BTCY: A New Entrant At A Much Smaller Valuation
The market is clearly there for quality devices, making another new entrant intriguing at the current market value of about $20 million. Biotricity Inc (BTCY) received FDA clearance for their MCOT device, called Bioflux, at the end of 2017 and launched the product in mid-2018. The second half of 2018 was focused on building the sales organization and infrastructure, and 2019 is all about expansion now that the sales process is being cemented.
So far Bioflux, which is a 3-lead device like some of the offerings at Biotelemetry, appears off to a strong early start. Bioflux was named MedTech Breakthrough's "Best Remote Patient Monitoring Solution of 2018," and the caliber of board and advisory members that have attached themselves to the project is encouraging as well. Former AARP COO Thomas C. Nelson and Cisco's former chief medical informatics officer Daniel Sands, MD, MPH both sit on the company's board, and the medical advisory board consists of high-profile cardiac experts like Rony Shimony, MD, FACC, director of Clinical Cardiology at Mount Sinai West.
Biotricity plans to launch a second device, called Bioflux Patch, to help round out their cardiac offerings for providers - it's another tool in the physician's toolbelt with a slightly smaller physical profile, much like the Zio device from iRhythm.
The benefits of these devices has been spelled out in published research over the years. Research from the Scripps Translational Science Institute (STSI) in 2014 found that physicians who reviewed data from Zio and traditional Holter monitors (another older technology) ''reported reaching a definitive diagnosis 90 percent of the time when using the [Zio] patch results and 64 percent of the time when using Holter monitor data. A survey of study participants found that 81 percent of them preferred wearing the patch over the Holter monitor, with 76 percent saying the Holter monitor affected their daily living activities.'' [2]
Product LaunchHeating Up at BTCY
The road map to success can take time for medical device startups. At the end of 2014, almost 4 years after launching their one and only Zio product (which is not connected by telemetry), IRTC had 36 people in their sales organization generating $21.7 million in sales that year. They ended 2015 with 83 in the sales organization and $38 million in sales. We can estimate that this sales organization is running at roughly $500-750K in annual revenue per sales staff.
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