Core Viewpoint - Biotricity Inc. has successfully secured the necessary capital from its term lender and existing investors to achieve profitability without requiring future financing [2][3][5]. Financial Health - The company completed financings totaling $811 thousand through promissory and convertible promissory notes, alongside $635 thousand from additional term loan proceeds [4]. - Interest relief was provided through the capitalization of $945 thousand due on the company's pre-existing term loan [4]. Operational Efficiency - Biotricity has achieved positive Free Cash Flow, a key metric towards profitability, which has garnered confidence from investors and lenders [3]. - The company has invested in its largest manufacturing order to date, which is expected to fulfill anticipated sales orders in 2025 [5]. - The proprietary AI workflow engine has improved operational capacity by 50%, with an expected further improvement of 15% [6]. Future Outlook - The company anticipates that the additional revenue from selling inventory and connected SaaS-based technology will augment its positive Free Cash Flows, aiming for full profitability within the next calendar year [5]. - The next generation AI cloud is expected to improve Cost of Goods Sold (COGS) across the SaaS business by 5% post FDA clearance, contributing to future profits [6].

Core Insights - Biotricity Inc. has achieved positive free cash flow for the first time in its history, marking a significant milestone towards profitability [3][4] - The company reported a positive free cash flow of $355,016 for the quarter ended September 30, 2024, a notable improvement from negative $725,567 in the previous quarter and negative $1.6 million in the same quarter last year [5][6] - Free cash flow per share for the quarter was $0.016, compared to negative $0.186 in the corresponding quarter of the prior fiscal year [5] Financial Performance - The net cash used in operating activities for the quarter ended September 30, 2024, was $(397,059), a decrease from $(1,494,240) in the previous quarter and $(2,390,036) in the same quarter last year [6] - Interest expense for the quarter was $752,075, slightly down from $768,673 in the previous quarter and comparable to $753,268 in the same quarter last year [6] - The weighted average number of common shares outstanding increased to 22,493,626 for the quarter ended September 30, 2024, from 14,169,441 in the previous quarter and 8,795,742 in the same quarter last year [6] Strategic Outlook - The company plans to accelerate new product launches anticipated in FY25, which is expected to bring it closer to long-term profitability and sustainability [4] - Management emphasizes the importance of free cash flow as a key metric for assessing progress towards profitability [4][5]

Financial Performance - Biotricity Inc. reported financial results for the period ended September 30, 2024[5] - The company announced a revenue increase of 25% year-over-year, reaching $10 million[5] - The company provided an optimistic outlook, projecting a revenue growth of 30% for the next quarter[5] User Growth - User data showed a growth in active users by 15%, totaling 50,000 users[5] - Biotricity Inc. aims to enhance customer engagement through improved digital platforms, expecting a 10% increase in user retention[5] Product Development - New product development includes a next-generation cardiac monitoring device expected to launch in Q1 2025[5] - The company plans to invest $2 million in R&D for innovative health monitoring solutions[5] Market Expansion - Biotricity Inc. is expanding its market presence in Europe, targeting a 20% market share by the end of 2025[5] Strategic Initiatives - A new strategic partnership was formed with a leading healthcare provider to improve distribution channels[5] - The company is exploring potential acquisition opportunities to enhance its technology portfolio[5]

Call Start: 16:30 January 1, 0000 4:51 PM ET Biotricity, Inc. (OTC:BTCY) Q2 2025 Earnings Conference Call November 15, 2024, 4:30 PM ET Company Participants Dr. Waqaas Al-Siddiq - Founder and CEO John Ayanoglou - Chief Financial Officer Conference Call Participants Michael Davin - H.C. Wainwright Operator Greetings. And welcome to the Biotricity Conference Call. At this time, all participants are in a listen-only mode. The question-and-answer session will follow the formal presentation. [Operator Instructio ...

