Biotricity reports Q4 EPS (9c) vs. (11.8c) last year

Reports Q4 revenue $2.74M vs. $2.15M last year. Waqaas Al-Siddiq, Biotricity Founder & CEO, commented, “Fiscal 2023 was another year of excellent progress as we are scaling the business to plan, putting us solidly on our path to positive cash flow which we plan to reach by the end of CY24. To do so, we are generating strong revenue growth at a healthy gross margin. To gain efficiency and ensure our industry leadership, we have a dedicated team working with our proprietary AI programs companywide to improve automation and big data analytics, optimize operations and strengthen our state-of-the-art predictive cardiac diagnostics. This enables us to rapidly build revenue while we reduce or hold our operating expenses stable. As we continue to scale the business, we expect to raise blended gross margins into the 60% range as the bulk of our revenues are generated from Technology Fees, which had a gross margin of approximately 70%. Given the small size of our operations and staff relative to our footprint, we hold a robust market share with about 2,500 physicians, mostly cardiologists, integrated into our cloud-based Biosphere ecosystem. In the past year, we have transitioned from just one cardiac device in the market, to a platform company selling and serving four products that are integrated into our secure, cloud-based Biosphere portal. We are upselling to a repeat, loyal customer base who have used our first product to deliver better diagnostics to their patients and can now deliver better long term and holistic care through our latest products,” Dr. Al-Siddiq added. “Our product strategy is focused on upselling and delivering complementary solutions that enhance one another as opposed to replacement products that can potentially cannibalize existing products. In this way, we are adding a vertical strategy of upselling alongside our horizontal strategy of new customer acquisition. Our newest solutions are more bought than sold to existing customers, which skips onboarding and requires less time and resources to solicit the sale. Developing solutions that complement the rest of our product line without overlapping has the added benefit of expanding our market opportunity. In the last year, our portfolio expansion has expanded our total global addressable market geometrically from approximately $1 billion to approximately $35 billion. In fact, since we first launched Bioflux four years ago we have achieved sales of $22 million to date and are continuing to grow this solution. Today, Bioflux is approximately at a $12 million runrate. Now that we’re seeing existing customer sales of our Biotres as a second product, those sales are ramping up far faster and we project they will reach a $2 million run rate just fifteen months from commercial launch compared to thirty months for Bioflux.”