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Might be setting up here for another pop.
I'm mostly out. On watch for next pop
It came;)
Beautiful price. This is going to make new 52 week highs in my opinion
In @ 1.02!
FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
OMB APPROVAL
OMB Number: 3235-0287
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
1. Name and Address of Reporting Person *
Al-Siddiq Waqaas 2. Issuer Name and Ticker or Trading Symbol
BIOTRICITY INC. [ BTCY ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
__X__ Director __X__ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
CEO and President
(Last) (First) (Middle)
275 SHORELINE DRIVE, SUITE 150 3. Date of Earliest Transaction (MM/DD/YYYY)
4/7/2020
(Street)
REDWOOD CITY, CA 94065
(City) (State) (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
6. Individual or Joint/Group Filing (Check Applicable Line)
_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 8. Price of Derivative Security
(Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option (right to purchase) $0.98 4/7/2020 A 1400000 (1) 4/7/2030 Common Stock 1400000 $0 1400000 D
Explanation of Responses:
(1) The options vest quarterly over four years.
Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Al-Siddiq Waqaas
275 SHORELINE DRIVE, SUITE 150
REDWOOD CITY, CA 94065 X
Biotricity’s Real-Time Monitoring Bioflux Device can Help Identify Life Threatening QT Prolongation in COVID-19 PatientsPress Release
04/07/2020
REDWOOD CITY, Calif., April 07, 2020 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB: BTCY ), a medical diagnostic and consumer healthcare technology company, today announced that its Bioflux® units are designed for QT interval analysis, a section of the ECG, to identify serious risks like QT prolongation. QT prolongation is a measure of delayed ventricular repolarization, which can cause sudden cardiac death. QT is becoming an important factor for COVID-19 patients, as some of the drugs being used can cause QT prolongation as a side effect, leading to sudden cardiac death. Bioflux can be used to remotely monitor this.
“One of the key features that Bioflux has is the ability to record QT variability and ranges. This is particularly important since a known side effect of many drugs is QT prolongation which can lead to very serious arrhythmias. Drugs that are currently being studied to treat COVID-19 patients, such as hydroxychloroquine, have been known to cause QT prolongation. Because of this reason, I feel more comfortable knowing that Bioflux has the ability to detect this,” said Dr. Afflu.
Drs. Patel and Nasif stated, “An important aspect of Biotricity’s technology that has made us long term customers is the detailed analysis on the data collected from the Bioflux, such as QTc and QT Prolongation. Our practice has been utilizing this aspect of the Bioflux as QT prolongation can be a side effect of many drugs.”
Bioflux is an FDA approved advanced remote patient monitoring (RPM) technology that is engineered to assist diagnoses of heart conditions such as cardiovascular disease (CVD) and enhance patient outcomes. RPM technology supports the world’s goal of promoting social-distancing and is the safest solution to help monitor patients during a pandemic while maintaining high quality patient care. Offering the combined benefits of highly precise data for accurate and speedy diagnosis, patients are actively monitored from the comfort of their homes, minimizing hospital visits and reducing the risk of potential infection.
Waqaas Al-Siddiq PhD, founder and CEO of Biotricity said: “The COVID-19 pandemic has underscored the desperate need to utilize remote patient monitoring and telehealth solutions to aid infection containment and make intervention and diagnosis faster. Social distancing is still a relatively new concept for our society to grapple with, but it is uniquely suited to a remote healthcare delivery model. Future epidemics will capitalize on telemedicine and remote patient monitoring to support social distancing while maintaining a high quality of patient care.”
To learn more, join our newsletter at: https://www.biotricity.com/contact-us/ or follow on:
Twitter: @biotricity_inc Facebook: facebook.com/biotricity/ or
LinkedIn: linkedin.com/company/biotricity-measuring-vitals
About Biotricity Inc.
Biotricity is a modern medical technology company focused on delivering innovative, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. Biotricity’s R&D continues to focus on the preventative healthcare market, with a vision of putting health management into the hands of the individual. The company aims to support the self-management of critical and chronic conditions with the use of innovative solutions to ease the growing burden on the healthcare system. To learn more, visit www.biotricity.com.
Important Cautions Regarding Forward-Looking Statements
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. 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.
Media Contacts
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Investor Relations:
Biotricity Inc.
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REDWOOD CITY, Calif., March 03, 2020 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB: BTCY), a medical diagnostic and consumer healthcare technology company, today announced that world renown cardiologist Dr. John Simpson will serve as Chair of its Scientific & Medical Alliance Board. Dr. Simpson is credited with inventing and commercializing the first over-the-wire balloon catheter used for percutaneous transluminal coronary angioplasty (PTCA). This single invention created the field of interventional cardiology as it is known today. He joins an already impressive roster of advisory board members who support Biotricity’s research and development with a focus on scientific and clinical excellence.
