Biotricity Achieves Positive Free Cash Flow Milestone

First Time in the Company’s History

REDWOOD CITY, Calif., Dec. 3, 2024 /PRNewswire/ — Biotricity Inc. (OTCQB: BTCY) (“Biotricity” or the “Company”), a Technology-as-a-Service (TaaS) company operating in the remote cardiac monitor sector of consumer healthcare, today announced achieving positive free cash flow, a measure of financial health and another major milestone towards profitability.

Dr. Waqaas Al-Siddiq, Biotricity’s Founder & CEO, explains: “While continuing on our mission to produce transformative healthcare technologies, we have demonstrated a strong commitment to growth and operational efficiency through innovation, automation and financial discipline, driving revenue and margins on our path to profitability. One of the key metrics management and investors use as a measure of progress to profitability is Free Cash Flow. We are pleased to see this measure become positive during the second fiscal quarter ended September 30, 2024.”

Free Cash Flow is a non-generally accepted accounting principle (“non-GAAP”) measure that represents the cash that the Company generates from its operations after deducting cash used on operating expenses and any capital asset spending. Unlike other accounting measures such as earnings or net income, this measure of profitability excludes non-cash expenses, but includes spending on capital assets and changes in working capital on the Company’s Balance Sheet. Free Cash Flow therefore represents the cash that the Company has generated that is available to repay creditors and pay interest or dividends to lenders and investors. New product launches anticipated in FY25 will be accelerated, bringing the Company closer to long-term profitability and sustainability.

Management intends to report this metric as it continues on its path to profitability.” Positive Free Cash Flow of $355,016 for the quarter ended September 30, 2024 demonstrated consistently strong progress from the immediately preceding quarter ended June 30, 2024, when this measure was negative $725,567; and even more pronounced progress from the corresponding quarter one year ago, when the measure was negative $1.6 million. Free Cash Flow per share for the quarter ended September 30, 2024 was positive $0.016 per share compared to negative –$0.186 in the corresponding quarter of the prior fiscal year.

Non-GAAP Measures
We provide non-GAAP financial information to enhance the understanding of Biotricity’s GAAP financial information; it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. We believe that providing these non-GAAP measures in addition to the GAAP measures allows management, investors and other users of our financial information to more fully and accurately assess business performance. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be directly comparable to that of other companies.

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. 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.

Contacts

Investor Relations
Biotricity Investor Relations
investors@biotricity.com

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SOURCE Biotricity