The Company shows continued progress towards cash-flow break even and profitability
Recurring Technology Fee (SaaS) revenue - over 94% of total revenue with a 76% gross margin, which rose over 400 basis points and is expected to continue to trend higher
Gross margins improved significantly to 73.8 from 63.5% in the same period last year, and 59.6% 2 years earlier
Reduced SG&A to $3 million, down 16% compared to same period last year
Operating loss of $1.1 million, indicated efficiency gains of $1.2 million from the preceding year quarter - a 51.8% improvement
Growth in revenue of 6% YOY to $3.2 million
EBITDA and Adjusted EBITDA improved by 18.9% and 49.8%, respectively, from the corresponding period in the prior year;
Quarter over preceding Quarter, EBITDA improved by $1M, or 36%, whereas Adjusted EBITDA improved by $1.5M or 59%.
Comprehensive loss was reported at $6.9 million, due to one-time non-cash items of $3.2 million; removing these would have resulted in a net loss of $3.7 million, consistent with prior year levels of $3.8 million due to interest rate increases that countered the impact of efficiency gains
REDWOOD CITY, CA / ACCESSWIRE / August 21, 2024 /Biotricity Inc. (OTCQB:BTCY) ("Biotricity" or the "Company"), a Technology-as-a-Service (TaaS) company operating in the remote cardiac monitor sector of consumer healthcare, today announced its financial results for the first quarter of fiscal 2025 year ended June 30, 2024.
Dr. Waqaas Al-Siddiq, Biotricity Founder & CEO, commented, "Our first quarter fiscal 2025 marked a strong start to the year. Despite the seasonally low summer months that can last into September, we saw impressive growth in our hospital sales pipeline, and future technology fees and device sales. We continued to achieve efficiencies from our prudent fiscal management aimed at bolstering our bottom line, and the effective use of our distribution channels. Given our consistently strong gross margins on technology fees of approximately 74% this quarter, and our growing recurring revenue, we anticipate continued improvement in overall blended gross margin over time. Our AI segment is also demonstrating accelerated progress. For the remainder of this calendar year, our focus remains increased sales of our remote cardiac monitoring devices and suite of products and ramp-up of our subscription-based service to continue on our clear path to profitability."
"EBITDA and Adjusted EBITDA improved by $5.1 million and $5.7 million, or 38% and 46%, respectively when comparing the trailing 12 months to the corresponding prior year trailing 12 month period. This is significant when we consider the EBITDA and adjusted EBITDA measures for the three month period ended June 30, 2024, which improved by 18.9% and 49.8%, respectively. These are indicators of the Company's progress towards breakeven profitability as well as improvement towards operating cash-flow break-even.
Full details of the Company's financial results will be filed with the SEC on Form 10-Q and available by visiting www.sec.gov.
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.
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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. 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.