Over the course of his storied medical technology career, Dr. Simpson has founded and successfully exited companies like ACS and DVI (both acquired by Eli Lilly), CVIS (acquired by Boston Scientific), Perclose (sold to Abbott), Lumend (acquired by Cordis), and Fox Hollow (acquired by ev3 which is now part of Medtronic). Dr. Simpson received his PhD in Immunology from the University of Texas, his MD from Duke University, and completed his fellowship in interventional cardiology at Stanford University. He is a member of the American College of Physicians, a fellow of the American College of Cardiology, has published on a wide variety of medical subjects, and has lectured extensively throughout the world.
“It is with great pleasure that we announce Dr. John Simpson’s new position as Chair of our Scientific & Medical Alliance Board,” said Dr. Waqaas Al-Siddiq, Biotricity Founder and CEO. “Dr. Simpson’s extensive expertise in the medical technology sector will provide us with invaluable clinical insights and guidance as we continue to expand our product offerings.”
To learn more, visit www.biotricity.com or follow on:
Twitter: @biotricity_inc Facebook: facebook.com/biotricity/ or
LinkedIn: linkedin.com/company/biotricity-measuring-vitals
company is a total scam! claims they have a CMS certified call center in USA....not.....located in India. Whole group is going to jail.
The 10Q is now out. Read em and weep! 9 months revenue up 5x compared to the same period of 2018 but net losses remain the same. Go figure!
The Q 900 hundreds devices deployed for 3 months = 900 hundred times 400 times 3 = 1080000. Next Q 1500 devices out for 3 months = 1800000 . 1800000 tim s 4 Q’s = 7200000 a year . YES break even by next Q
REDWOOD CITY, Calif., Feb. 18, 2020 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB: BTCY), a medical diagnostic and consumer healthcare technology company, today announced calendar fourth quarter financial results for the three months which ended December 31, 2019.
FOURTH QUARTER HIGHLIGHTS
Revenues for the three months which ended December 31, 2019 grew by 225% compared to the corresponding prior year quarter;
Recurring technology fee revenues grew by more than 500% during the same period
COMMENTARY ON PERFORMANCE AND OUTLOOK
"Biotricity focuses on developing novel medical remote monitoring solutions with a recurring technology fee business model,” said Dr. Waqaas Al-Siddiq, Biotricity Founder and CEO. “On a year-to-date basis, technology fee revenues grew by over 504% for the nine months which ended December 31, 2019 when compared to the corresponding prior year. The Company earned total revenue of $1.1 million, which is a 380% increase over the prior year. The total revenue results for the three-month period which ended December 31, 2019 corresponds to 96% of the revenues earned during the entire 12-month period of the Company’s fiscal year which ended March 31, 2019.”
On a net basis, the Company incurred losses of $2,371,003 (loss per share of 0.067) for the three months which ended December 31, 2019. Mr. Al-Siddiq commented, “During this period of initial Bioflux® commercialization, we are devoting significant resources to research and development.”
Biotricity CFO John Ayanoglou added, “Revenue growth for the three months which ended December 31, 2019 is particularly significant given seasonal lows that are anticipated. Our growth trajectory continues to improve, with total revenues increasing by 10.4% and recurring technology fee revenues increasing by 28% during this same period. Based on its current sales profile, at the margin, approximately 65% of Biotricity’s revenues are comprised of annual recurring revenues (ARR), and this component is expected to increase in both absolute and percentage terms into the future.”
“The Company’s expanding size and the quality of its salesforce has resulted in a rising ARR reach quarter,” said Dr. Al-Siddiq. “To do this, the Company continues to successfully attract non-dilutive sources of capital, such as its recent $8 million preferred share transaction. We have hired seasoned sales professionals, each with a history of introducing new cardiovascular technologies to the marketplace, and plan to continue to grow our sales force in the future.” Biotricity also announced that it is pursuing new FDA clearances for state-of-the-art technologies that it intends to bring to the market in the near future:
? Advanced ECG analysis software that can analyze and synthesize patient ECG monitoring data with the purpose of distilling it down to the important information that requires clinical intervention, significantly reducing costs;
? The Biotres patch solution, which will be an innovative product in the field of Holter monitoring, expanding our top and bottom-line revenues; and
? The Bioflux® 2.0, which is the next generation of our award winning Bioflux®, further expanding our revenue generating telemedicine product line-up.
