The price trend for Biotricity Inc. (BTCY) has been bearish lately and the stock has lost 15.3% over the past two weeks. However, the formation of a hammer chart pattern in its last trading session indicates that the stock could witness a trend reversal soon, as bulls might have gained significant control over the price to help it find support.The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor ...

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Biotricity Inc. (BTCY) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.Si ...

Biotricity, Inc. (NASDAQ:BTCY) Q3 2024 Earnings Call Transcript February 21, 2024 4:30 PM ET Company Participants Debra Chen - IR Waqaas Al-Siddiq - Founder and CEO John Ayanoglou - CFO Conference Call Participants Ben Haynor - Alliance Global Partners Michael Davin - H.C. Wainwright Operator Good afternoon, I welcome to Biotricity Third Quarter Fiscal 2024 Financial Results and Business Update Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to ...

Biotricity Inc. (BTCY) came out with a quarterly loss of $0.34 per share versus the Zacks Consensus Estimate of a loss of $0.41. This compares to loss of $0.54 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 17.07%. A quarter ago, it was expected that this company would post a loss of $0.34 per share when it actually produced a loss of $0.44, delivering a surprise of -29.41%.Over the last four quarters, the company has surpass ...

● Fair value of derivative liabilities In determining the fair values of the derivative liabilities from the conversion and redemption features, the Company used MonteCarlo and lattice models with the following assumptions: dividend yields, volatility, risk-free rate and the remaining expected life. Changes in those assumptions and inputs could in turn impact the fair value of the derivative liabilities and can have a material impact on the reported loss and comprehensive loss for the applicable reporting p ...

Biotricity, Inc. (NASDAQ:BTCY) Q2 2024 Earnings Conference Call November 14, 2023 6:00 PM ET Company Participants Debra Chen - IR Waqaas Al-Siddiq - Founder and CEO John Ayanoglou - CFO Conference Call Participants Michael Davin - H.C. Wainwright Operator Good afternoon, and welcome to Biotricity's Second Quarter Fiscal 2024 Financial Results and Business Update Conference Call. Today's conference is being recorded. And at this time, I would like to turn the conference over to Debra Chen with Investor Relat ...