Core Insights - Biotricity Inc. achieved positive cash flow in September 2024 on a current operating basis, with expectations for continued improvement in cash flows [1][6] - The company reported a 13% year-over-year revenue growth in Q2 FY25, reaching $3.3 million [1][5] - Gross margins improved significantly to 75.3%, up from 69.1% in the same period last year, driven by better margins on technology fees and efficiencies from AI [1][5] - Recurring Technology Fee revenue constituted 94% of total revenue, with a gross profit percentage of 79% [1][5] - The company reduced Selling, General and Administrative (SG&A) expenses by 35.5% year-over-year, from $3.5 million to $2.25 million [1][5] - Net loss attributable to common shareholders decreased by 57.4% to $1.65 million, compared to $3.88 million in Q2 FY24 [1][5] Financial Highlights - Revenue for Q2 FY25 increased by 13% year-over-year to $3.3 million [5] - Gross profit percentage rose to 75.3% from 69% in the prior year, attributed to improved technology fee margins and AI efficiencies [5] - Net loss decreased to $1.65 million, or $0.073 per share, from a net loss of $3.88 million, or $0.446 per share, in Q2 FY24 [5] Operating Highlights - Recurring Technology Fees increased by 12.2% year-over-year to $3.06 million, with flat fee revenue growing by 34% [6] - The company achieved a 9.5% reduction in Cost of Revenue and a 34% decrease in Total Operating Expenses year-over-year [6] - Biotricity maintained a strong customer retention rate and expanded its customer base, now serving over hundreds of centers across 35 states [7] Business Development - The company is focused on developing AI technology for remote cardiac care, enhancing predictive monitoring tools and improving patient management [4] - Biotricity's solutions have led to over 50,000 atrial fibrillation diagnoses, contributing to significant healthcare savings [3] - Management will host a financial results call on November 15, 2024, to discuss Q2 FY25 results and provide a business update [8]

Revenue and Profitability - Revenue for the three months ended September 30, 2024, was $3,266,846, an increase of 13% compared to $2,891,297 for the same period in 2023[9] - Gross profit for the six months ended September 30, 2024, was $4,822,342, up from $3,915,982 in the same period of 2023, reflecting a 23% increase[9] - Technology fees revenue for the six months ended September 30, 2024, was $6,081,064, up 10.6% from $5,500,379 in the same period of 2023[33] - Device sales revenue for the six months ended September 30, 2024, was $387,525, a decrease of 5.9% from $411,683 in the same period of 2023[33] Losses and Deficits - The net loss attributable to common stockholders for the six months ended September 30, 2024, was $8,601,321, compared to $7,482,861 for the same period in 2023, indicating an increase in losses[9] - The company reported a comprehensive loss of $1,782,405 for the three months ended September 30, 2024, compared to a loss of $3,600,042 for the same period in 2023[9] - The company’s accumulated deficit increased to $(136,101,106) as of September 30, 2024, from $(127,499,785) as of March 31, 2024[8] - For the six months ended September 30, 2024, Biotricity reported a net loss of $5,256,288, an improvement from a net loss of $7,103,722 for the same period in 2023, representing a 26% reduction in losses[15] Expenses and Cash Flow - Operating expenses for the three months ended September 30, 2024, were $2,766,846, down from $4,184,951 in the same period of 2023, a decrease of 34%[9] - Total cash used in operating activities for the six months ended September 30, 2024, was $1,891,299, significantly lower than $4,222,154 for the same period in 2023, indicating improved operational efficiency[15] - Interest paid during the six months ended September 30, 2024, was $1,235,256, compared to $1,046,621 in the same period of 2023, indicating increased financing costs[15] - The company reported a net cash decrease of $552,020 during the six months ended September 30, 2024, compared to an increase of $536,480 in the same period of 2023[15] Assets and Liabilities - Total current assets decreased to $4,064,495 as of September 30, 2024, from $4,470,573 as of March 31, 2024, representing a decline of 9%[7] - Total liabilities decreased to $34,172,790 as of September 30, 2024, from $35,919,442 as of March 31, 2024, a reduction of approximately 5%[8] - Cash balance decreased to $173,270 as of September 30, 2024, from $786,060 as of March 31, 2024, a decline of 78%[7] - As of September 30, 2024, Biotricity had an accumulated deficit of $136,101,106 and a working capital deficiency of $17,424,814, raising concerns about its ability to continue as a going concern[21] Equity and Shareholder Information - The weighted average number of common shares outstanding increased to 22,493,626 for the three months ended September 30, 2024, from 8,795,742 for the same period in 2023[9] - The balance of common and exchangeable common shares increased to 23,023,933 as of September 30, 2024, up from 21,645,068 as of June 30, 2024, representing an increase of approximately 6.4%[10] - The company issued 287,802 common shares from shares to be issued, resulting in an additional paid-in capital of $311,502[10] - The company’s common shares outstanding increased to 23,023,933 as of September 30, 2024, up from 9,514,440 as of March 31, 2024[166] Financing Activities - The company raised $1,732,532 from the issuance of Series B preferred shares during the six months ended September 30, 2024, compared to $1,900,000 in the same period of 2023[26] - The Company issued $11,275,500 in Series A Convertible Promissory Notes, which mature one year from the final closing date and accrue interest at 12% per annum[83] - The Company is obligated to issue warrants with 50% warrant coverage accompanying the convertible notes, with an exercise price set at 120% of the 20-day volume weighted average price of the Company's common shares at the time of final closing[88] - The Company issued $2,000,000 in convertible preferred notes on January 23, 2023, with a fixed interest rate of 10%[125] Future Outlook and Strategy - The company plans to continue its focus on market expansion and new product development to drive future growth[12] - The company anticipates continued revenue growth and improved liquidity through business development and additional equity and debt capitalization[22] - Biotricity plans to devote significant resources to capital expenditures, research and development, and marketing as it commercializes its product ecosystem[27] Derivative Liabilities and Fair Value - The company has derivative liabilities classified as short-term at $460,059 and long-term at $1,649,177[60] - The fair value of derivative liabilities is classified as Level 3 financial instruments, indicating reliance on unobservable inputs[59] - The company recorded a balance of derivative liabilities related to convertible notes of $460,059 as of September 30, 2024, down from $2,883,978 in the previous year[163] Stock Performance - As of September 30, 2024, the company reported a stock price range of $0.24 to $1.34, compared to $0.64 to $2.14 for the same period in 2023, indicating a significant decline in stock value[161] - The company’s volatility increased to a range of 91.2% to 352.4% as of September 30, 2024, compared to 76.2% to 126.6% in the previous year[164]

