Biotricity reports financial results for Fiscal 2023 Second Quarter

REDWOOD CITY, Calif., Nov 14, 2022 (ACCESSWIRE) — Biotricity Inc. (NASDAQ:BTCY) (“Biotricity” or the “Company”), a medical diagnostic and consumer healthcare technology company, today announced its financial results and provided a business update for its fiscal 2023 second quarter ended September 30, 2022.

“We are pleased with our steady revenue growth year-over-year and sequentially for the fiscal second quarter. During this quarter, we have identified key drivers toward a path to profitability, potentially in the next 18 months, including new distribution partnerships with leading distribution networks. Our new partnerships will serve to build out our ecosystem with new physicians in the industry, but also provide expanded access to a large network of sales representatives. Earlier this month we executed an agreement with one of these major distribution networks, and we intend to pursue relationships with others in the coming months,” commented Dr. Waqaas Al-Siddiq, Founder & CEO of Biotricity.

“Going forward, we are also focusing on going deeper into our physician and hospital networks by launching new complementary products such as our Biocare Cardiac Disease Management Solution, as we address the growing unmet need for a comprehensive remote cardiac monitoring solution. As with all of our solutions, we focus on expanding our platform with technology-as-a-service solutions that align with existing reimbursement codes, drive better care and outcomes, lower costs, and supporting cardiac practice growth. This comprehensive approach to cardiac care is driving adoption and helping establish us as a leading medical technology company,” continued Dr. Al-Siddiq.

Operating Highlights for the Q2-FY23 to Date:

• The Company’s Bioheart personal cardiac monitor won TIME’s Best Inventions of 2022.
• Awarded $250K NIH Grant from the National Heart, Blood, and Lung Institute for AI-Enabled real-time monitoring and predictive analytics for stroke due to chronic kidney failure.
• Surpassed 2 billion recorded and analyzed heartbeats for atrial fibrillation (AFib).
• Launched Biocare Cardiac Disease Management Solution after two successful pilots at Oklahoma & Kentucky Clinics.
• Continued expansion of our network and maintenance of a 95+% retention rate that together drive Biotricity’s residual revenues.

Q2-FY23 Financial Highlights:

• Revenue totaled $2.4 million.
• Gross profit totaled $1.3 million.
• Gross profit margins were 54%.
• Net loss totaled $4.9 million or $0.094 per share.

Full details of the Company’s financial results will be filed with the SEC on Form 10-Q by visiting www.sec.gov.

Financial Results Conference Call

Management will host a conference call on Monday, November 14, 2022 at 4:30 p.m. ET to discuss its financial results for the fiscal 2023 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/

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until November 28, 2022 and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 8592059.

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.

Contacts:

Investor relations:

KCSA Strategic Communications
Valter Pinto or Jack Perkins
(212) 896-1254
Investors@biotricity.com