By design, management established Biotricity’s horizontal technology platform to align with the Centers for Medicare and Medicaid Services (CMS) stated plan to cut over $57 billion in costs from US public healthcare spending, by moving unnecessary inpatient care to outpatient care, and focusing on RPM and preemptive diagnostics. This paradigm shift has the potential to improve patient care and save additional lives, while also lowering healthcare costs.
“The company has demonstrated continued growth, which is a testament to the strong work ethic of everyone on the Biotricity team,” said Dr. Al-Siddiq. “The efforts of our R&D staff to develop technologies which will require new FDA applications promises to enhance that trajectory and the revenue expansion that we have posted quarter over quarter.”
Management’s business outlook, and more detailed results for the three months which ended December 31, 2019, can be found in Management's Discussion and Analysis ("MD&A"), available on EDGAR and Biotricity's website.
Too many shorts have to cover, http://shortvolumes.com/?t=BTCY weekly chart showing a long term hold
This will go back down to $1.15 or lower. Wait for the buy-in. $BTCY
Yeah it is. Climbing every day
To get to .25 cent a share earning , they need to have 3300 devices deployed , they already have more than 900 hundred devices deployed. This was with a few sales people and a soft launch in just a few states. They now are in more than 11 states and have went to full deployment, with many many more sales staff. The revenue is reoccurring each and every 2 weeks
IMO , short covering due to Q coming in a few weeks. They will be at break even this week or next. Their revenue is reoccurring. This time next year we should be at making a minimum of .25 cent earning per year. Companies in MT sector trade at 20 times earnings, that puts at 5 dollars a share. They are also going to summit for FDA approval at the end of February on the next generation for their device with AI .
No idea. I'm just here for the chart and share structure.
What is driving this back up now? it hasn’t been this high in months
ORLANDO, Fla., Jan. 29, 2020 (GLOBE NEWSWIRE) -- When we first published regarding medical diagnostic and consumer healthcare technology company Biotricity (BTCY) back in December, our focus was on the Company’s innovation and aspirations in the vast sensor market. As you may recall, we believe that the sensor market on the whole is a gamechanger like drones, cannabis, bit-coin, and the like. Mighty Forbes makes a compelling argument as to how technology could revolutionize preventative medicine.
We agree.
And a recent announcement from Biotricity puts the company ever closer to a real opportunity to participate in the compelling sensor market in a truly significant way. Just last week the Company announced that it is finalizing its FDA filing for its next generation, advanced ECG analysis software with an expectation to file a 510(k) application with the US FDA by the end of February 2020.
Without getting too pedestrian regarding the aforementioned application, essentially what a 510(K) is a premarket submission made to the FDA to demonstrate that the device to be marketed is at least as safe and effective, that is, substantially equivalent, to a legally marketed device that is not subject to premarket approval.
Biotricity is clearly at a precipice, now awaiting approval to enter a market expected to reach $1.8 billion by 2026. If approved, the Company’s product could be a game changer. This approval could help accelerate growth, which is already at triple digits year-over-year.
According to Biotricity, current, traditional ECG monitoring requires significant human oversight to review and sift through incoming patient data for the purposes of determining which data is actionable and relevant. As such, it is imperative for biotechnology companies to build software that can analyze and synthesize this data with the purpose of distilling it down to the important information that requires clinical intervention.
Biotricity’s new ECG Analysis Software is purposefully engineered to improve analytic performance and identify anomalies by parsing through data trends and pinpointing information from which actionable insights can be gleaned. When fully cleared and implemented, the new software will significantly reduce the current human capital requirements for such tasks, reducing analysis time from 5 minutes to 30 seconds.
It is not expected to take long for the FDA to render an opinion and for this company to discover just how quickly and with what products it gets to enter this highly attractive industry.
About Biotricity Inc.
Biotricity is a modern medical technology company focused on delivering innovative, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. Biotricity’s R&D continues to focus on the preventative healthcare market, with a vision of putting health management into the hands of the individual. The company aims to support the self-management of critical and chronic conditions with the use of innovative solutions to ease the growing burden on the healthcare system. To learn more, visit www.biotricity.com.
REDWOOD CITY, Calif., Jan. 22, 2020 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB: BTCY), a medical diagnostic and consumer healthcare technology company, announced today that it is finalizing its FDA filing for its next generation, advanced ECG analysis software with an expectation to file a 510(k) clearance application with the US FDA by end of February 2020.
The global remote patient monitoring market is expected to reach $1.8 billion by 2026, and with this growth comes the inevitable deluge of data that will threaten to inundate healthcare professionals with a surplus of information, much of which will be non-actionable biometric data, wasting valuable time and resources.
Today, traditional ECG monitoring requires significant human oversight to review and sift through incoming patient data for the purposes of determining which data is actionable and relevant. As such, it is imperative for biotechnology companies to build software that can analyze and synthesize this data with the purpose of distilling it down to the important information that requires clinical intervention.
