Biotricity Inc Stock Price, News & Analysis

Biotricity Inc. (NASDAQ:BTCY) has made significant strides in combating cardiovascular diseases (CVDs), which cause approximately 17.9 million deaths annually. The company aims to enhance chronic disease management through innovative digital health solutions. In 2022, Biotricity's revenue grew each quarter, buoyed by the success of its Bioheart device, which won TIME Magazine's "200 Best Inventions of 2022" award. Their devices, including Bioflux and Biotres, have facilitated early interventions, leading to substantial cost savings in healthcare. A recent Corporate Impact Report revealed that Bioflux identified cardiac events for nearly 5,000 patients, saving over $85 million in hospital costs. Overall, Biotricity has played a crucial role in improving patient outcomes and reducing healthcare expenses associated with CVD.

Biotricity (NASDAQ:BTCY) announced a record $12 million annualized revenue run rate as of March 2023. The company expects continued revenue growth in April and Q4 FY23, driven by strong sales of remote cardiac monitors, the expansion of subscription-based services, and a new distribution strategy. Biotricity emphasizes its cloud-based Biosphere solutions and a scalable business model aimed at increasing product sales and recurring revenue. The CEO, Dr. Waqaas Al-Siddiq, highlights the company’s focus on expense management and margin improvement to achieve positive EBITDA and cash flow. Despite reporting a net loss of $14.7 million for the nine months ended December 31, 2022, the outlook remains optimistic for upcoming quarters.

Biotricity, Inc. (NASDAQ:BTCY) has released its first Corporate Impact Report, highlighting the effectiveness of its remote diagnostic devices in improving patient outcomes and reducing healthcare costs. The report showcases the performance of Bioflux, a mobile cardiac telemetry device, and Biotres, a holter technology for remote patient monitoring. Over two years, 14,732 patients diagnosed with atrial fibrillation (AF) have benefitted from early intervention, potentially saving over $330 million in healthcare costs. Additionally, late diagnosis could have cost patients an estimated $1.147 billion. Biotricity is expanding its network, now partnering with over 300 centers and 2,000 physicians across more than 30 states.

Biotricity, Inc. (Nasdaq:BTCY) has reported significant operational achievements since FY22, showcasing its robust growth and innovation in the healthcare market. Key highlights include:

• Recognition by TIME magazine as one of the Best Inventions of 2022 for its Bioheart heart monitor.
• Ranked No. 1 among the Top 10 Most Innovative Medical Device Companies by Fast Company.
• Launch of the Biocare™ Cardiac Disease Management Solution, aiding over 2,000 cardiologists.
• Winning an NIH grant for AI-driven monitoring solutions.
• Expansion to 300+ centers across 30 states.

The healthcare biometric market is projected to grow from $26.9 billion in 2021 to $78.4 billion by 2030.

Biotricity Inc. (Nasdaq:BTCY) reported strong financial results for the third quarter of fiscal 2023, ending December 31, 2022. Revenue grew 27.4% year-over-year to $2.46 million, achieving a gross margin of 57%. The company successfully signed two significant distribution agreements, contributing to its strategic market growth. Notably, Biotricity maintained a 98% customer retention rate, bolstering its subscription revenue model. The net loss was reduced by a third, totaling $4.75 million. As Biotricity focuses on achieving positive cash flow, it plans to optimize its R&D and capex investments while continuing product innovation.

Biotricity Inc. (NASDAQ:BTCY) will host a conference call on February 14, 2023, at 4:30 p.m. ET to discuss its third-quarter financial results for fiscal 2023. The call will cover important financial metrics and provide insights on the company's performance. Interested participants can join via a toll-free number or through a live webcast. A replay of the call will be accessible until February 28, 2023. Biotricity focuses on enhancing remote health monitoring and chronic care management, aiming to bridge gaps in healthcare delivery.

Biotricity (NASDAQ:BTCY) has been selected to present at the 2nd Annual Innovation Showcase during the American Stroke Association 2023 International Stroke Conference in Dallas, TX on February 9. This prestigious event features only eight companies, emphasizing Biotricity's innovation in medical technology. The Company will showcase its research on stroke prediction in patients with chronic kidney disease (CKD), supported by a recent NIH grant. This research aims to improve monitoring and therapeutic strategies for high-risk CKD patients, potentially reducing mortality rates and healthcare costs.