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Biotricity reports record quarterly and annual revenue for fiscal 2021

By Reshma on Jun 21, 2021 | 03:31 AM IST

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Biotricity, Inc. [BTCY] a medical diagnostic and consumer healthcare technology company, is pleased to provide unaudited, preliminary financial results for its fiscal 2021 fourth quarter and fiscal year, which ended March 31, 2021. Full financial results will be posted on EDGAR by June 31, 2021. Biotricity’s Q4 and annual results continued a trend of both sequential and year over year (YoY) revenue growth, with revenue setting a new quarterly record in the fiscal fourth quarter.

For fiscal 2021, management is noting the following highlights:

Q4 revenue of $1.2 million represented the 8th consecutive quarter of triple digit YoY growth
  
Quarterly revenue increased 227%, showing significant acceleration over the 162% increase posted in the prior quarter
  
Quarterly sequential revenue increased 19%, bolstered by a long-term trend of month-over-month sequential growth
  
Net loss attributable to common stockholders amounted to $16.2 million, or 43.1 cents per share
  
Annual revenue reached $3.4 million, a 139% increase over fiscal 2020

 

“Our growth this quarter was even stronger than last quarter, which is exciting to see, as this is purely organic and the impact of our new products has not yet begun,” stated Waqaas Al-Siddiq, CEO of Biotricity. “We are in that sweet spot of our revenue cycle where we are posting strong monthly, quarterly and annual growth, with visibility out several years. As we enter a period of expected revenue acceleration, our model is proving to be highly predictable based on our consistent ability to win accounts throughout the U.S. We expect to easily beat Q4 revenue in our current quarter ending June 30, 2021 and are targeting triple digit revenue growth for fiscal 2022.”

“Our gross operating expenses grew at a slower pace than our revenue in Q4, and in net terms were significantly offset by the forgiveness of the Company’s PPP loan. This outcome is also reflective of what will happen as our business scales,” said Biotricity’s CFO, John Ayanoglou. “Similar to last quarter, we continue to have upfront costs related to expanding our sales force and putting new equipment into the field, so there is a delayed positive impact from those expenses that will be seen in the form of revenue in future quarters. With multiple new products on the horizon, R&D spending continues to be necessarily high, currently at 46% of revenue, but down from the 68% figure from last quarter. Based on our sales pipeline and high customer retention rate, we have high confidence in our sources of future revenue growth.”

Dr. Waqaas Al-Siddiq added, “In the second half of calendar 2021, we plan to have a potent combination of an expanding sales force and new product offerings, which will continue our growth rate. As a result, we expect to increase our revenue projections by year-end, depending on the timing of future product launches. Our technology as a service (TaaS) model and best in class product line are now time tested and brings us a clear advantage, as we continue to win in the marketplace against competitors. We made the decision to build both our technology and salesforce in-house, which took considerable time and effort, but has resulted in a faster adoption track than our peers at this stage of the growth cycle. Today, we have some of the newest, most advanced products in our addressable market, which will expand from $1 billion up to $3 billion as we enter the Holter space. With a planned listing to a national stock exchange on the horizon, provided that the Company meets applicable listing requirements, and some major milestones pending, we have never been more excited about our potential to gain a meaningful share of the cardiac market.”

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