Biotricity Unveils that Improved Margins Resulted from Latest Advancements to its Proprietary Cardiac AI Cloud Platform and Announces Plans for Continued Expansion of its Cardiac AI Cloud
- Expansion of Cardiac AI platform to support clinical decisions
- Expectation to file for FDA clearance by the end of the year
- Healthcare AI Market projected to reach $208.2 billion by 2030
- Remote patient monitoring market expected to reach $96.67 billion by 2030
- None.
Insights
The expansion of Biotricity's Cardiac AI platform into developing anonymized clinical models represents a strategic move to capitalize on the burgeoning Healthcare AI Market, which is forecasted to reach $208.2 billion by 2030. This growth is indicative of the increasing reliance on artificial intelligence to enhance healthcare efficiency and patient outcomes. Biotricity's focus on remote patient monitoring (RPM), a market also expected to experience significant growth to $96.67 billion by the same year, positions the company to potentially capture a substantial market share.
From a market perspective, the company's recent margin improvement suggests that the integration of their AI automation engine is yielding tangible operational efficiencies. This could signal to investors that Biotricity is effectively leveraging technology to scale its operations, a key factor in sustaining long-term growth. Furthermore, filing for FDA clearance is a critical step that could further validate the company's technology and open pathways for broader market adoption.
The clinical implications of Biotricity's expansion into cardiac AI clinical models are significant. By supporting clinicians in decision-making, these models have the potential to improve patient outcomes through more accurate and timely interventions. The company's move to seek FDA clearance by year-end signals a commitment to regulatory compliance and safety, which is paramount in healthcare. This step not only serves as a quality assurance to potential users but also as a competitive differentiator in the healthcare technology market.
The development of anonymized clinical models is also indicative of the industry's shift towards data-driven medicine. By leveraging large datasets to inform clinical decisions, Biotricity is at the forefront of personalized medicine, which is increasingly becoming the standard of care. The success of these models will depend on their accuracy, generalizability and integration into existing clinical workflows, which are key factors that will determine their adoption and impact on healthcare practices.
Biotricity's strategic initiatives appear to be well-aligned with investor expectations for growth in the technology and healthcare sectors. The company's focus on operational efficiency through AI automation and the expansion of its Cardiac AI platform is likely to be received positively by the market, given the potential for improved margins and scalability. The pursuit of FDA clearance is an investment in the company's credibility and marketability, which could enhance investor confidence and possibly lead to an increase in the company's stock valuation.
However, investors must also weigh the risks associated with the costs of research and development, regulatory hurdles and the time required to bring new technologies to market. While the long-term prospects seem promising, the short-term financial impact will be contingent upon the company's ability to manage these costs effectively and navigate the FDA clearance process successfully. Moreover, the competitive landscape of the Healthcare AI market will require continuous innovation and strategic partnerships to maintain a competitive edge.
- Biotricity's AI automation engine has already proven to increase operational efficiency and support growth, evidenced by the Company's recent margin improvement
- The Healthcare AI Market is projected to soar to
$208.2 billion and remote patient monitoring (RPM) market anticipated to reach$96.67 billion by 2030 - Biotricity is now expanding its Cardiac AI platform, building anonymized clinical models to support clinical decisions with expectations to file for FDA by the end of the year
REDWOOD CITY, CA / ACCESSWIRE / March 12, 2024 / Biotricity Inc. (NASDAQ:BTCY) ("Biotricity" or the "Company"), a leading Technology-as-a-Service (TaaS) company reshaping the landscape of medical diagnostic and consumer healthcare, announces expansion of its Cardiac AI Cloud platform: the company is building a cardiac AI clinical model which distills important information to support clinician in cases that require clinical intervention or review. The company expects to file an FDA clearance for its clinical model by the end of the year. The healthcare AI market is projected to soar to
Biotricity expects its state-of-the-art solutions, fueled by its future Cardiac AI Cloud platform, to empower healthcare professionals in the face of increasing resource shortages and a growing chronically ill population. Providers will be enabled by the Company's revolutionary technology to manage significantly larger patient volumes while being alerted to critical data. This expands the reach of healthcare services to a broader audience, bridging medical accessibility gaps like never before.
Already deployed, Biotricity's AI automation engine has demonstrated its effectiveness in increasing operational efficiency while supporting growth. This effectiveness of Biotricity's approach can already be seen in the company's continually improving margins. The company plans to continue to expand its automation engine alongside the development of its clinical engine.
Biotricity is expanding its proprietary cardiac AI clinical model with key partner technologies, including Google's TensorFlow and Amazon Web Services infrastructure. By harnessing the power of big data and continuous learning engines, the Company is advancing to new heights. Biotricity's focus is now on expanding data capabilities to develop predictive analytics for early detection, preventing the onset of cardiac conditions, and, if heart disease is developed, mitigating adverse events. Through the analysis of our anonymized data set comprised of over 500 billion heartbeats and once FDA cleared, the Company's new AI clinical model is poised to enhance diagnostic accuracy, optimize treatment plans, and significantly improve patient outcomes. Biotricity anticipates filing for FDA clearance for this groundbreaking AI clinical model later this year.
"We're thrilled to announce this latest expansion to our Cardiac AI Cloud platform. As the healthcare landscape continues to rapidly transform, Biotricity remains steadfast in its commitment to revolutionizing medical diagnostics and consumer healthcare. Our proprietary AI technology, fortified by partnerships with industry giants, empowers healthcare professionals to navigate the complexities of patient care with unparalleled precision and efficiency. With a relentless focus on innovation and leveraging over 500 billion beats of anonymized data, our Cardiac AI Cloud platform will not only enhance clinic profitability but also pave the way for transformative advancements in diagnostic accuracy and patient outcomes," said Dr. Waqaas Al-Siddiq, Ph.D., Founder, Chairman, and CEO of Biotricity. "As we embark on the journey to an FDA clearance for our groundbreaking AI clinical model, we stand poised to redefine the future of cardiac care, ensuring every patient receives the quality of care they deserve."
For Investors interested in learning more about Biotricity, its robust revenue trajectory, and its comprehensive suite of medical diagnostic and consumer healthcare technologies, visit www.biotricity.com/investors.
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.
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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.
Investor Relations Contacts
SOURCE: Biotricity, Inc.
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