Recent announcement with Top 10 National Medical Distributor underscores Company's expanded footprint
REDWOOD CITY, CA / ACCESSWIRE / November 18, 2022 / Biotricity Inc. (NASDAQ:BTCY) ("Biotricity" or the "Company"), a medical diagnostic and consumer healthcare technology company, provided a recap of its recent operational and corporate activities and discussed the Company's distribution strategy for the second half of FY 2023 ending March 31, 2023.
Recent Operating and Corporate Highlights
- Recently signed a distribution agreement with a Top 10 US medical distributor for sales of its flagship cardiac monitoring solutions, Bioflux and Biotres. This partnership further expands the Company's commercialization opportunities to reach its target total addressable market of approximately $6 billion
- Continued expansion of Biotricity's sales network, combined with a 95% customer retention rate, that together drive Biotricity's growing base of recurring revenue
- The Company's Bioheart personal cardiac monitor won TIME's Best Inventions of 2022
- Awarded $250K NIH grant from the National Heart, Blood, and Lung Institute for AI-enabled real-time monitoring and predictive analytics for stroke due to chronic kidney failure
- Surpassed 2 billion recorded and analyzed heartbeats for atrial fibrillation (A-fib)
- Launched proprietary BiocareTM cardiac disease management solution after two successful pilots at Oklahoma & Kentucky clinics
Looking ahead, Biotricity's strategy is to strengthen cash flow, reduce capital expenditures, capture market share of this fast-growing marketplace, drive top-line growth and enhance its industry position through unrivalled customer and physician/partner service. As such, the Company is cross- and up-selling its full suite of cardiac monitoring products to its customer base to position itself as the leading provider of a complete, AI-enabled, cloud-based cardiac ecosystem -- creating a deeper, more impactful relationship with healthcare providers and patients.
Additionally, having established its product and technological position, Biotricity is initiating a far more extensive distribution strategy focused on partnering with medical device distributors with large salesforces to create a much wider, branded footprint within the market.
Upcoming Catalysts and Growth Drivers
- Broadening the distribution and reach of its comprehensive suite of cardiac care management products and services
- Additional agreements with hospitals, vendors and medical device distribution outlets
- New product developments anticipated within the next several months
- Expected continued revenue growth while reducing capital expenses thus advancing towards profitability
Dr. Waqaas Al-Siddiq, Founder & CEO of Biotricity, commented, "During the first half of fiscal 2023, we have made significant operational achievements that have contributed to the success of our Bioheart device, and the growth and adoption of our cardiac ecosystem in the medical space. We are actively working with several hospitals, vendors and distributors and are heavily focused on broader distribution for our cardiac care solutions. Our recent agreement with a Top 10 national medical device distributor underscores our focus on the expansion of our footprint. New product development is in our DNA and opens new revenue channels while reinforcing the value and application of our ecosystem. With these catalysts actively underway, we fully expect revenue to continue to grow, shortening our path to profitability."
Biotricity is reforming the healthcare market by bridging the gap in remote monitoring and chronic care management. Doctors and patients trust Biotricity's unparalleled standard for preventive & personal care, including diagnostic and post-diagnostic solutions for chronic conditions. The company develops comprehensive remote health monitoring solutions for the medical and consumer markets. 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. There cannot be any assurance that the Company will ever become profitable. 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.
KCSA Strategic Communications
Valter Pinto or Jack Perkins
SOURCE: Biotricity, Inc.
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