Company to report robust performance improvements in its operating metrics
- Record Q1-FY2024 recurring revenue growth
- Significantly higher margins on technology fees compared to blended margins
- Strong control over sales and technology expenses through automation and AI
REDWOOD CITY, CA / ACCESSWIRE / August 11, 2023 / Biotricity Inc. (NASDAQ:BTCY) ("Biotricity" or the "Company"), a Technology-as-a-Service (TaaS) company operating in the remote cardiac monitoring sector of consumer healthcare, is pleased to report that its business continues to demonstrate strong fundamentals that are propelling the Company towards profitability. Biotricity anticipates announcing its best-quarter yet, for the first fiscal quarter ended June 30, 2023.
For the First Quarter Fiscal 2024, these key fundamentals showed continued improvement:
- Growth in top-line revenue, with an increase in technology fees that are recurring;
- Reductions in operating expenses, including selling and technology expenses through automation and AI;
- Stable but improving gross profit margins that are expected to improve due to increasing technology fee revenues as a percent of sales.
Additionally, management is focussed on monitoring adjusted EBITDA, adjusted to remove non-cash expenditures to monitor its progress towards achieving positive net operating cash flows, since this metric is a good indicator of operating cash flows not impacted by interest, share-based compensation and other non-cash expenditures.This metric emphasizes the inherent strength of the business fundamentals, allowing a clearer understanding of the Company's financial health.
"We are pleased to announce that our results for the first quarter of FY2024 show continued strength of our fundamentals. We have enhanced our margins, materially lowered our expenses, all while driving revenue growth," commented Waqaas Al-Siddiq, CEO of Biotricity. "These achievements further bolster our confidence for the remainder of the year. As we continue moving forward, we aim to provide our investors with a clearer understanding of our business drivers and metrics aligned with the industry. One of the measures we use to monitor the health of the business is the amount of revenue and cash-based expenses provided and consumed by our operations to give deeper insights into the strength of our business model and provide enhanced visibility into our path to profitability. By reporting adjusted EBITDA-adjusted to eliminate non-cash charges and interest-we present a better perspective on the future cash flows of the business. This approach also highlights our accelerated progress towards net operating cash flow break-even, positive EBITDA and net profitability in the coming quarters and calendar 2024."
About Biotricity Inc.
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.
Biotricity Investor Relations
SOURCE: Biotricity, Inc.
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