- Revenue Up
27.4% YOY - Enviable
98% Customer Retention Rate Drives Subscription Recurring Rev Growth - Two Major Distribution Agreements Implemented
- Net Loss Narrowed by One Third as Company Targets Positive Cash Flow
- Investor Teleconference Scheduled Today for 4:30 ET
REDWOOD CITY, CA / ACCESSWIRE / February 14, 2023 / Biotricity Inc.(Nasdaq:BTCY) ("Biotricity" or the "Company"), a medical diagnostic and consumer healthcare technology company, today announced its financial results and provided a business update for its third quarter of fiscal 2023 ended December 31, 2022.
Commenting, Dr. Waqaas Al-Siddiq, Biotricity Founder & CEO, said, "With our suite of state-of-the-art remote cardiac solutions now well established, Biotricity is focused on sales, marketing and achieving positive cash flow.
In just the past three months, we have successfully signed agreements with two leading US medical device distributors and one Group Purchasing Organization (GPO) as major components of our go-to market strategy and growing marketplace prominence. In total, just in the US alone, they cover over
"Technologically, we are increasingly leaning into AI with its data and predictive capability to target more pervasive forms of patient monitoring and lifestyle management. Our enviable 98 percent customer retention rate succinctly reflects our strong competitive position. It also ensures our customers' lifetime value is high and drives our growing ‘technology-as-a-service' base of recurring revenue.
"Financially, we reported strong sales revenue growth of 27.4 percent year-over-year, and a gross margin of 57 percent as our business scales, while narrowing the net loss by one third. In calendar year 2023, we plan to trim R&D and capex while continuing to innovate products and services centered around our cloud-based Biosphere cardiac ecosystem -- to reduce the overall price of unrivaled cardiac care while positively transforming the efficacy of its delivery and outcomes.
"Looking ahead, we are focused on increasing market penetration through additional distribution agreements, highly targeted advertising, industry conference and tradeshow participation, and building our sales and marketing team one carefully selected professional at a time, all while managing cash flow to accelerate our path to profitability."
Operating Highlights for the Q3-FY23 to Date
- Signed agreements with two leading US medical device distributors and one GPO
- Launched Biocare Cardiac Disease Management Solution which is gaining traction, early adoption, and is provided as a bundled service offering to clinics and hospitals
Q3-FY23 Financial Highlights
- Revenue totaled
$2.46 million - Gross profit totaled
$1.4 million - Gross margin of
57% - Net loss totaled
$4.75 million , or$0.09 1 per share
Full details of the Company's financial results will be filed with the SEC on Form 10-Q, and are available at no cost by visiting www.sec.gov.
Financial Results Conference Call
Management will host a conference call on Tuesday, February 14, 2023 at 4:30 p.m. ET to discuss its financial results for the fiscal 2023 third quarter and provide a business update. Additional details are available under the Investor Relations section of the Company's website: https://www.biotricity.com/investors/
| Event: | Biotricity Fiscal 2023 Third Quarter Financial Results Conference Call |
| Date: | Tuesday, February 14, 2023 |
| Time: | 4:30 p.m. Eastern Time |
Live Call: Webcast: | 1-877-405-1216 (U.S. Toll-Free) or 1-201-689-8336 (International) https://event.choruscall.com/mediaframe/webcast.html?webcastid=uL9K64cp |
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until February 28, 2023 and can be accessed by dialing 877-660-6853 / 201-612-7415 and entering replay pin number: 13736346.
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. 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
Investors@biotricity.com
SOURCE: Biotricity, Inc.
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