Biotricity Strengthens its Foundation for Growth, Achieves Lower Cost of Sales, Expanding Margins of 73% and Increased Device Sales, for Third Quarter of Fiscal Year 2024
- Topline growth with better quality revenue mix
- Increase in subscription revenue (fixed) vs usage based revenue (variable), reducing seasonality impact with more predictable revenue
- Improved margins
- Lower costs with improved selling expense
- Stronger path to breakeven
REDWOOD CITY, CA / ACCESSWIRE / February 21, 2024 / Biotricity Inc. (NASDAQ:BTCY) (“Biotricity” or the “Company”), a Technology-as-a-Service (TaaS) company operating in the remote cardiac monitor sector of consumer healthcare, today announced its financial results for the third quarter of fiscal 2024 year and (unaudited) ended December 31, 2023.
Dr. Waqaas Al-Siddiq, Biotricity Founder & CEO, said, “This quarter was marked by record margins, lowered costs and increasing revenues, supporting our path towards positive cashflow. The major theme for us was on long-term building- which meant reshaping our sales force to focus on efficiencies, longer sales cycles, larger accounts and independent hospitals and Group Purchasing Organizations- the necessary steps towards establishing recurring technology subscriptions and long-term growth.
We continue to leverage our data intelligently, pushing the boundaries of operational automation and efficiency, and in January of 2024, we announced the development of our Cardiac AI Cloud Platform. This platform is being designed for predictive monitoring, helping physicians and users in detecting potential issues before they arise. This supports our objective for early interventions, which decreases the likelihood of readmissions, and contributes to lowering healthcare costs. Biotricity’s product portfolio is already recognized as one of the most extensive remote cardiac monitoring collections worldwide, and this further reinforces our commitment to advanced healthcare solutions.
Our gross margins continue to trend upward, and we have successfully managed expenses, all while penetrating the market and securing market leadership in cardiac remote patient monitoring devices and solutions.”
Q3-FY24 Financial Highlights
- Revenue increased 21% to $2.97 million compared with $2.46 million in Q3 FY23
- Gross margin was 73% for the three months ended December 31, 2023, as compared to 57% in the corresponding prior year quarter, as a result of expansion in recurring technology fee revenue base, efficiencies gained in using proprietary AI in operational automation, and improvement in monitoring cost structure.
- Net loss decreased 36% YOY to $3.0 million, or $0.34 per share, from a net loss of $4.7 million, or $0.55 per share, in Q3-FY23
Operating Highlights for Q3-FY24
- Q3-FY24 recurring (TaaS) Technology Fees rose a robust 23% YOY to $2.78 million, representing over 14 times Device Sales revenue
- Company maintained its track record of strong customer retention that is supported by the quality of customer and cardiologist-friendly support services that emphasize accuracy of diagnostics and ease-of-use.
- Developed a range of state-of-the-art products to service a total addressable market of $35 billion.
- Expansion of geographic footprint to 35 states, with thousands of cardiologists over hundreds of centers.
- Continued trend to reach positive cash flow by growing subscription-based revenues, improving margins, and leveraging automation and experience to increase efficiencies of SG&A.
Full details of the Company’s financial results will be filed with the SEC on Form 10-Q and available by visiting www.sec.gov.
Financial Results and Business Update Conference Call
Management will host a conference call on Wednesday, February 21, 2024 at 4:30 p.m. ET to discuss its financial results for the fiscal 2024 third quarter and provide a business update. Additional details are available under the Investor Relations section of the Company’s website: https://www.biotricity.com/investors/
Event: Biotricity Third Quarter FY 2024 Financial Results and Business Update Call
Date: Wednesday, February 21st
Time: 4:30pm ET (1:30pm PT)
Toll Free: 877-497-9071
International: +1 201-689-8727
Webcast URL: https://event.choruscall.com/mediaframe/webcast.html?webcastid=W6rURVEu
Investors can begin accessing the webcast 15 minutes before the call, where an operator will register your name and organization. The call will be in listen-only mode.
A replay of the call will be available approximately 3 hours after the live call via the Investors section of the Biotricity website at https://www.biotricity.com/investors/.
Toll Free Replay Number: 877-660-6853
International: 201-612-7415
Replay Access ID: 13744622
Expiration: March 6, 2024, 11:59 PM ET
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 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.
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. 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
Biotricity Investor Relations
Investors@biotricity.com
SOURCE: Biotricity, Inc.
View the original press release on accesswire.com