Biotricity’s new ECG Analysis Software is purposefully engineered to improve analytic performance and identify anomalies by parsing through data trends and pinpointing information from which actionable insights can be gleaned. When fully cleared and implemented, the new software will significantly reduce the current human capital requirements for such tasks, reducing analysis time from 5 minutes to 30 seconds. This tenfold improvement will allow the company to divert valuable human resources to more high-level operations.
“Our advanced software is going to drive scalability up while driving costs down,” said Dr. Waqaas Al-Siddiq, Biotricity Founder and CEO. “Our software will preclude the ongoing challenges that many healthcare professionals face when it comes to a surplus of patient data – with our technology, we will be able to improve data analytics so that doctors can benefit from receiving patient information that actually requires their attention and intervention.”
The Company’s flagship product, Bioflux®, is a complete solution for cardiac monitoring and diagnosis, consisting of the Bioflux® device, proprietary software, and a 24/7 monitoring center that merges seamlessly with physicians’ existing platforms and workflows. Unlike traditional cardiac monitoring solutions, Bioflux® extends the support a patient receives at a care facility into the patient’s home. The device monitors a patient’s ECG in near real-time, constantly analyzing and collecting data on the device and periodically uploading to the cloud via embedded cellular technology. In cases where anomalies or emergencies are detected, the data is transferred to a call center for appropriate action
REDWOOD CITY, Calif., Jan. 07, 2020 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB: BTCY), a medical diagnostic and consumer healthcare technology company, announced today that it has converted approximately $1.8 million in debt investment from long-term private investors into its recent Preferred Equity transaction, bringing the cumulative total sold in this round to $7.8 million. This conversion further expands the company’s runway.
The conversion comes at an important time and is structured to reduce Biotricity’s short-term cash flow obligations, expand its runway, and benefit its execution strategy. This investment is another step for the company’s broader goal to gain a listing on a senior stock market exchange.
Biotricity is focused on growth and the expansion of its product portfolio. The capital raised, alongside with the revenues that the company currently generates, provides Biotricity with working capital to accomplish its goals for the coming year. Among other important initiatives, this capital infusion will be used to engage on the following priorities:
Growth and doubling of the company’s sales force;
FDA filing for Biotres patch solution within the first 6 months of 2020, which will be a novel product in the field of Holter monitoring;
FDA filing for Bioflux 2.0, the next generation of our award winning Bioflux® device.
“By converting this obligation, we are continuing to strengthen the financial position of the Company,” said Dr. Waqaas Al-Siddiq, Founder and CEO of Biotricity. “By structuring and implementing this conversion, we focused on reducing our shorter-term obligations in order to establish a stronger foundation for growth. We look forward to 2020 and our continued pursuit and execution of sales and technology milestones. We are grateful to our long-term investors for their support in Biotricity’s mission and the value it brings to the future of healthcare.
News: $BTCY Biotricity Completes $6M Investment from Private Investor
REDWOOD CITY, Calif., Dec. 19, 2019 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB : BTCY ), a medical diagnostic and consumer healthcare technology company, announced today that it has completed a $6M investment from its long term Private Investor in the form of a Preferred Equity...
Read the whole news BTCY - Biotricity Completes $6M Investment from Private Investor
Biotricity Completes Development of its ECG Patch Platform
Company Prepares for FDA Filing of New Device
REDWOOD CITY, Calif., Dec. 04, 2019 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB: BTCY), a medical diagnostic and consumer healthcare technology company, today announced that it has completed development of its ECG patch platform. An extension of the company's award-winning Bioflux(R) device, Biopatch is ideal for patients with less complicated cardiac conditions. The patch leverages the advanced diagnostic capabilities of Bioflux(R) in a miniaturized form factor with 3 standard electrodes but no lead wires. It provides wireless communication to enable real-time monitoring for patients who are either at risk for, or diagnosed with, certain cardiac issues. The patch is currently undergoing internal clinical testing; once testing is complete the company will file a 510(k) clearance application with the US FDA.
"With development of the patch completed, we've achieved the most significant milestone in bringing our product to the market," said Mr. Waqaas Al-Siddiq, Founder and CEO of Biotricity. "We took special care to develop our patch platform to ensure that our solution overcomes all of the limitations that other ECG patches in the market currently have. It's with great pride that I can affirm that we have done exactly that. Biopatch will allow us to widen our commercial reach, offering patients a more convenient monitoring solution without compromising diagnostic quality."
