REDWOOD CITY, CA - Biotricity Inc. (NASDAQ:BTCY), a company specializing in remote cardiac monitoring technology, has announced an accelerated timeline for reaching EBITDA positive status, now expected before the end of 2024. This advancement comes earlier than the company's initial projections.
The company's CEO, Dr. Waqaas Al-Siddiq, credits the firm's strategic initiatives and technological advancements for the expedited progress towards profitability. Biotricity reported a 25.2% revenue increase in 2023, alongside significant margin improvements and reduced operating expenses.
These financial achievements are attributed to the integration of workflow automation and AI technology, enhancing efficiency and service quality.
Biotricity's growth is further supported by the expansion of its Cardiac AI Cloud platform, which utilizes over 500 billion anonymized heartbeats to refine cardiac care. Strategic partnerships, especially with Group Purchasing Organizations that represent nearly 90% of U.S. hospitals, have expanded the company's market reach.
Additionally, Health Canada's recent approval of Biocore, a Biotricity product, is anticipated to tap into the $1.56 billion Canadian cardiology devices market.
The company is targeting a $35 billion total addressable market and has established a significant presence in cardiology, with solutions in use by cardiologists across 35 states in hundreds of centers. Biotricity boasts a high retention rate of about 99% and a recurring revenue base with strong lifetime value to customer acquisition cost ratios.
Biotricity is recognized for bridging the gap in remote monitoring and chronic care management, focusing on cardiology. The company provides both medical and consumer markets with comprehensive remote health monitoring solutions.
In other recent news, Biotricity has reported significant growth and strategic expansion for the fiscal year 2024. The company's revenue rose by 25% for the full year to $12.06 million, with a 15.9% increase in fourth-quarter revenue reaching $3.2 million. The gross profit for the quarter was reported at $2.3 million, a 48% year-over-year increase, indicating a robust gross margin of 71.5%.
Biotricity's operational advancements included the expansion of the Cardiac AI Cloud platform, partnerships with Amazon (NASDAQ:AMZN) AWS and Google (NASDAQ:GOOGL) TensorFlow, and the successful entry into the Canadian market following Health Canada's approval of the Biocore device. The company also plans to expand its product offerings into the pulmonary and neurology fields through strategic partnerships.
The company aims to achieve earnings before interest, taxes, depreciation, and amortization (EBITDA) neutrality and profitability in the near future. Despite anticipating margin fluctuations as it enters new markets, Biotricity has secured access to approximately 90% of U.S. hospitals through alliances with top group purchasing organizations and expects revenue growth in the Canadian cardiology devices market. These are some of the recent developments that have marked Biotricity's fiscal year 2024.
InvestingPro Insights
Biotricity Inc. (NASDAQ:BTCY), while advancing towards its goal of achieving EBITDA positive status by the end of 2024, shows a complex financial picture as per InvestingPro data and insights. The company's market capitalization stands at a modest $16.79 million, reflecting the size and speculative nature of the firm within the broader market.
According to InvestingPro Tips, analysts are skeptical about the company's profitability in the near term, which is a crucial aspect for potential investors to consider. Additionally, Biotricity's stock performance has been underwhelming over the past month, with a 20.04% decrease in price total return, which could signal concerns about the company's short-term prospects.
Despite the challenges, Biotricity reported a notable revenue growth of 25.15% in the last twelve months as of Q4 2024, indicating a positive trajectory in sales. The company also boasts a high gross profit margin of 69.27%, suggesting that it maintains a strong ability to control the cost of goods sold and deliver services efficiently.
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