Biotricity Signs Distribution Agreement to Expand Access for its Cardiac Monitoring Solutions

Rhea-AI Summary

Biotricity Inc. (NASDAQ:BTCY) has signed a distribution agreement with a leading US medical device distributor to enhance the availability of its cardiac monitoring solutions, Bioflux and Biotres. This partnership is expected to significantly expand Biotricity's market reach, increasing its total addressable market from $1 billion to approximately $6 billion. The company aims to solidify its position as a comprehensive solution for cardiac diagnostics while planning to provide further partnership details in the coming months.

Positive

• Distribution agreement signed with a Top 10 US medical device distributor.
• Total addressable market increased from $1 billion to approximately $6 billion.
• Strategic focus on advancing product development and commercialization.

Negative

• The company incurred a net loss of $3.4 million for the three months ended June 30, 2020.
• Uncertainties regarding future profitability.
• Dependence on securing additional financing and expanding business operations.

REDWOOD CITY, CA / ACCESSWIRE / November 16, 2022 / Biotricity Inc. (NASDAQ:BTCY) ("Biotricity" or the "Company"), a medical diagnostic and consumer healthcare technology company, has signed a distribution agreement with one of the Top 10 US medical device distributors . to distribute its cardiac monitoring solutions, Bioflux and Biotres.

"Our focus as a company is on advancing our product development and commercialization to establish Biotricity as the all-in-one, go-to solution for cardiac diagnostics and disease management. We are focusing on building relationships with established organizations with unprecedented leadership in the industry. We believe this partnership will be instrumental in advancing the availability of our solutions, expanding our supply chain, and supporting our growth. Over the next couple months, we will be providing further details on this partnership as we begin our rollout."

With the commercialization of its Bioflux and Biotres products, Biotricity has increased its total addressable market from $1 billion to approximately $6 billion.

About Biotricity

Biotricity is transforming the healthcare market by bridging the gap in remote monitoring and chronic care management with a focus on cardiology. Physicians and patients trust Biotricity's unparalleled standard for preventive and 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 and follow us on Twitter and LinkedIn.

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 three months ended June 30, 2020 the Company incurred a net loss attributable to common stockholders of $3.4 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:

Investor Relations:
KCSA Strategic Communications
Valter Pinto or Jack Perkins
(212) 896-1254
investors@biotricity.com

SOURCE: Biotricity, Inc.

View source version on accesswire.com:
https://www.accesswire.com/726260/Biotricity-Signs-Distribution-Agreement-to-Expand-Access-for-its-Cardiac-Monitoring-Solutions

FAQ

What is the recent distribution agreement signed by Biotricity (BTCY)?

Biotricity signed a distribution agreement with a top US medical device distributor to distribute its Bioflux and Biotres cardiac monitoring solutions.

How has the total addressable market changed for Biotricity (BTCY)?

The total addressable market for Biotricity has increased from $1 billion to approximately $6 billion.

What products are included in Biotricity's distribution agreement?

The products included in the distribution agreement are Biotricity's cardiac monitoring solutions, Bioflux and Biotres.

What was Biotricity's net loss for June 2020?

Biotricity incurred a net loss of $3.4 million for the three months ended June 30, 2020.

What are the risks mentioned in the Biotricity press release (BTCY)?

Risks include potential inability to secure financing, product development challenges, and uncertainties regarding future profitability.