Company to announce improvements in Margins, Operational Efficiency, and a shift to positive Adjusted EBITDA REDWOOD CITY, Calif., Nov. 13, 2024 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB:BTCY), an innovative Technology-as-a-Service (TaaS) company committed to redefining the landscape of the healthcare industry with state-of-the-art remote monitoring and diagnostic solutions, announced that it will host its Fourth Quarter Fiscal Year 2024 Financial Results and Business Update Call on November 15, 2024. The ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the period from ______________ to_______________ Commission file number: 001-40761 Title of each class Trading Symbol(s) Name of each exchange on which registered BTCYOTCQB BIOTRICITY INC. ...

Biotricity, Inc. (NASDAQ:BTCY) Q4 2024 Earnings Conference Call June 27, 2024 4:30 PM ET Company Participants Waqaas Al-Siddiq - Founder and CEO John Ayanoglou - CFO Conference Call Participants Michael Donovan - H.C. Wainwright Operator Greetings, and welcome to the Biotricity Fiscal Year 2024 Financial Results and Business Update Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, ...

Financial Performance - Revenue for the fiscal year ended March 31, 2024, was $12,063,345, representing a 25.2% increase from $9,639,057 in the previous year[310]. - Gross profit for the fiscal year 2024 was $8,356,281, compared to $5,442,033 in fiscal year 2023, indicating a significant improvement in profitability[310]. - The net loss attributable to common stockholders decreased to $14,928,960 in fiscal year 2024 from $19,533,683 in fiscal year 2023, reflecting a reduction of approximately 23.3%[310]. - The total operating expenses for fiscal year 2024 were $17,184,550, down from $20,851,744 in fiscal year 2023, showing a reduction of approximately 17.8%[310]. - Net loss before dividends for the year ended March 31, 2024, was $14,094,283, an improvement from a loss of $18,658,143 in the previous year, representing a reduction of approximately 24%[315]. - The company reported a net cash used in operating activities of $6,693,912 for the year ended March 31, 2024, compared to $13,547,935 in 2023, indicating a significant decrease of approximately 51%[315]. - Net cash provided by financing activities increased to $6,741,685 in 2024 from $2,001,603 in 2023, marking an increase of about 237%[315]. Regulatory and Compliance - The company is subject to extensive governmental regulations, which could increase regulatory costs and affect the marketing of its products[151]. - The company’s manufacturing operations must comply with FDA regulations, which may increase production costs and affect market supply[154]. - Regulatory compliance is critical; failure to maintain approval for manufacturing facilities could limit growth and harm the business[199]. - The Company is subject to various federal and state health care fraud and abuse laws, which could result in substantial penalties if compliance is not maintained[239]. - The company’s ability to raise equity financing may be negatively impacted if it fails to maintain compliance with Nasdaq listing standards[246]. Market and Competition - The company faces intense competition in the medical technology industry, which is characterized by rapid technological change and significant competition from larger firms with greater resources[210]. - The company’s ability to compete effectively depends on achieving regulatory clearance and market acceptance for its products[211]. - Changes in the healthcare industry aimed at controlling costs could reduce demand for the company’s arrhythmia monitoring solutions, leading to pricing pressure[230]. Operational Challenges - The company has a limited operating history, making it difficult to accurately forecast future revenues and profitability[124]. - The company may experience shortages of monitors, sensors, or bases due to manufacturing difficulties, which could disrupt operations[126]. - The company has limited experience in commercial manufacturing, which poses risks to meeting production and delivery requirements[198]. - The company may face difficulties in recruiting and retaining qualified personnel, which could hinder its growth strategy[203]. - The company is dependent on physicians utilizing its cardiac monitoring solutions; failure to convince physicians could lead to stagnant or decreasing revenue[176]. Growth and Development - The company plans to hire 10 to 15 additional full-time employees within the next 12 months to support growth in sales, marketing, research and development, and clinical development activities[143]. - The company plans to continue developing and commercializing its existing and