- Company reports Q2-FY24 revenue grew by 21.4% YOY to $2.9 million; continuing to advance toward positive cashflow
- Recurring technology fees, customer device sales, remain on an upward trend
- Reduced SG&A to $3.5 million, down 22% compared to same period last year
- Gross margins improve significantly to 69% from 54% compared to the same period last year
- Recurring Technology Fee Revenue - comprised 94.5% of total revenue with a 70% gross margin
- Net loss decreased 21% to $3.9 million
- Management will host its Q2 Fiscal Year 2024 Financial Results Call on Tuesday, November 14th at 6:00 p.m. ET
REDWOOD CITY, CA / ACCESSWIRE / November 14, 2023 / 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 second quarter of fiscal 2024 year and (unaudited) ended September 30, 2023.
Dr. Waqaas Al-Siddiq, Biotricity Founder & CEO, said, "In the second quarter of fiscal 2024, we continued our mission to innovate and create transformative healthcare products, all while maintaining a strong commitment to financial discipline. Our primary focus remains on driving revenue and margins and as such, we are pleased to see continued progress in achieving improvement in these metrics. This quarter we continued to leverage our data intelligently, pushing the boundaries of what's possible in healthcare outcomes through cutting-edge research and development. This dedication has allowed us to redefine medical diagnostics and patient care by introducing innovative AI-driven solutions.
We're proud to share that our Bioflux and Biotres products have monitored billions of heartbeats for atrial fibrillation (afib), a leading cause of strokes. Over the past two years, these efforts have made a significant impact, benefiting tens of thousands of patients diagnosed with afib. Our technology offers them the prospect of earlier medical intervention, producing substantial healthcare savings for both patients and the healthcare system.
Building on this success, we've expanded our AI technology development in remote cardiac care, harnessing proprietary AI technology to develop a suite of predictive monitoring tools that enhance new disease profiling, improve patient management, and revolutionize disease prevention within the healthcare industry. The results for our second quarter demonstrate year-over-year revenue growth and improvements in all key operating metrics- specifically in recurring technology fees, device sales, and gross margins. Throughout this, we've maintained a strong focus on cost control, reducing expenses, and making consistent progress towards our goal of achieving positive cash flow and profitability."
Q2-FY24 Financial Highlights
- Revenue increased 21.4% to $2.89 million compared with $2.38 million in Q2 FY23
- Gross profit was 69% for the three months ended September 30, 2023, as compared to 54% 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 20% YOY to $3.9 million, or $0.441 per share, from a net loss of $4.9 million, or $0.567 per share, in Q2-FY22
Operating Highlights for Q2-FY24
- Q2-FY24 recurring (TaaS) Technology Fees rose a robust 30.3% YOY to $2.7 million, representing over 17 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 32 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 Tuesday, November 14, 2023 at 6:00 p.m. ET to discuss its financial results for the fiscal 2024 second 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 Q2-FY24 Financial Results and Business Update Call
Date: Tuesday, November 14th
Time: 6:00 p.m. ET (3:00 p.m. PT)
Toll Free: 877-497-9071
International: +1 201-689-8727
Webcast URL: https://event.choruscall.com/mediaframe/webcast.html?webcastid=jNGOU89d
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: 13742638
Expiration: November 24, 2023, 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. There cannot be any assurance that the Company will ever become profitable. During the three months ended December 31, 2022 the Company incurred a net loss attributable to common stockholders of $4.74 million. 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.
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