The company's flagship product Bioflux(R) already offers advanced diagnostics for ambulatory patients and patients who are at high risk for adverse heart effects. A miniaturized application of the Bioflux(R) technology, Biopatch extends the same advanced diagnostics while offering patients a more convenient, less cumbersome monitoring solution to encourage greater user compliance.
Biopatch Key Features
-- 3-channel solution, industry-recommended for best diagnostic yield
-- Compact and comfortable with high usability
-- A 3-in-1 solution offering Event, Holter, and Extended Holter monitoring;
future extension will allow for mobile cardiac telemetry (MCT) monitoring
-- Wireless communication to enable real-time monitoring
-- Ensures advanced conduction & flexibility for all skin types, designed to
use standard electrodes
-- Automated wireless uploading addresses diagnostic and report turn-around
issues that current patches face
-- Rechargeable to address battery limitations that other patches in the
market currently face
Continuous ECG monitoring patches that patients wear at home have been found to significantly increase detection of atrial fibrillation (AF), according to an industry-funded study in JAMA. AF can lead to serious heart-related complications, including stroke and heart failure. Small, comfortable, and effective, Biopatch will ensure patients with AF and other cardiac issues receive early diagnosis and preemptive care from their physicians
Btcy charges 200 dollars a read . A read is 2 weeks, that’s 400 dollars every month per device. The revenue from the read is reoccurring each and every month. Btcy also sells these devices at 175 per device , which is a one time charge.In their filling they have reported 900 hundred devices deployed. 3 months , 1 Q, of charges for 900 hundred devices is 1,080,000 . The revenue will show up on their Q 3 months later. A years worth of revenue is at 4,320,000 already . This is reoccurring each and every year. Don’t forget about the devices sales for those not cooled yet. Since we have went from soft lunch to full lunch just a short time ago , we went from 300 devices to 900 . What do you think we will be at a year from now with derives deployed and collecting revenue. You know that the shorts are toast. Simple math and facts prove me right . The challenge sent before you is PROVE me wrong with numbers and facts.
It is an exciting time in the world of digital health! The Centers for Medicare and Medicaid Services (CMS) has released its final 2020 rules, which directly impacts remote patient monitoring (RPM) services. This falls on the heels of 2019's reimbursement changes for providers using RPM under the following CPT Codes: CPT 99453, CPT99454, and CPT 99457.
Digital health companies have been anticipating these changes with an understanding of how they can improve the adoption of RPM as well as the health of their patients. The addition of these CPT codes allows for a greater flexibility for providers that opt to utilize RPM services for the patients they serve.
The two changes that were recently finalized include allowing RPM to be provided “incident to” under general supervision, and for CPT Code 99458 to be used as an add-on code for patients who received an additional 20 minutes of RPM services in a given month. Both new rules will go into effect on January 1, 2020.
cpt-code-graph
“Incident to” billing of CPT Code 99457
When the CPT codes for RPM were created earlier this year, the CMS stated that RPM services could only be delivered by a physician and not by an “auxiliary personnel incident to the practitioner’s professional services.” An “incident to” service is defined as a service rendered under the supervision of a physician and/or qualified health care professional and then billed to Medicare in the name of the physician and/or qualified healthcare professional.
In April of 2019, the CMS stated that it would allow for “incident to” billing by auxiliary personnel if they were under direct supervision, which meant they were in the same building at the very same time. This new rule allows for general supervision instead of the direct supervision that was required prior to April of 2019; thus, CPT codes 99457 and 99458 can be billed under general rather than direct supervision.
General supervision allows physicians to use telemedicine to conduct general supervision with their auxiliary staff. Furthermore, this rule states that the physician and/or other qualified healthcare professional who is supervising auxiliary staff does not have to treat the patient receiving RPM services, yet the supervising physician/qualified healthcare professional can bill Medicare for the “incident to services”.
This rule extends the flexibility of the RPM services and does not exclusively put the burden solely on the physician and/or qualified healthcare professional. This rule will change the landscape of the current business models being used for RPM services and will enhance them greatly.
New RPM Code for Extra 20 Minutes
The CMS also created a new rule that will allow for billing after the first 20 minutes of RPM services, which is currently billed under CPT 99457. Patients who received an additional 20 minutes of RPM services and require interactive communication with clinical staff/physician/qualified healthcare professional can be billed under CPT code 99458. It's estimated that reimbursement will be at the rate of approximately $43 per month.
In conclusion, these new rules and CPT codes demonstrate that the CMS recognizes the importance of RPM services and its power to minimize the gaps in our current healthcare system. All patients can benefit from these services and these changes will certainly increase providers’ chances to adopt a medical model that includes RPM services.
