Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Biotricity Inc Reports Q1 Revenue of $2.1M, Net Loss of $5M

Published 2022-08-17, 06:20 a/m
BTCY
-

Biotricity Inc. (BTCY) today announced its financial results for its fiscal 2023 first quarter ended June 30, 2022.

Dr. Waqaas Al-Siddiq, Founder & CEO of Biotricity, commented, “We are pleased with our year-over-year revenue growth and ability to maintain gross margins at 60% as we begin to roll out our new Biotres and Bioheart products lines through our established network. Both new product offerings will complement the existing platform we have built through Bioflux to make the Biotricity ecosystem an all-in-one go-to solution for cardiologists. Additionally, because Biotres is a higher volume wireless wearable cardiac monitoring device as compared to Bioflux, we expect to expand our distribution to include channels such as Hospital Networks or Integrated Delivery Networks.”

Q1-FY23 Financial Highlights:

● Revenue totaled $2.1 million.
● Gross profit totaled $1.2 million.
● Gross profit margins were 60% and consistent with the full year FY22.
● Net loss totaled $5 million or $0.098 per share; adjusted loss per share, a non- GAAP measure, was $0.085 per share after removing certain non-recurring expenses.

Operating Highlights for the FY22 to Date:

● After receiving FDA 510(k) clearance in January 2022, in April 2022, Biotricity officially launched wireless wearable holter patch device, Biotres, a revolutionary holter technology.
● Unveiled Biokit, a personal medical device kit for integration into the Biotricity ecosystem.
● Launched Bioheart, one of the first heart rhythm recorders and personal heart lifestyle solutions.
● Expanded our network to cover 29 states with over 2,000 physicians using our product.

Full details of the Company’s financial results will be filed with the SEC on Form 10-Q by visiting www.sec.gov.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.