Company Announces Record Revenue and Improved Margins
REDWOOD CITY, Calif./ACCESSWIRE/July 14, 2022/ Biotricity Inc. (NASDAQ:BTCY) (“Biotricity” or the “Company”), a medical diagnostics and consumer healthcare technology company, today announced financial results for its fiscal fourth quarter. 2022 and the year ended March 31, 2022.
Dr. Waqaas Al-Siddiq, Founder and CEO of Biotricity, said, “Fiscal 2022 was a pivotal year for Biotricity as we made significant progress in our product development and commercialization strategy. Despite the headwinds of Covid, we were able to continue to grow. are pleased with the year-over-year revenue growth of 81% for the fiscal quarter and 126% for the fiscal year ended March 31, and the expansion of our gross margin in both periods, mainly thanks to our flagship product, Bioflux. Biotres and Bioheart, we are excited to deploy our all-in-one ecosystem solution for cardiac diagnostics and disease management. Cardiologists will now have a full suite of products available to their patients through a single portal. »
Fourth Quarter FY22 Financial Highlights:
Revenue totaled $2.15 million, compared to $1.19 million in the fourth quarter of FY21, an increase of 81% quarter over quarter.
Gross profit margins improved to 67%.
Net loss totaled $6 million or $0.118 per share; adjusted loss per share, a non-GAAP measure, was $0.11 per share after removing certain one-time expenses.
FY22 Financial Highlights:
Revenue totaled $7.7 million, compared to $3.4 million in FY21, a 126% year-over-year increase.
Gross profit totaled $4.6 million, an increase from $1.3 million in FY21.
Gross profit margins improved to 60%.
Net loss totaled $30.2 million or $0.665 per share; adjusted loss per share, a non-GAAP measure, was $0.48 per share after removing certain one-time expenses.
As of March 31, 2022, we had declared $12 million in cash; during the year, the Company closed $12 million of non-convertible debt which also extinguished $1.6 million of less favorable debt.
Operating highlights for fiscal year 22 to date:
Continue to recruit top talent for the continued expansion of our sales team
After receiving 510(k) clearance from the FDA in January 2022, in April we officially launched our wireless wearable holter patch device, Biotres, a breakthrough holter technology that represents the future of remote patient monitoring. patients.
Unveiling of Biokit, a personal medical device kit to be integrated into the Biotricity ecosystem.
Launch of Bioheart, a first continuous heart rate recorder and personal cardiac lifestyle solution.
Launch of Biocare Cardiac, a personal heart health app for people diagnosed with or at risk of cardiovascular disease.
Increased the total addressable market from $1 billion to approximately $25 billion through the introduction of three products to market.
Expanded our network to over 300 centers in 27 states with over 1,500 cardiologists.
Biotricity was named one of the 50 most innovative companies in the world by “Fast Company” for 2022, and #1 in the medical device category, joining the ranks of innovators like SpaceX, Canva and Microsoft.
Dr. Al-Siddiq continued, “Our goal is to consolidate cardiac services within clinics and hospitals into a single ecosystem, enabling cardiologists to leverage our cloud-based technology to not only deliver diagnostics, but also for disease management, remote management and telemedicine, all. After a successful second half of the 2022 calendar with Biotres and Bioheart, we plan to introduce our secure virtual clinic platform, enabling clinicians to provide cardiac care remotely. This will ensure that at-risk patients and those in need of remote cardiac monitoring assistance do not have to leave the safety of their homes.”
Capital Markets and Corporate Governance Highlights:
Nasdaq listing, which raised Biotricity’s stature within its industry, while increasing its visibility with analysts and institutional investors.
Inclusion in the Russell Microcap Index, increasing our visibility to analysts and investors.
Full details of the Company’s financial results will be filed with the SEC on Form 10-K by visiting www.sec.gov.
Financial Results Conference Call
Management will host a conference call on Thursday, July 14, 2022 at 4:30 p.m. ET to discuss its financial results for the fourth quarter and fiscal year 2022 and provide a business update. Additional details are available in the Investor Relations section of the Company’s website: https://www.biotricity.com/investors/
For those interested and unable to join the conference call, a replay of the call will be available until July 21, 2022 at 5:30 p.m. ET and can be viewed by following this LINK.
Biotricity is reforming the healthcare market by bridging the gap in remote monitoring and chronic care management. Physicians and patients trust Biotricity’s unrivaled standard for preventive and personal care, including diagnostic and post-diagnostic solutions for chronic diseases. 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 the use of the words “may”, “should”, “should”, “will”, “could”, “expect, “”expect”, “anticipate”, “estimate”, “believe”, “intend”, “seek”, “project”, or “goal” or the negative of these words or other variations of those words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) plans, objectives and goals for the management of future operations, including plans, objectives or goals relating the design, development and marketing of Bioflux or any other project offered by the Company products or services, (ii) a projection of revenues (including revenues / losses), profits (including profits / losses ) per share, capital expenditures, dividends, structure re capital or other financial matters, (iii) the future financial performance of the Company, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the underlying assumptions or related to any statement described in (i), (ii), (iii) or (iv) above. These forward-looking statements are not intended to predict or guarantee actual results, performance, events or circumstances and may not be realized as they are based on current projections, plans, objectives, beliefs, expectations, estimates and assumptions. of the Company and are subject to a number of risks and uncertainties and other influences, many over which the Company has no control. Actual results and the timing of certain events and circumstances may differ materially from those described in the forward-looking statements due to these risks and uncertainties. Factors that could influence or contribute to the inaccuracy of 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 time and resources associated with the development of its products and the associated insufficient cash flow and resulting illiquidity, the Company’s inability to grow its business, significant government regulation of medical devices and healthcare industry, lack of product diversification, existing or increased competition, results of arbitrations and litigation, stock volatility and illiquidity, and the Company’s inability to implement plans to business or strategies of the Company. These and other factors are identified and described in greater detail in the Company’s filings with the SEC. There can be no assurance that the Company will ever become profitable. The Company undertakes no obligation to update any forward-looking statements to reflect any event or circumstance that may occur after the date of this release.
Use of Non-GAAP Information
In addition to the unaudited results reported in accordance with generally accepted accounting principles, or GAAP in this press release, Biotricity presents an adjusted net loss, which is a non-GAAP financial measure. Adjusted net loss is determined by deducting the one-time fair value of derivatives and accretion expense from net loss attributable to common shareholders. Our definition of Adjusted Net Loss may not be comparable to definitions of similarly named measures used by other companies. We believe that this non-GAAP financial measure, considered in addition to and not in place of its GAAP results, provides useful information to investors by providing a more focused measure of operating results. This measure is used as part of the Company’s internal reporting to assess its operations and the performance of senior management.
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