REDWOOD CITY, CA / ACCESSWIRE / July 11, 2024 / Biotricity Inc. (NASDAQ:BTCY), a Technology-as-a-Service (TaaS) company operating in the remote cardiac monitor sector of consumer healthcare, today announced its accelerated timeline to achieving EBITDA positive. The company now expects to reach this significant milestone before the end of calendar 2024, earlier than previously anticipated.
"Our strategic initiatives and technological advancements have put us on a fast track to profitability," said Dr. Waqaas Al-Siddiq, founder and CEO of Biotricity. "Calendar 2023 was transformative, characterized by a robust 25.2% increase in revenue, substantial margin improvements, and a significant reduction in operating expenses. This strong foundation, further fortified by workflow automation and AI technology, has enabled us to continue driving efficiency, reduce costs, and improve service quality, rapidly propelling us towards EBITDA positive."
Biotricity's accelerated path to EBITDA positive is underpinned by its ability to scale efficiently while maintaining high-quality service. The expansion of its Cardiac AI Cloud platform, empowered by strategic partnerships and leveraging over 500 billion beats of anonymized data, is set to revolutionize cardiac care.
The company's partnerships, particularly with Group Purchasing Organizations (GPOs) representing approximately 90% of U.S. hospitals, provide extensive market reach and negotiating power. Additionally, recent Health Canada approval for Biocore opens new avenues for revenue growth in the $1.56 billion Canadian cardiology devices market. These developments position Biotricity to not only achieve near-term and long-term financial milestones but also to make a significant impact on the healthcare industry by delivering innovative, accessible, and high-quality cardiac care solutions.
Biotricity is targeting a $35 billion total addressable market opportunity. With its solutions utilized daily by cardiologists across 35 states and hundreds of centers, Biotricity is capturing a growing market share in cardiology, bolstered by high retention rates of approximately 99% and a recuring revenue base that boasts strong LTV-to-CAC ratios.
About Biotricity
Biotricity is transforming the healthcare market by bridging the gap in remote monitoring and chronic care management with a focus on cardiology. Physicians and patients trust Biotricity's unparalleled standard for preventive and 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 and follow us on Twitter and LinkedIn.
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