REDWOOD CITY, CA - Biotricity Inc. (NASDAQ:BTCY), a company specializing in medical diagnostic and consumer healthcare technology, has announced a new partnership with a leading Group Purchasing Organization (GPO), which now allows them to reach 90% of U.S. hospitals. This move is part of Biotricity's strategic expansion and is expected to significantly enhance the company's market visibility and growth potential.
GPOs are entities that help streamline the purchasing process for medical providers by leveraging their collective bargaining power to secure advantageous terms for medical devices and supplies. With this latest partnership, Biotricity joins forces with GPOs that manage the buying needs of the vast majority of hospitals in the United States, representing a purchasing power of $264 billion.
Dr. Waqaas Al-Siddiq, Founder, Chairman, and CEO of Biotricity, expressed his enthusiasm for the partnership, stating, "This significant milestone will enhance our visibility and market reach within the healthcare industry. We anticipate robust growth in the future as our products become more readily available."
The role of GPOs in the U.S. healthcare system is significant as they are known to save the industry up to $55 billion annually, according to the Healthcare Supply Chain Association. Biotricity's alliance with these organizations could be a strategic advantage in a market where healthcare expenditures reached $4.5 trillion in 2022.
Biotricity is recognized for bridging the gap in remote monitoring and chronic care management, with a particular focus on cardiology. The company's products are trusted by physicians and patients alike for preventive and personal care, including diagnostic and post-diagnostic solutions for chronic conditions.
The information in this article is based on a press release statement from Biotricity Inc.
InvestingPro Insights
Biotricity Inc. (NASDAQ:BTCY) has shown a promising Revenue Growth of 28.55% over the last twelve months as of Q3 2024, signaling a strong market demand for its healthcare technologies. This growth is coupled with a substantial Gross Profit Margin of 65.52%, which underscores the company's ability to maintain profitability on its products despite the costs associated with their development and distribution.
Investors tracking the company's performance will note that the 1 Month Price Total Return as of day 88 of the year 2024 has surged by 47.79%, reflecting a strong return over the last month. This could be indicative of market optimism following the recent strategic partnership announcement.
However, it is important for investors to consider the liquidity and profitability challenges facing Biotricity. According to InvestingPro Tips, the company's short-term obligations currently exceed its liquid assets, and analysts do not expect the company to be profitable this year. Additionally, Biotricity has not been profitable over the last twelve months and does not pay a dividend to shareholders. These factors may influence investment decisions, especially for those seeking immediate returns or income through dividends.
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