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Biotricity, Inc. (BTCY) is a medical technology company at the forefront of healthcare innovation. Specializing in biometric data monitoring solutions, Biotricity aims to improve healthcare by developing remote monitoring solutions for chronic disease prevention and management. Its premier product, Bioflux, is an ECG monitoring system used by physicians to diagnose and monitor cardiac patients remotely. Biotricity's Biolife solution extends medical-grade monitoring to the consumer market, empowering users to self-manage chronic conditions through lifestyle changes. With a focus on preventive healthcare, Biotricity's R&D efforts aim to put health management directly into the hands of individuals, easing the burden on the healthcare system.
Biotricity Inc. (NASDAQ:BTCY) has made significant strides in combating cardiovascular diseases (CVDs), which cause approximately 17.9 million deaths annually. The company aims to enhance chronic disease management through innovative digital health solutions. In 2022, Biotricity's revenue grew each quarter, buoyed by the success of its Bioheart device, which won TIME Magazine's "200 Best Inventions of 2022" award. Their devices, including Bioflux and Biotres, have facilitated early interventions, leading to substantial cost savings in healthcare. A recent Corporate Impact Report revealed that Bioflux identified cardiac events for nearly 5,000 patients, saving over $85 million in hospital costs. Overall, Biotricity has played a crucial role in improving patient outcomes and reducing healthcare expenses associated with CVD.
Biotricity (NASDAQ:BTCY) announced a record $12 million annualized revenue run rate as of March 2023. The company expects continued revenue growth in April and Q4 FY23, driven by strong sales of remote cardiac monitors, the expansion of subscription-based services, and a new distribution strategy. Biotricity emphasizes its cloud-based Biosphere solutions and a scalable business model aimed at increasing product sales and recurring revenue. The CEO, Dr. Waqaas Al-Siddiq, highlights the company’s focus on expense management and margin improvement to achieve positive EBITDA and cash flow. Despite reporting a net loss of $14.7 million for the nine months ended December 31, 2022, the outlook remains optimistic for upcoming quarters.
Biotricity, Inc. (NASDAQ:BTCY) has released its first Corporate Impact Report, highlighting the effectiveness of its remote diagnostic devices in improving patient outcomes and reducing healthcare costs. The report showcases the performance of Bioflux, a mobile cardiac telemetry device, and Biotres, a holter technology for remote patient monitoring. Over two years, 14,732 patients diagnosed with atrial fibrillation (AF) have benefitted from early intervention, potentially saving over $330 million in healthcare costs. Additionally, late diagnosis could have cost patients an estimated $1.147 billion. Biotricity is expanding its network, now partnering with over 300 centers and 2,000 physicians across more than 30 states.
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