REDWOOD CITY, CA - Biotricity Inc. (NASDAQ:BTCY), a company specializing in remote cardiac monitoring technology, announced today significant operational improvements attributed to the latest enhancements of its proprietary AI Cloud platform. The improvements are reported to have increased tech stack efficiency by 20%, which is projected to enhance the company's topline margin by 200 to 300 basis points in upcoming quarters.
Dr. Waqaas Al-Siddiq, founder and CEO of Biotricity, stated that these advancements are not only technical achievements but also pivotal in boosting operational margins and accelerating the company's path to profitability.
The AI Cloud platform, which utilizes over 500 billion beats of anonymized data, aids in the development of predictive cardiac AI models. These models are designed to enable more accurate diagnoses and faster interventions, thereby increasing the efficiency of physicians in treating patients.
The company is also developing a subsequent version of the AI Cloud, expected to further enhance tech stack efficiency by an additional 20% and contribute to a margin improvement of 100 to 200 basis points. Biotricity's growth is sustained by a high retention rate of approximately 99% and a strong recurring revenue base with favorable LTV-to-CAC ratios.
Biotricity operates within a $35 billion total addressable market and has established a presence across 35 states, with its solutions being used daily by cardiologists in hundreds of centers. The company's focus on bridging the gap in remote monitoring and chronic care management positions it as a key player in the healthcare technology sector, particularly in cardiology.
The information in this article is based on a press release statement from Biotricity Inc.
In other recent news, Biotricity Inc. has reported significant growth and strategic expansion for fiscal year 2024. The company's revenue rose by 25% for the year to $12.06 million, with a 15.9% increase in fourth-quarter revenue reaching $3.2 million. 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 now expects to reach EBITDA positive status by the end of 2024, an accelerated timeline credited to strategic initiatives and technological advancements. Operational advancements included the expansion of the Cardiac AI Cloud platform, partnerships with Amazon (NASDAQ:AMZN) AWS and Google (NASDAQ:GOOGL) TensorFlow, and successful entry into the Canadian market following Health Canada's approval of the Biocore device.
The company also plans to expand into the pulmonary and neurology fields through strategic partnerships. 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.
These are some of the recent developments marking Biotricity's fiscal year 2024.
InvestingPro Insights
Biotricity Inc. (NASDAQ:BTCY) is making strides in enhancing its AI Cloud platform, which is central to the company's operational efficiency and margin improvement. InvestingPro data indicates that the company's market capitalization stands at 17.84 million USD, underlining its position within the healthcare technology market. Despite the operational advancements, Biotricity's price has seen a significant drop of 72.07% year over year, which could be reflective of broader market trends or investor sentiments specific to the company's financials and outlook.
One of the key InvestingPro Tips for Biotricity is that the company is not expected to be profitable this year, which aligns with the reported negative return on assets of -226.36% over the last twelve months as of Q4 2024. Additionally, the company's short-term obligations currently exceed its liquid assets, signaling potential liquidity challenges. Investors considering Biotricity should note that the company does not pay a dividend, which may influence investment decisions for those seeking income-generating assets.
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