Biotricity Provides Updated Guidance for Earlier than Expected Path to Profitability due to Growing Revenues and Improving Margins

Rhea-AI Summary

Biotricity Inc. (OTCQB:BTCY), a Technology-as-a-Service company in the healthcare industry, has announced an accelerated path to profitability by the end of Fiscal Q4. The company reports growing revenues from sales and strategic partnerships, improving margins, and has achieved EBITDA positive on a go-forward cash basis earlier than expected.

CEO Dr. Waqaas Al-Siddiq attributes this success to the company's novel approach and increasing demand for their diagnostically superior remote monitoring solutions. Biotricity's flagship product, Biocore Pro, is highlighted as the only 3 channel connected cardiac monitor in the world. The company aims to leverage its technology suite to address gaps in care delivery for both medical providers and patients.

Positive

• Accelerated path to profitability expected by the end of Fiscal Q4
• Growing revenues from sales and strategic partnerships
• Improving profit margins
• Achieved EBITDA positive on a go-forward cash basis earlier than expected
• Increasing demand for remote monitoring solutions

Negative

• None.

News Market Reaction

-13.27%

1 alert

-13.27% News Effect

On the day this news was published, BTCY declined 13.27%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

The company has achieved EBIDTA positive on a go-forward cash basis

REDWOOD CITY, CA / ACCESSWIRE / October 3, 2024 / Biotricity Inc. (OTCQB:BTCY), an innovative Technology-as-a-Service (TaaS) company that is reshaping the landscape of the healthcare industry with state-of-the-art remote monitoring and diagnostic solutions, today reports compelling financial and strategic advancements that will propel the company towards profitability by the end of Fiscal Q4. Biotricity is now on an accelerated trajectory to profitability due to growing revenues from sales and strategic partnerships, improving margins, and an earlier than expected milestone of achieving EBITDA positive on a go-forward cash basis.

"We are thrilled to share our fast-tracked path towards profitability, driven by strong increase in revenue garnered through strategic partnerships and sales expansion, as well as optimized profit margins," said Dr. Waqaas Al-Siddiq, CEO and founder of Biotricity. "This achievement is a testament to our novel approach and the increasing demand for our diagnostically superior remote monitoring solutions."

Biocore Pro, the only 3 channel connected cardiac monitor in the world!

Biotricity is committed to leveraging its cutting-edge technology suite to meet the evolving needs of the healthcare sector, bridging the wide gap in care delivery for both medical providers and patients. The company's strategic initiatives and solid financial foundation position it to capitalize on market opportunities and continue to drive sustainable growth. For more information about Biotricity Inc. and its revolutionary suite of healthcare solutions, please visit www.biotricity.com/investors.

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.

Investor relations:

Biotricity Investor Relations
Investors@biotricity.com

SOURCE: Biotricity, Inc.

View the original press release on accesswire.com

FAQ

When does Biotricity (BTCY) expect to reach profitability?

Biotricity expects to reach profitability by the end of Fiscal Q4, which is earlier than previously anticipated.

What factors are contributing to Biotricity's (BTCY) accelerated path to profitability?

Biotricity's accelerated path to profitability is driven by growing revenues from sales and strategic partnerships, improving margins, and achieving EBITDA positive on a go-forward cash basis earlier than expected.

What is Biotricity's (BTCY) flagship product?

Biotricity's flagship product is Biocore Pro, which is described as the only 3 channel connected cardiac monitor in the world.

How is Biotricity (BTCY) positioned in the healthcare technology market?

Biotricity is positioned as an innovative Technology-as-a-Service company reshaping the healthcare industry with state-of-the-art remote monitoring and diagnostic solutions.