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.