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Management will host an investors’ conference on Tuesday, February 15 at 4:15 pm ET
- Revenue increased 93% year over year to $1.93 million
- Revenue beats SG&A increase by 2.2x
- The quarter-end cash position of $16.8 million is the highest ever
- Continues to expect triple-digit sales growth for the full year
REDWOOD CITY, CA / ACCESSWIRE / February 14, 2022 / Biotricity, Inc. (NASDAQ: BTCY) (“Biotricity” or the “Company”), a medical diagnostics and consumer health technology company, today reported financial results for the third quarter ended December 31, 2021 of fiscal 2022.
Financial and operational highlights from Q3 to FY22 include:
- Revenue of $1.93 million, an increase of 93% year-on-year and 7% sequentially above the $1.8 million reported in Q2 FY22.
- Good scale – SG&A was up just 40%, R&D was up 32% compared to a 93% increase in revenue.
- Net loss of $7.34 million, or $0.15 per share, impacted by the one-time fair value of derivatives and appreciation expense of $1.34 million during the quarter; Excluding these one-time items, the adjusted net loss would have been $6.0 million, or $0.12 per share.
“The December quarter was a crucial one for our company,” said Dr. Waqaas Al-Siddiq, Founder and CEO of Biotricity. “Despite Omnicron’s challenges, clinic closures, and reduced scheduling and staffing, we were still able to achieve modest sequential growth.
“We’ve also had several breakthrough product launches as well as Biotres’ landmark FDA approval, which significantly expands our overall addressable cardiac market and has positioned us well to make 2022 a game-changer. Our recently completed $12 million in debt financing has positioned us firmly to aggressively pursue our expansion plans and solidify our technology leadership in the industry.”
Just as importantly, last quarter the company launched Bioheart, a heart monitor that’s now available direct to consumers. The device offers the same continuous heart monitoring technology used by physicians. It enables patients to manage heart disease with retrospective snapshots and long-term data collection. A unique feature not possible with traditional solutions that require manual data collection and can only record a few minutes. It opens a new market and revenue stream for Biotricity and has added $1.24 billion to the company’s total addressable cardiac monitoring market. Bioheart can be purchased at www.bioheart.com and now on Amazon for $199.
“The addition of Bioheart is groundbreaking and marks an important step towards our ultimate goal of building a complete cardiac ecosystem to help people with heart conditions. I’m proud that Bioheart was brought to market in less than a year ahead of schedule,” added Dr. Al-Siddiq.
In addition, in December, the Company successfully completed a non-dilutive debt financing of $12 million on favorable terms. The intended use of the proceeds was to pay down $1.6 million of less favorable legacy debt, support the company’s inventory building and fund recurring subscriptions for canceled earnings.
Looking ahead, the company noted that it plans to win back any temporarily lost sales due to Covid in fiscal 2021 as heart disease is not on the decline but rather has made people more aware of its risks as a comorbidity. Biotricity is expanding its geographic footprint by strategically adding senior cardiac sales associates who then increase the number of cardiac centers participating in its Biotricity ecosystem. Its ultimate goal is to unify the cardiology services in clinics and hospitals into one ecosystem – so that physicians not only use the cloud-based Biotricity ecosystem to provide diagnostics, but seamlessly integrate diagnostics, disease management, remote administration and telemedicine in one place.
“With our busy schedule of new product and service launches for the 2022 calendar, our case is a classic one where the whole is far more valuable than the sum of its parts on our lifelong journey to heart health with a growing array of remote monitoring solutions powered by advanced AI technology “, concluded Dr. Waqaas. “Changing the state of heart health is why I founded Biotricity.”
As part of his commitment to proactive communication with shareholders, Dr. Al-Siddiq published a comprehensive letter to shareholders in December, including milestones, a product roadmap, a growth strategy and goals for 2022. It discussed the recently FDA-approved Biotres and the competitive advantages of a three-lead ECG and arrhythmia monitoring device, the intended for lower-risk patients. Biotres enters a new market, increasing the company’s total addressable market from $1 billion to $5.7 billion. The device will be generally available from April 1st. The letter can be viewed here: Biotricity Shareholder Letter
Complete details of the company’s financial results will be filed with the SEC on Form 10-Q and will be posted at www.sec.gov this week.
Management will host a conference call on Tuesday, February 15, 2022 at 4:15 p.m. ET. A live webcast of the conference call is available at the following link: https://pr.report/a73-wUZW. A full replay of the presentation will be available at the same link shortly after the live presentation concludes.
The live and archived webcast of the conference call will also be available on the Investor Relations section of the Company’s website at www.biotricity.com. The phone recording will be available approximately two hours after the call ends and will remain available for a week. To access the call retry dial-in information, please click here and enter the retry passcode: 6231038.
About Biotricity Inc.
Biotricity is transforming the healthcare market by bridging the gap in remote monitoring and chronic care management. Physicians and patients trust Biotricity’s unparalleled standard of preventative and personal care, including diagnostic and post-diagnostic products for chronic conditions. The company develops comprehensive remote health monitoring solutions for the medical and consumer markets. To learn more, visit
Important Cautionary Statements Regarding Forward-Looking Statements
All statements contained in this press release that are not historical facts may constitute forward-looking statements. Forward-looking statements that involve assumptions and describe our future plans, strategies and expectations are generally identified by the use of the words “may”, “should”, “would”, “will”, “could”, “planned, “expect” , “anticipate”, “estimate”, “believe”, “intend”, “aim”, “project” or “goal” or the negative of these words or other variations of these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) management’s plans, goals and objectives for future operations, including plans, goals or objectives relating to the design, development and commercialization of Bioflux or other proposed products or products services, (ii) a forecast of earnings (including earnings/losses), earnings (including earnings/losses) per share, capital expenditures, dividends, capital structure or other financial item, (iii) the future financial performance of the company, (iv) the regulatory environment in which the Company operates or intends to operate, and (v) the assumptions underlying or relating to the statements described in items (i), (ii), (iii) or (iv) above . Such forward-looking statements are not intended to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based on the Company’s current forecasts, plans, goals, beliefs, expectations, estimates and assumptions and these is subject to a number of risks and uncertainties and other influences, many of which are beyond the company’s control. Actual results and the timing of certain events and circumstances could differ materially from those described in the forward-looking statements due to these risks and uncertainties. Factors that may affect or contribute to the inaccuracy of the forward-looking statements, or cause actual results to differ materially from those anticipated or desired, include, among others, the Company’s inability to obtain additional funding, the related material time and resources the development of its products and associated inadequate 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. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances that may occur after the date of this press release.
Use of Non-GAAP Information
In addition to the unaudited results presented in this press release in accordance with generally accepted accounting principles, or GAAP, Biotricity reports adjusted net loss, which is a non-GAAP financial measure. The adjusted net loss is determined by subtracting the one-time fair value of the derivative and the compounding cost from the net loss attributable to common shareholders. Our definition of adjusted net loss may not be comparable to definitions of similarly titled measures used by other companies. We believe this non-GAAP financial measure, considered in addition to, and not in lieu of, reported GAAP results, provides investors with useful information by providing a more focused measurement of operating results. This metric is used as part of the company’s internal reporting to evaluate its operations and management’s performance.
SOURCE: Biotricity Inc.
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