Corporate Impact Report concluded better patient outcomes and substantial cost savings for patients using Company's devices
REDWOOD CITY, CA / ACCESSWIRE / May 16, 2023 / Biotricity Inc. (NASDAQ:BTCY) ("Biotricity" or the "Company"), a leading medical diagnostic and consumer healthcare technology company, today reported that it reached a record $13 million annualized revenue run rate in April -- further extending its growth by over eight percent from the $12 million run rate it announced for March 2023.
Commenting, Dr. Waqaas Al-Siddiq, Biotricity Founder and CEO, said, "In collaboration with our affiliated cardiologists, our solutions-focused business model is proving itself to provide superior cardiac care while reducing the overall cost of that care for patients and their insurers by tens of millions of dollars. Further, the fully integrated Biotricity Biosphere produces efficiencies that save cardiologists countless hours of valuable time while enabling them to manage a larger patient base more effectively with enhanced, curated real-time data."
In its Corporate Impact Report published earlier this month, Biotricity described both "better patient outcomes and substantial cost savings" for patients using its devices. Just in 2022 alone, its cardiac monitoring device, Bioflux®, identified a cardiac event in 4,960 of its 111,552 patients, helping patients obtain immediate treatment. This early intervention reduced hospital stay time by an average of six days, saving approximately $17,238 per patient and $85.5 million in total.
Biotricity anticipates continued topline revenue growth, along with continued cost management, will support a reduction in net losses over the next few quarters. The Company attributed its recent accelerating revenue gains to increasing sales of its remote cardiac monitoring devices, and the ramp up of subscription-based service recurring revenues - both of which reflect, in part, Biotricity having engaged top-tier national medical device distributors in the past three to five months.
"I believe we are just now starting to reach a critical mass with growing device sales, success in patient outcomes, insurer cost savings and cardiologist efficiencies - which together drive further sales, cost savings and efficiencies." Dr. Al-Siddiq added. "Our business model is highly scalable with our per-unit cost of goods decreasing against a relatively flat Biosphere infrastructure expense enabling us to grow closer each month to reaching our next major financial goal of positive cash flow."
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. During the nine months ended December 31, 2022, the Company incurred a net loss attributable to common stockholders of $14.7 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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SOURCE: Biotricity, Inc.