- Company highlights recent achievements and strategic initiatives setting the foundation to drive revenue growth to record levels in calendar 2022
- National sales force growing, now covers 27 states for in-office clinic and physician demos
- With Covid fading, Company expects new opportunities for its sales team
REDWOOD CITY, CA / ACCESSWIRE / May 5, 2022 / Biotricity Inc. (NASDAQ:BTCY) ("Biotricity" or the "Company"), a medical diagnostic and consumer healthcare technology company, today provided an update for its shareholders by Chief Executive Officer Waqaas Al-Siddiq, Ph.D., that discusses recent Company achievements and strategic initiatives to position the business for strong 2022 results, increasing scale and accelerating growth into 2023.
"We remain focused and confident in our fundamental business strategy to innovate, commercialize, capture share of a fast-expanding marketplace, and grow revenues," said Biotricity CEO Waqaas Al-Siddiq. "We have already made strong progress this year, including our first quarter pre-launch of our BiotresTM remote cardiac monitoring device and we expect to meaningfully increase sales in 2022."
In the last 6 months, the Company has achieved several important milestones including:
- Listing on the Nasdaq, which has elevated Biotricity's stature within its industry while raising its visibility with analysts and institutional investors.
- Biotricity was named one of the "Fast Company" World's 50 Most Innovative Companies for 2022, and #1 in the medical devices category, joining the ranks of innovators like SpaceX, Canva, and Microsoft.
- Received FDA clearance and commercially launched its Biotres Cardiac Monitoring Device, expanding our TAM to $8B and evolving Biotricity from a one-product company to a rapidly growing platform covering the spectrum of consumer, patient and physician needs.
- Launched Biotricity's Bioheart device
- Increased our TAM from $1B to $25B
- Presented at the 34th annual Roth Conference, one of the largest investment conferences in the nation for small-cap companies.
- Successfully completed a $12 million non-dilutive debt financing.
- Posted 93% YOY revenue growth to $1.93 million in the third quarter ended Dec. 31, 2021;
- Demonstrating scalability, revenue outpaced the SG&A increase by 2.2x;
- Reported highest ever quarterly cash position at $16.8 million.
The company has a number of milestones planned for the rest of the year:
- Sales force expansion
- Continued roll out and expansion of its new complementary products
- Strengthening the Board of Directors to align with the company's current status
"While revenue growth has been strong, we believe the business has greater potential for growth and I am driven to ensure we dedicate the resources to accomplish this," Dr. Al-Siddiq added. "Looking ahead for the balance of 2022, we expect many new opportunities as the country re-opens from the closures due to COVID-19 last year and in early 2022. We offer superior technology, ease of use, competitive pricing and unrivaled customer and physician support - all with a highly scalable recurring revenue business model."
As Covid / Omicron fades, Biotricity's growing professional sales force is now in 27 states increasing its in-office visits to hospitals and cardiac clinics to demonstrate its state-of-the-art Bioflux® high-precision, single-unit mobile cardiac telemetry (MCT) device as well as to introduce our Biocare® Telemed virtual clinic platform which is slated for launch in the second half of 2022. These complement the Company's Bioheart and Biotres devices - targeted to patients and health-conscious consumers - with Biotres just now beginning to enter commercialization. With its consumer-targeted devices, Biotricity's marketing team is efficiently testing and building its omnichannel marketing programs for messaging and return on investment.
On the technology side, Biotricity continues to combine artificial intelligence (AI) with data and predictive capabilities to create better and faster analytics for preventative patient monitoring and lifestyle management. Ultimately, we aim to become the largest complex cardiac cloud platform spanning diagnostics, disease, and lifestyle management.
Cardiovascular disease is the leading cause of death in the United States. Biotricity plans to disrupt the cardiac care marketplace with its devices and Biosphere cloud-based subscription services. These address a global cardiac monitoring devices market of $12.4 billion that analysts project to reach $17.1 billion in 2026, and potentially a $55.9 billion telemedicine and care management market.
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. During the three months ended June 30, 2020 the Company incurred a net loss attributable to common stockholders of $3.4 million. 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.
Erica Fiorini, Russo Partners
SOURCE: Biotricity Inc.
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