Biotricity to Report Record Revenue Results for Fiscal 2021
Biotricity Reports Record Revenue Growth
Biotricity (OTCQB:BTCY) announces a remarkable 133% increase in gross revenues for fiscal 2021, totaling $3.3 million. The fourth quarter alone saw a 203% year-over-year revenue boost. March 2021 set a record with over $580,000 in technology fees, projecting a revenue run rate of approximately $7 million annually. The company remains optimistic about continued growth, driven by reopening businesses post-COVID and a solid recurring revenue model.
- Gross revenues of $3.3 million, up 133% year-over-year.
- Fourth quarter revenue increased by 203% year-over-year.
- Record technology fees and device sales of $580,000 in March 2021.
- Projected annual revenue run rate of approximately $7 million.
- None.
Unaudited Financial Results Include Revenue Growth of
REDWOOD CITY, CA / ACCESSWIRE / April 14, 2021 / Biotricity, Inc. (OTCQB:BTCY) ("Biotricity" or the "Company"), a medical diagnostic and consumer healthcare technology company, is pleased to announce another record year in its revenue growth based on its unaudited, preliminary financial results for its fiscal year ended March 31, 2021. Full audited financial results will be filed with the SEC on EDGAR prior to June 14, 2021.
For fiscal 2021, management is reporting the following unaudited highlights:
- Gross revenues of
$3.3 million (USD) - a133% increase, or 2.33 times compared to prior year - Fourth quarter 2021 year-over-year quarterly revenue increase of
203% , or 2.76 times - Gross margins and cash-based expenses expected to be in line with prior quarters.
"We are very proud of what we have been able to achieve in fiscal 2021, despite the obvious headwinds presented by the pandemic. We look forward to continuing our strong growth momentum in the rest of this year and beyond," stated Waqaas Al-Siddiq, Founder and CEO of Biotricity. "We achieved significant revenue growth despite the lower clinic activity associated with cardiac diagnostics due to seasonal and Covid-affected medical clinic activity in December and January.
"Just as important, the non-GAAP financial measures management uses to monitor sales activity is technology fees associated with device utilization. Biotricity had revenues of over
The Company expects to report its final financial results for the fourth quarter and full fiscal year 2021 in June.
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 products 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, including but not limited to the Company's guidance with respect to its fiscal year ended financial results and its financial expectations for future quarters. 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.
Certain Non-GAAP Information
This release contains certain financial information not derived in accordance with the United States ("U.S.") generally accepted accounting principles ("GAAP"). These items include device utilization, technology fees and device sales, and revenue runrate. The Company believes that the presentation of device utilization, technology fees and device sales, and revenue runrate, which are not calculated in accordance with GAAP, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provide meaningful supplemental information to both management and investors that is indicative of the Company's core operations. The Company considers these metrics useful to investors because they provide greater transparency into management's view and assessment of the Company's ongoing operating performance by removing items management believes are not representative of our continuing operations and that may distort our longer-term operating trends. We believe these measures are useful and enhance the comparability of our results from period to period and with our competitors, as well as show ongoing results from operations distinct from items that are infrequent or not associated with the Company's core operations. The Company does not, nor does it suggest investors should, consider such non-GAAP financial measures as superior to, in isolation from, or as a substitute for, GAAP financial information. The Company has provided the following reconciliation of this additional information to the most comparable GAAP revenue recognition measure, as follows:
For the month ended March 31, 2021:
Device Utilization technology fees and device sales * | $ | 580,000 | ||
Add: Technology fees for utilization started in prior months, completed in March 2021 | 153,195 | |||
Less: Technology fees for devices usage started but not completed in March 2021 | (233,062 | ) | ||
March 2021 Revenue | $ | 500,133 | ||
*Revenue runrate (annual) based on device utilization, technology fees and device sales | $ | 6.96 million | ||
Contacts:
Investor Relations:
Biotricity Inc.
1-800-590-4155
investors@biotricity.com
Todd Kehrli or Mark Forney
MKR Investor Relations, Inc.
btcy@mkr-group.com
SOURCE: Biotricity, Inc.
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