Biotricity reports Q1 EPS (6.9c) vs. (9.8c) last year

Reports Q1 revenue $3M vs. $2.1M last year. Waqaas Al-Siddiq, Biotricity Founder & CEO, commented, “Our first quarter fiscal 2024 marked a strong start to the year. We saw growth in our sales, encompassing technology fees and device sales. This achievement directly stems from our prudent fiscal management aimed at bolstering our bottom line, and the effective execution by our team and sales channels. Given our consistent gross margin on technology fees of approximately 70%, and an evolving revenue mix where technology fees are expected to comprise an increasing proportion of revenue, we anticipate continued improvement in overall blended gross margin over time. Our AI segment has begun to demonstrate progress and we’ve announced our strengthened relationships with Amazon and Google. We are committed to expanding our AI technology development into remote cardiac care with a focus on predictive monitoring tools to enhance disease profiling, improve patient management, and revolutionize the healthcare industry for disease prevention. In the future, we envision our cardiac AI model’s capacities will empower us to assist healthcare experts in efficiently managing a significantly higher patient load while discerning the most vital data points. This advancement will enable healthcare providers to enhance the caliber of care they deliver while catering to a more extensive patient base.Looking towards the rest of CY 2023, our focus remains four-fold: to increase sales of our remote cardiac monitoring solutions, ramp-up of our subscription-based service, accelerate our recurring revenue, and continue to draw a clear path to profitability. Our products, biosphere platform model, and vertical sales strategy of complementary products, continues to strengthen. Our Biocare app has received thousands of downloads and our BiotresTM- continues to attract industrywide interest with new and existing customers.We will continue to innovate and leverage data intelligently and explore novel approaches for enhancing healthcare outcomes. Through our ongoing commitment to cutting-edge research and development, we aim to redefine the landscape of medical diagnostics and patient care. With each passing quarter, we continue to substantiate our approach of constructing a resilient growth company through the expansion of subscription revenue, robust gross margins, and, over time, the establishment of a solid free cash flow model.”