Biotricity Reports Strong Results with Revenue Growth, Continued Margin Improvement, and Reduced Operating Expenses for Fiscal Year 2024, Accelerating the Company's Path to Profitability
Biotricity has reported a 25.2% year-over-year (YOY) revenue growth for fiscal year 2024, reaching $12.1 million. The company's gross margin improved by 1280 basis points to 69.3%, and operating expenses decreased by 17.6%. Net loss was reduced by 24.5% to $14.9 million, or $1.66 per share. In the fourth quarter, revenue rose 15.9% to $3.2 million, and gross margin improved by 1550 basis points to 71.5%. Biotricity's EBITDA improved by $7.2 million, marking a 44.6% reduction in negative EBITDA. The company has secured strategic alliances with major Group Purchasing Organizations (GPOs), expanding its market reach to 90% of U.S. hospitals. Additionally, Health Canada approved Biocore, facilitating new revenue channels in the Canadian cardiology market.
- Revenue increased by 25.2% YOY to $12.1 million for FY24.
- Gross margin improved by 1280 basis points to 69.3% for FY24.
- Operating expenses decreased by 17.6% YOY.
- Negative EBITDA reduced by $7.2 million, marking a 44.6% improvement.
- Q4 revenue increased by 15.9% to $3.2 million.
- Q4 gross margin improved by 1550 basis points to 71.5%.
- Net loss decreased by 24.5% to $14.9 million for FY24, and by 36% to $4.4 million in Q4.
- Recurring Technology Fees rose by 28% YOY to $11.25 million.
- Secured strategic alliances with GPOs, covering 90% of U.S. hospitals.
- Received Health Canada approval for Biocore, opening new revenue opportunities.
- Net loss stood at $14.9 million for FY24, despite improvements.
Insights
Biotricity's fiscal year 2024 results present a notable turnaround, evident in the 25.2% increase in revenue to
The reduction in net loss by 24.5% to
In the short term, the focus should be on whether these improvements are sustainable and if the company can maintain its growth trajectory without inflating costs. Long-term investors should consider the company's ability to continually innovate and expand its market reach. The strategic alliances with GPOs, which secure access to 90% of US hospitals, could provide a robust channel for future revenue streams.
Biotricity operates in the remote cardiac monitor sector, a niche yet rapidly growing market driven by the increasing prevalence of cardiovascular diseases. The company's expansion into 35 states and its strategic alliances with major Group Purchasing Organizations (GPOs) are pivotal. These partnerships give Biotricity substantial leverage and access to a vast customer base, potentially driving significant market penetration.
The market for cardiac devices is competitive and Biotricity's ability to secure Health Canada approval for Biocore opens up new revenue streams in the
For retail investors, the key takeaway is Biotricity's strategic positioning and its potential to capitalize on the growing demand for remote cardiac monitoring. The company’s diversified revenue model—highlighted by a 28% rise in recurring Technology Fees—suggests a stable and recurring revenue stream, reducing dependency on one-time device sales.
- FY24 revenue up
25.2% YOY - FY24 margins improved 1280 basis points to
69.3% , from56.5% in the prior year; Q4-FY24 margins improved to71.5% ; margin expansion forecasted to continue - FY24 operating expenses lower by
17.6% YOY - Negative EBITDA reduced by
$7.2 million - an improvement of44.6% -- accelerating the Company's path to breakeven and EBITDA positive
REDWOOD CITY, CA / ACCESSWIRE / June 27, 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, today announced its financial results for the fourth quarter and fiscal year ended March 31, 2024.
Dr. Waqaas Al-Siddiq, Biotricity Founder & CEO, said, "Fiscal 2024 has been a year of massive transformation for Biotricity. We have harnessed the power of workflow automation, AI technology, and further technological enhancements to drive substantial improvements in our operational expenses, margins, and revenues. This year, we demonstrated our ability to scale efficiently while maintaining high-quality service, putting us firmly on the path to EBITDA breakeven and profitability.
The expansion of our Cardiac AI Cloud platform, empowered by strategic partnerships with industry giants, showcases our commitment to revolutionizing medical diagnostics and consumer healthcare. Leveraging over 500 billion beats of anonymized data, our AI-driven platform is set to enhance clinic profitability and pave the way for transformative advancements in diagnostic accuracy and patient outcomes. Importantly, we remain on track to pursue FDA clearance for our groundbreaking AI clinical model by the end of 2024.
Our addition of multiple Group Purchasing Organizations (GPOs) and other strategic alliances during the fourth quarter has positioned us to capitalize on expansive market channels, providing access to approximately
FY24 Financial Highlights
- Revenue increased
25.2% to$12.1 million compared with$9.6 million in FY23 - Gross margin improved 1280 basis points to
69.3% for the fiscal year ended March 31, 2024, as compared to56.5% in FY23; this was the result of expansion in recurring technology fee revenue base, efficiencies gained in using proprietary AI in operational automation, and improvement in monitoring cost structure - Net loss decreased
24.5% YOY to$14.9 million , or$1.66 per share, from a net loss of$19.5 million , or$2.26 per share, in FY23
Q4-FY24 Financial Highlights
- Revenue increased
15.9% to$3.2 million compared with$2.7 million in Q4 FY23 - Gross margin improved 1550 basis points to
71.5% for the three months ended March 31, 2024, as compared to56% in the corresponding prior year quarter - Net loss decreased
36% YOY to$4.4 million , or$0.47 per share, from a net loss of$4.9 million , or$0.56 per share, in Q4-FY23
Operating Highlights for FY24
- FY24 recurring (TaaS) Technology Fees rose a robust
28% YOY to$11.25 million , representing over 14 times Device Sales revenue - Company maintained its track record of strong customer retention that is supported by the quality of customer and cardiologist-friendly support services that emphasize accuracy of diagnostics and ease-of-use
- Developed a range of state-of-the-art products to service a total addressable market of
$35 billion - Expansion of geographic footprint to 35 states, with thousands of cardiologists over hundreds of centers
- Secured strategic alliances with three of the top GPOs representing
90% of all hospitals in the US - Continued trend toward positive cash flow by growing subscription-based revenues, improving margins, and leveraging automation and experience to increase efficiencies of SG&A
Full details of the Company's financial results will be filed with the SEC on Form 10-K and available by visiting www.sec.gov.
Financial Results and Business Update Conference Call
Management will host a conference call on Thursday, June 27, 2024 at 4:30 p.m. ET to discuss its financial results for fiscal year 2024 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 Fourth Quarter and FY 2024 Financial Results and Business Update Call
Date: Thursday, June 27, 2024
Time: 4:30pm ET (1:30pm PT)
Toll Free: 1-877-269-7751
International: 1-201-389-0908
Webcast URL: https://viavid.webcasts.com/starthere.jsp?ei=1678498&tp_key=a35fbfd7d7
Investors can begin accessing the webcast 15 minutes before the call, where an operator will register your name and organization. The call will be in listen-only mode.
A replay of the call will be available approximately three hours after the live call via the Investors section of the Biotricity website at https://www.biotricity.com/investors/.
Toll Free Replay Number: 1-844-512-2921
International: 1-412-317-6671
Replay Access ID: 13747508
Expiration: July 11, 2024, 11:59 PM ET
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. 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.
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