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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) reported strong financial results for the third quarter of fiscal 2023, ending December 31, 2022. Revenue grew 27.4% year-over-year to $2.46 million, achieving a gross margin of 57%. The company successfully signed two significant distribution agreements, contributing to its strategic market growth. Notably, Biotricity maintained a 98% customer retention rate, bolstering its subscription revenue model. The net loss was reduced by a third, totaling $4.75 million. As Biotricity focuses on achieving positive cash flow, it plans to optimize its R&D and capex investments while continuing product innovation.
Biotricity Inc. (NASDAQ:BTCY) will host a conference call on February 14, 2023, at 4:30 p.m. ET to discuss its third-quarter financial results for fiscal 2023. The call will cover important financial metrics and provide insights on the company's performance. Interested participants can join via a toll-free number or through a live webcast. A replay of the call will be accessible until February 28, 2023. Biotricity focuses on enhancing remote health monitoring and chronic care management, aiming to bridge gaps in healthcare delivery.
Biotricity (NASDAQ:BTCY) has been selected to present at the 2nd Annual Innovation Showcase during the American Stroke Association 2023 International Stroke Conference in Dallas, TX on February 9. This prestigious event features only eight companies, emphasizing Biotricity's innovation in medical technology. The Company will showcase its research on stroke prediction in patients with chronic kidney disease (CKD), supported by a recent NIH grant. This research aims to improve monitoring and therapeutic strategies for high-risk CKD patients, potentially reducing mortality rates and healthcare costs.
Biotricity Inc. (NASDAQ:BTCY) has announced a second distribution agreement with a leading US medical device distributor for its cardiac monitoring solutions, Bioflux and Biotres. Designed for cardiologists, these solutions will be marketed directly to hospitals and clinics. Founder and CEO Waqaas Al-Siddiq emphasized the significance of advanced technology in enhancing remote patient care. He pointed out that Biotricity aims to capture a share of the $6 billion cardiac care market, delivering 24/7 remote monitoring capabilities that could improve heart disease outcomes.
Biotricity (NASDAQ:BTCY) has announced that CEO Waqaas Alsiddiq will speak at the upcoming Healthcare IT Virtual Conference on January 25, 2023, at 8:15 a.m. ET. This conference, hosted by Maxim Group LLC and M-Vest, addresses technological advancements in healthcare aimed at reducing costs and improving patient outcomes. Participants will explore various companies including Biotricity, focusing on remote monitoring and chronic care management. Attendees can join live by signing up as M-Vest members. For more information and to reserve a seat, visit the provided link.
Biotricity Inc. (NASDAQ:BTCY) announced a partnership with a leading group purchasing organization (GPO) to distribute its cardiac monitoring solutions, Bioflux and Biotres. This collaboration targets hundreds of independent US hospitals and clinics, facilitating bulk purchasing of medical devices. According to CEO Waqaas Al-Siddiq, this agreement is expected to enhance the company’s visibility and drive revenue growth throughout 2023. Biotricity focuses on remote monitoring and chronic care management, aiming to improve cardiology services and patient care.
Biotricity, Inc. (Nasdaq: BTCY) announced a 510(k) submission to the FDA for a new form factor of its Biotres Cardiac Monitoring Device. This device targets the $5 billion holter monitor market, focusing on lower-risk patients. Key features include 3-channel ECG recording, a rechargeable battery lasting 48 hours, wireless connectivity for faster diagnoses, a user-friendly design, and a modular approach for future enhancements. The company aims to improve patient lives and reduce healthcare costs through innovative technology.
Biotricity Inc. (NASDAQ:BTCY) has signed a distribution agreement with a Top 10 US medical distributor to expand the commercialization of its cardiac monitoring solutions, targeting a market of $6 billion. The company has a 95% customer retention rate and significant achievements, including a $250K NIH grant for AI-driven monitoring. Upcoming plans include broadening distribution and developing new products to enhance revenue growth and reduce expenses, aiming for profitability by capitalizing on existing and new partnerships.
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.
Biotricity Inc. (NASDAQ:BTCY) reported a revenue of $2.4 million for the fiscal 2023 second quarter, showing a 14% increase sequentially. The gross profit reached $1.3 million, reflecting a gross margin of 54%. Despite this positive revenue growth, the company recorded a net loss of $4.9 million, equating to $0.094 per share. Management highlighted new distribution partnerships and the launch of the Biocare Cardiac Disease Management Solution as key strategies for future profitability, anticipated within 18 months. Notably, the Bioheart monitor received TIME's Best Inventions accolade.
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