This sums up their last Q ,300 devices deployed and revenue from 3 months use PLUS device sales. The next Q 300 devices which generated 3 months of revenue but not device sales. Then in Q 2 they had some dives collecting revenue but not devices sales, some collecting revenue plus devices sales, and some deployed but you can’t collect revenue until they are already used. I work 2 weeks but only get paid one the third week for 2 weeks worth of work get it. Even if you don’t understand the math you should understand this , Q1 345906 dollars collected, Q2 672906 dollars collected. Next Q you can’t count revenue plus devices sales for 900 devices. I understand the math and timeframe and predict around 900000 to 1.1 million for next Q and the Q after that 900 units collecting revenue, device sales already counted from the Q before. 1.4 to 1.6 million dollars. This same time next year we will be slightly above break even. I was look for a little over 500000 in the Q , I like many others forgot to account for the 3 month needed for the device to be in use to get the revenue on the books. So we were 172000 dollars past what I predicted.
During the first year of this limited market release, by March 31, 2019, we sold approximately 300 devices, which were used to perform MCT studies on patents, such that the Company earned combined device sales and technology fee income totally $398,200. Based on our success, in April 2019, we decided to expand sales of the product beyond limited release by doubling the size of our salesforce and our geographic footprint to 11 US states, and the sales pipeline of our product has begun to grow.
In line with its strategy, during the six months ended September 30, 2019, Biotricity almost tripled its fleet of remote patient monitoring devices from the levels of its most recent fiscal year-end, which was March 31, 2019. Biotricity had deployed more than 900 devices as at September 30, 2019. This has resulted in combined device sales and technology fee revenues of $345,906 and $672,906 for the respective three- and six-month periods then ended
CMS proposed two significant changes to remote patient monitoring (RPM) services reimbursed under the Medicare program. The changes, part of the proposed 2020 Physician Fee Schedule, have been hotly anticipated by digital health providers hoping to see more clarity and flexibility for RPM services.
The creation of new RPM codes at the beginning of 2019 (CPT Codes 99457, 99454, and 99453) was a big step forward to expanding patient digital health and improve health care delivery, outcomes, and cost management. Questions remained on how to properly use and bill the new RPM codes, and what business and staffing models are required by Medicare. Providers asked if RPM must be billed incident to a professional’s services under direct supervision, or if they could use general supervision similar to Chronic Care Management (CCM) services? What types of RPM devices are covered under the practice expense codes of CPT Codes 99454 and 99453? May patients manually enter data into a RPM device? And why is CPT Code 99454 billed on 30 day cycle while CPT Code 99457 is billed on a monthly basis? While CMS did not address all of these questions in the proposed Physician Fee Schedule rule, it did offer some helpful clarity and propose expanding Medicare RPM services in two significant ways: 1) allowing RPM to be delivered under general supervision; and 2) creating a new add-on code for patients who receive more than 20 minutes per month of RPM services.
RPM Can Be Delivered Under General Supervision
This is arguably the single most important and beneficial change for digital health in the entire proposed 2020 Physician Fee Schedule. When CMS first created the RPM codes, they stated RPM could not be delivered incident to, reasoning that CPT code 99457 describes professional time and “therefore cannot be furnished by auxiliary personnel incident to a practitioner’s professional services.” An incident to service is one that is performed under the supervision of a physician (broadly defined), and billed to Medicare in the name of the physician, subject to certain requirements. Subsequently, CMS issued a technical correction allowing incident to billing of RPM services by auxiliary personnel under direct supervision. Direct supervision means the physician and auxiliary personnel must be in the same building at the same time (albeit not the same room). General supervision, in contrast, does not require the physician and auxiliary personnel to be in the same building at the same time, and the physician could instead use telemedicine to exert general supervision over the auxiliary personnel.
Industry insiders advocated for changing the RPM rules to expressly allow incident to billing of RPM under general supervision and CMS concurred. Under the proposed rule, RPM services reported with CPT codes 99457 and 994X0 may now be furnished under general supervision rather than the currently required direct supervision. The physician or other qualified healthcare professional supervising the auxiliary personnel need not be the same individual treating the patient more broadly. However, only the supervising physician or other qualified health care professional may bill Medicare for the incident to services.
Changing the RPM rules to expressly allow incident to billing of CPT code 99457 under general supervision greatly expands the potential operations and business models associated with RPM services, thereby allowing more patients to enjoy the quality-improving benefits of remote patient monitoring.
