Biotricity Provides Quarter Update and Announces Continued Growth
Technology Revenues Surged in the Quarter Ended June 30, 2020
REDWOOD CITY, Calif., Sept. 01, 2020 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB: BTCY), a medical diagnostic and consumer healthcare technology company, today announced record results in its technology service revenues, demonstrating a continued pattern of improved growth for its first fiscal quarter ending June 30, 2020. During these three months, Biotricity, had combined device sales and technology fee revenues that were 38.2% higher than those of the corresponding period in the preceding year and 24.5% higher than the preceding quarter, ended March 31, 2020, marking its most successful quarter to date.
"We believe that our business model is validated as we closed the quarter with our highest revenues yet,” stated Waqaas Al-Siddiq, Biotricity's CEO. "We recognized and met the increased demand for remote healthcare services and listened to our customer's needs. Despite the challenges of COVID-19, we have continued to drive innovation, introducing new programs and technologies that will help limit the need for in-person visits while streamlining pathways to promote patient accessibility.”
During the three months ended June 30, 2020, Biotricity, incurred a net loss of 9 cents per share. The Company’s CFO, John Ayanoglou commented: “The Company remains committed to providing significant resources to the development and expansion of a high-caliber sales force. We also plan to continue to devote meaningful capital to our research and development programs and build the infrastructure required to support higher sales volumes.”
Alongside posting a record quarter, the Company experienced important milestones over the past few months with more to follow:
- Continued quarter over quarter revenue growth
- FDA Clearance for its Bioflux Software System II
- Upcoming Launch of new Telemedicine platform,
- Upcoming FDA filing for Biotres, an ECG Holter solution that addresses the existing challenges within the Holter market.
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About Biotricity Inc.
Biotricity is a modern medical technology company focused on delivering innovative, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. Biotricity’s R&D continues to focus on the preventative healthcare market, with a vision of putting health management into the hands of the individual. The company aims to support the self-management of critical and chronic conditions with the use of innovative solutions to ease the growing burden on the healthcare system. To learn more, visit .
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. During the three months ended June 30, 2020 the Company incurred a net loss of $3.4 million. 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.
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