Biotricity expects gross margins of 73% for Q3

Biotricity provided selected preliminary financial results for its fiscal third quarter 2024 results, ended December 31, 2023, that include record gross margins and record operational efficiency. For the Third Quarter of Fiscal Year 2024, the Company expects to announce: Record gross margins of 73% compared to the prior year quarter of 57%; Improved operational efficiency, reflected in a reduction in operating expenses of over 30%.. Waqaas Al-Siddiq, Biotricity Founder & CEO, said, “In the third quarter of fiscal 2024, we increased our revenues despite the traditionally low seasonal business volumes associated with this quarter. I am proud to note that we had a record month of device sales – a precursor to future technology revenues. This quarter, we advanced towards achieving positive cashflow, emphasized by operational efficiency, margin improvement, and revenue growth. We continued to leverage our data intelligently, pushing the boundaries of operational automation and efficiency, enabling us to enhance our sales force and provide our customers with superior technology and customer service. Notably, we have surpassed 500 billion heartbeats and helped diagnose over 250,000 patients, a dataset that is supporting our R&D efforts to continuously improve analytics to help drive better patient outcomes. Our ongoing development of our Cardiac AI Cloud aims to provide superior quality data to more physicians and patients alike. Our goal is to create the most efficient Cardiac Cloud to support earlier medical interventions, resulting in substantial healthcare savings for both patients and the healthcare system. Building on this dataset and goal, we are expanding our proprietary cardiac AI technology development to include a suite of predictive monitoring tools for disease profiling to improve patient management and to revolutionize disease prevention within cardiac care.”