New RPM Code for Extra Minutes
CMS has also proposed changing CPT code 99457 to only cover the initial 20 minutes of monitoring services, while a new CPT code 994X0 would be used as an add-on code for those patients who receive additional 20 minutes intervals of RPM. CMS did not address how often the new add-on code 994X0 can be billed per month, or if there is a maximum limit. CMS has proposed a work RVU of 0.50 and direct PE inputs for the new add-on code. The proposed code descriptions are as follows:
CPT code 99457 (Remote physiologic monitoring treatment management services, clinical staff/physician/other qualified health care professional time in a calendar month requiring interactive communication with the patient/caregiver during the month; initial 20 minutes)
New CPT code 994X0 (Remote physiologic monitoring treatment management services, clinical staff/physician/other qualified health care professional time in a calendar month requiring interactive communication with the patient/caregiver during the month; additional 20 minutes)
BTCY have 650 devices deployed, at 300 hundred dollars a read.A read is 2 times a month. 600 dollars a month times 650 devices is 390000 dollars a month. 390000 times 12 months = 4680000 dollars a year. 4.68 million a year that is recurring every year. BTCY can easily double the 650 devices in a year possible triple. That’s 9.36 million to 14 million a year recurring every year . 9 million a year minus 7 million burn rate leaves 2 million. 2 million divided by 35 million is about 6 cent a share. 6 cent times , 20 times earnings = 1.20 cent . At 14 million it would equal 4 dollars . We are way under valued. Once off the OTC , double the 20 times earnings and you get 2.40 to 8 dollars a share.
Shorts are still shorting big time, it’s so funny they’re digging them a bigger hole. I understand the hole must be big enough to bury John scam, Crescent, eddypgil just to name a few. Short interest for the 27 Aug 27
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Biotricity Reports Fiscal Q1 Results Showing A Strong Growth Trajectory
https://finance.yahoo.com/news/biotricityreports-fiscal-q1-resultsshowinga-strong-120000741.html
CEO and Founder Waqaas Al-Siddiq was on Yahoo Finance's On the Move show. All positive hopefully.. Busy work week, any feedback from the show would be appreciated. TIA
News: $BTCY Biotricity CEO Waqaas Al-Siddiq in Live Interview on Yahoo Finance
REDWOOD CITY, Calif., Aug. 19, 2019 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB : BTCY ), today announced that its CEO and Founder Waqaas Al-Siddiq will be on Yahoo Finance’s On the Move show on Tuesday, August 20 th , airing at 11:45 AM EDT. As of July 2019, with approximat...
Find out more Biotricity CEO Waqaas Al-Siddiq in Live Interview on Yahoo Finance
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Biotricity (OTCQB:BTCY) is a company most of you have never heard of, but is poised to disrupt a segment of the cardiac medical device space. Though small, it already has nearly two years of eye-popping sequential and annual growth rates. But that's just the beginning. The company has publicly guidedfor 25-40% sequential growth and continued triple digit annual growth for the next couple years, at least.
As if that growth is not impressive enough, the guidance only includes the expansion of their initial commercialized product, Bioflux, a mobile cardiac telemetry (MCT) device. Yet, in January of this year the company submitted a 510(K) FDA filing for another cardiac device, Biotres, a holter/extended holter device. This device will have a higher total addressable market (TAM) than Bioflux, and the CEO noted on the last conference call that Biotres should quickly add 20-30% more to the top line.
As mentioned, BTCY is currently focused on the cardiac market, most especially the MCT market, which is used primarily now for high-risk cardiac patients. The MCT devices and technology monitor high-risk patients in real time so that if a patient has an adverse cardiac event, such as arrythmia, the physician and patient are immediately alerted to address the problem at that time. Using a holter device, which is usually used on low to medium-risk patients, the adverse event would not be detected until the patient's next physician visit. If the patient had an adverse event while wearing the holter, the physician would not know this in real time, and the patient may have severe damage, or death, from the event not being timely-treated.
Despite the differences between an MCT and holter device and technology, the use and payment process for these devices follows the same pattern. Namely: (1) the doctor prescribes the patient to wear the device for a given period of time, e.g., seven days; (2) the patient wears the monitor for that time; (3) the doctor is paid a nominal fee for reading the device's report; (4) the medical device/clinical company is paid around $800 per use of its device; (5) if insurance does not cover all $800, the device company will likely bill the patient for the remaining balance. So, in this standard model, the doctor is paid a nominal reading fee and the patient may be billed for an amount not paid by their insurance.
BTCY's model is different. In this model, both the physician and the patient benefit. Here's BTCY's model: (1) the doctor purchases the device from BTCY; (2) the doctor prescribes the patient to wear the BTCY device for a given period of time; (3) the patient wears the monitor; (4) the doctor is not only paid the nominal reading fee, but also can bill the $800 per use of the device; (5) the doctor often chooses not to bill any difference between the $800 and the amount paid by insurance because they have a long-term relationship with the patient; (6) the doctor pays BTCY a technology fee for use of their technology in the device.