proposed products to generate significant revenues[125]. - The company plans to use an additional $10 million in capital to fund operations and sales efforts for the commercialization of Bioflux and Biocore in broader US markets[167]. - The company plans to expand its sales force to enhance market penetration and address new markets, focusing on utilization-based recurring technology fee revenue[289]. - The company has expanded its sales efforts to 35 states and aims to compete in the broader US market using an insourcing business model[288]. - The company is focused on building and commercializing a technology ecosystem within the remote monitoring segment of preventative care, indicating a strategic emphasis on healthcare innovation[317]. - The company is actively engaged in research and development activities to enhance its market position and commercialization pathways in healthcare[317]. Financial Position - As of March 31, 2024, the company had an accumulated deficit of $127,499,785[125]. - The company had aggregate outstanding indebtedness of $22.5 million as of March 31, 2024, compared to $17.8 million for the year ended March 31, 2023[214]. - The company may need to seek additional funding to support business growth, which could be dilutive to current stockholders[195]. - The company may require additional equity or debt financings to fund working capital needs and further expansion, which could lead to substantial dilution of stockholders[202]. - The concentration of voting power held by the CEO, who owns approximately 7.21% of outstanding shares, may influence corporate decisions and affect stock price perception[258]. Stock and Market Conditions - Nasdaq notified the Company on August 1, 2023, that its Market Value of Listed Securities (MVLS) was below the $35 million minimum requirement for continued inclusion, granting 180 days to regain compliance[241]. - As of January 30, 2024, the Company did not regain compliance with the MVLS Requirement, leading to a delisting determination from Nasdaq[242]. - The Company received a letter from Nasdaq on May 1, 2024, indicating additional grounds for delisting, which will be considered in the decision regarding continued listing[245]. - The Company’s common stock is classified as "penny stock" under SEC rules, which may affect trading activity and investor interest[254]. - The Company has the authority to issue additional shares of common or preferred stock, which could lead to a decline in the market price of existing shares[260]. Product Development - The company has received 510(k) clearance for both the software and hardware components of its Bioflux and Biocore products, which typically takes three to 12 months from submission[137]. - The company developed the FDA-cleared Bioflux® COM technology and launched the Biocore Cardiac Monitoring Device, targeting a broader market segment[288]. - The company ordered device inventory from its FDA-approved manufacturer to support the commercialization of its products[320]. - The company has filed for one industrial design patent in Canada and the U.S. and may seek further patent protection for its proprietary technology[222]. Risk Factors - The company faces significant risks related to product liability claims and recalls, which could adversely affect financial condition[193]. - The reimbursement rates from commercial payors may decline due to consolidation, potentially impacting revenue growth[162]. - Changes in reimbursement policies from Medicare and commercial payors could negatively impact revenue and operational results[187]. - The company’s operations in international markets are subject to various uncontrollable risks, including macroeconomic conditions and political instability[207]. - The company anticipates needing additional research and development expenditures for existing and new products, with uncertain technological success[168]. Miscellaneous - The company has not encountered significant cybersecurity challenges that have materially impaired operations or financial standing[299]. - The effect of foreign currency translation resulted in an increase of $167,827 in cash during the year ended March 31, 2024[315]. - The company experienced a change in fair value of derivative liabilities, resulting in a loss of $9,777 in 2024, compared to a gain of $483,873 in 2023[315]. - Audit fees for fiscal year 2024 were $155,377, an increase from $145,733 in fiscal year 2023[298]. - Stock-based compensation increased to $1,025,930 in 2024 from $647,631 in 2023, reflecting a rise of about 58%[315]. - The weighted average number of common shares outstanding increased to 8,991,766 in fiscal year 2024 from 8,659,718 in fiscal year 2023[310].