- Company continues its shift to subscription-based revenue, prioritizing margin improvement and operational efficiency enhancements, on the path to breakeven
- Management to announce Third Quarter Fiscal 2024 Results at market close on February 20, 2024
REDWOOD CITY, CA / ACCESSWIRE / February 14, 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, provided selected preliminary financial results for its fiscal third quarter 2024 results, ended December 31, 2023, that include record gross margins and record operational efficiency.
For the Third Quarter of Fiscal Year 2024, the Company expects to announce:
- Record gross margins of 73% compared to the prior year quarter of 57%
- Improved operational efficiency, reflected in a reduction in operating expenses of over 30%
The results for our third quarter will demonstrate year-over-year improvements in all key operating metrics- specifically in operational costs and gross margins. Throughout this, we have maintained a strong focus on our goal of achieving positive cash flow and profitability."
Dr. Waqaas Al-Siddiq, Biotricity Founder & CEO, said, "In the third quarter of fiscal 2024, we increased our revenues despite the traditionally low seasonal business volumes associated with this quarter. I am proud to note that we had a record month of device sales - a precursor to future technology revenues. This quarter, we advanced towards achieving positive cashflow, emphasized by operational efficiency, margin improvement, and revenue growth. We continued to leverage our data intelligently, pushing the boundaries of operational automation and efficiency, enabling us to enhance our sales force and provide our customers with superior technology and customer service.
Notably, we have surpassed 500 billion heartbeats and helped diagnose over 250,000 patients, a dataset that is supporting our R&D efforts to continuously improve analytics to help drive better patient outcomes. Our ongoing development of our Cardiac AI Cloud aims to provide superior quality data to more physicians and patients alike. Our goal is to create the most efficient Cardiac Cloud to support earlier medical interventions, resulting in substantial healthcare savings for both patients and the healthcare system. Building on this dataset and goal, we are expanding our proprietary cardiac AI technology development to include a suite of predictive monitoring tools for disease profiling to improve patient management and to revolutionize disease prevention within cardiac care.
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 (a) 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 (a), (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
SOURCE: Biotricity, Inc.
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