As you can see, in BTCY's model, the doctor benefits by being paid significantly more money; the patient wins by possibly being billed less, but certainly not being billed anymore; and BTCY wins not primarily through the device sale, but through the reliable, recurring, and high margin revenue from the technology fee. While BTCY sells the device once, the technology fee will repeat several dozen times per year for that one device. Notice the only ones who lose in this model: the device/clinical companies who currently cut out the physician from any meaningful payment in this process. For cardiologists and electrophysiologists who regularly prescribe MCT devices, using BTCY's product and technology (which is the most up-to-date) and billing model (which allows them to make significantly more money) seems like a no brainer. In fact, when I contacted a close friend of mine who himself is an electrophysiologist, he immediately asked me to put him in touch with the company (he lives in one of the 30 states where BTCY currently does not have a salesforce presence). Perhaps this is why BTCY is seeing eye-popping growth rates with its Bioflux device and subsequent technology fees.
While BTCY has plans to expand well beyond the adult cardiac monitoring market, I will focus on more near-term catalysts and expansion. I have already mentioned the Biotres product and technology that management indicated would quickly add 20-30% revenue increases. In addition to those, there are two other exciting developments underway.
First, is BTCY's Bioheart, a direct-to-consumer (DTC) product expected to be launched in June 2021. According to people familiar with the company, BTCY is still doing a full market assessment to see how best to market this product. In any case, Bioheart is essentially Bioflux for non-medical-professional use. I believe Bioheart could have significant appeal to people generally concerned about heart health due to family history, etc., as well as to athletes and "gym rats" who want to monitor their heart (full disclosure: I am personally quite interested in Bioheart for both of these reasons).
Second, according to its presentation from the LD Micro conference in December, the company is working on an app for cardiologists and patients to use to better monitor the patient's heart health between doctor visits. Beyond that tease, the company has not spoken publicly about the app, but they did show on that presentation that the TAM is approximately 10 times as large as the combined TAM for Bioflux and Biotres.
BTCY'S STRENGTHS
1) Gross margins: current gross margins are just a tick under 50%. While that is good, it is nothing compared to where gross margins should eventually land. The company has mentioned that margins will expand as one-time device sales become a smaller portion of revenue, giving way to the higher margin TaaS fees. Based on my own research, I would expect gross margins to easily hit the high 50% to low 60% range by the end of fiscal 2022. Long term, the company will likely eventually settle with at least mid-60% range gross margins.
(2) Churn: So far, BTCY has nearly a 100% customer retention rate. This bodes well for the company because it speaks not only to their effectiveness and good relationships with customers, but also to their visibility into future revenue run rates.
(3) The Board of Directors and management team are experienced. In addition to strong corporate and medical device commercialization experience, the team has members familiar with raising capital for new companies and taking them public. Although BTCY is obviously already public, this experience could help with this final strength I wish to mention.
(4) Uplisting to a Major Exchange: BTCY is working to be listed on a major exchange sometime in calendar year 2021. Based on my review, I believe the only necessary hurdle to being uplisted is the share price. From what I will show in the "Valuation" section, I believe that issue will take care of itself as BTCY continues to execute. But beyond that, being listed on a major exchange will provide a tailwind with analyst coverage being more likely, and additional institutional interest given that some institutions have restrictions from purchasing OTC stocks.
1) Gross margins: current gross margins are just a tick under 50%. While that is good, it is nothing compared to where gross margins should eventually land. The company has mentioned that margins will expand as one-time device sales become a smaller portion of revenue, giving way to the higher margin TaaS fees. Based on my own research, I would expect gross margins to easily hit the high 50% to low 60% range by the end of fiscal 2022. Long term, the company will likely eventually settle with at least mid-60% range gross margins.
(2) Churn: So far, BTCY has nearly a 100% customer retention rate. This bodes well for the company because it speaks not only to their effectiveness and good relationships with customers, but also to their visibility into future revenue run rates.
(3) The Board of Directors and management team are experienced. In addition to strong corporate and medical device commercialization experience, the team has members familiar with raising capital for new companies and taking them public. Although BTCY is obviously already public, this experience could help with this final strength I wish to mention.
(4) Uplisting to a Major Exchange: BTCY is working to be listed on a major exchange sometime in calendar year 2021. Based on my review, I believe the only necessary hurdle to being uplisted is the share price. From what I will show in the "Valuation" section, I believe that issue will take care of itself as BTCY continues to execute. But beyond that, being listed on a major exchange will provide a tailwind with analyst coverage being more likely, and additional institutional interest given that some institutions have restrictions from purchasing OTC stocks.
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