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.