Part I – Financial Information [Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201%20%E2%80%93%20Condensed%20Consolidated%20Financial%20Statements) The company's unaudited condensed consolidated financial statements for September 30, 2023, show increased revenue and gross profit, but continued net losses and a going concern uncertainty - The company has incurred recurring losses, resulting in an accumulated deficit of **$120.1 million** and a working capital deficiency of **$12.6 million** as of September 30, 2023. These conditions raise substantial doubt about its ability to continue as a going concern[27](index=27&type=chunk) Condensed Consolidated Balance Sheet Data (as of Sept 30, 2023 vs Mar 31, 2023) | Balance Sheet Item | September 30, 2023 ($) | March 31, 2023 ($) | | :--- | :--- | :--- | | **Total Current Assets** | 5,178,206 | 4,720,202 | | **Total Assets** | 6,823,837 | 6,510,544 | | **Total Current Liabilities** | 17,824,363 | 11,160,768 | | **Total Liabilities** | 32,295,289 | 26,355,929 | | **Total Stockholders' Deficiency** | (26,729,036) | (19,845,385) | Condensed Consolidated Statements of Operations Data (Six Months Ended Sept 30) | Metric | 2023 ($) | 2022 ($) | | :--- | :--- | :--- | | **Revenue** | 5,912,062 | 4,437,441 | | **Net Revenue (Gross Profit)** | 3,915,982 | 2,505,366 | | **Loss from Operations** | (4,502,159) | (8,117,648) | | **Net Loss** | (7,103,722) | (9,468,800) | | **Net Loss Attributable to Common Stockholders** | (7,482,861) | (9,928,756) | | **Loss Per Share (Basic and Diluted)** | (0.853) | (1.153) | Condensed Consolidated Statements of Cash Flows (Six Months Ended Sept 30) | Cash Flow Activity | 2023 ($) | 2022 ($) | | :--- | :--- | :--- | | **Net cash used in operating activities** | (4,222,154) | (8,490,203) | | **Net cash provided by (used in) financing activities** | 4,758,634 | (1,105,998) | | **Net increase (decrease) in cash** | 536,480 | (9,596,201) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202%20%E2%80%93%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses significant revenue growth, improved gross margins, and reduced operating expenses, despite continued net losses and a going concern risk - The company is focused on a recurring revenue model, with technology fees from its Bioflux and Biotres products being the primary driver of growth. Sales have expanded to **32 U.S. states** as of September 30, 2023[197](index=197&type=chunk)[354](index=354&type=chunk) - In September 2023, the company issued **220 shares** of Series B Convertible Preferred Stock, raising gross proceeds of **$2.0 million** (**$1.9 million** net). This financing is intended to support operations and growth initiatives[154](index=154&type=chunk)[395](index=395&type=chunk) - Management emphasizes its commitment to financial discipline and leveraging AI to improve margins and drive revenue growth. The company has established relationships with Amazon and Google to enhance its proprietary cardiac AI model[173](index=173&type=chunk)[356](index=356&type=chunk) - A going concern risk exists due to recurring losses and a working capital deficit. The company plans to seek additional debt or equity capital to fund operations, product development, and expansion[158](index=158&type=chunk)[241](index=241&type=chunk) [Results of Operations](index=46&type=section&id=Results%20of%20Operations) For the three and six months ended September 30, 2023, revenue grew significantly with improved gross margins and reduced operating expenses, narrowing the net loss Three Months Ended September 30, 2023 vs 2022 | Metric | Q3 2023 ($) | Q3 2022 ($) | Change (%) | | :--- | :--- | :--- | :--- | | **Revenue** | 2,891,297 | 2,381,389 | +21.4% | | **Gross Profit** | 1,999,278 | 1,280,237 | +56.2% | | **Gross Margin** | 69.1% | 53.8% | +15.3 pts | | **Total Operating Expenses** | 4,174,951 | 5,309,224 | -21.4% | | **Loss from Operations** | (2,175,673) | (4,028,987) | +46.0% | | **Net Loss** | (3,690,840) | (4,692,548) | +21.3% | - Technology fees for Q3 2023 increased **30.3%** YoY to **$2.7 million**, comprising **94.5%** of total revenue. The gross margin improvement is attributed to higher-margin technology fees and AI-driven efficiencies in data processing[177](index=177&type=chunk) Six Months Ended September 30, 2023 vs 2022 | Metric | 2023 ($) | 2022 ($) | Change (%) | | :--- | :--- | :--- | :--- | | **Revenue** | 5,912,062 | 4,437,441 | +33.1% | | **Gross Profit** | 3,915,982 | 2,505,366 | +56.3% | | **Gross Margin** | 66.2% | 56.5% | +9.7 pts | | **Total Operating Expenses** | 8,418,141 | 10,623,014 | -20.7% | | **Loss from Operations** | (4,502,159) | (8,117,648) | +44.5% | | **Net Loss** | (7,103,722) | (9,468,800) | +25.0% | - For the six-month period, selling, general and administrative (SG&A) expenses decreased by **21.9%** or **$2.0 million** YoY, reflecting increased monitoring of spending efficiency[211](index=211&type=chunk) [Liquidity and Capital Resources](index=52&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2023, the company had $1.2 million in cash, with improved operating cash flow and significant financing inflows, while acknowledging going concern doubts - The company had cash deposits of approximately **$1.2 million** as of September 30, 2023[393](index=393&type=chunk) - For the six months ended September 30, 2023, net cash from financing activities was **$4.8 million**, mainly from the issuance of Series B preferred stock (**$1.9M**), convertible notes (**$2.0M**), and short-term loans (**$0.8M**)[131](index=131&type=chunk)[415](index=415&type=chunk) - Management states that existing cash, access to funding, and anticipated near-term financings will be sufficient to meet needs for the next twelve months, despite the going concern warning[158](index=158&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not required for smaller reporting companies, and therefore no information is provided - The company is a smaller reporting company and is not required to provide this disclosure[249](index=249&type=chunk)[417](index=417&type=chunk) [Controls and Procedures](index=47&type=section&id=Item%204%20%E2%80%93%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal controls over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2023[159](index=159&type=chunk) - No material changes to internal controls over financial reporting occurred during the three-month period ended September 30, 2023[223](index=223&type=chunk) Part II – Other Information [Legal Proceedings](index=48&type=section&id=Item%201%20%E2%80%93%20Legal%20Proceedings) The company is not currently a party to any legal proceedings expected to have a material adverse effect on its business - The company reports that it is not currently involved in any legal proceedings that management believes would likely have a material adverse effect on the business[224](index=224&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202%20%E2%80%93%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities during the period - None reported[403](index=403&type=chunk) [Defaults Upon Senior Securities](index=48&type=section&id=Item%203%20%E2%80%93%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None reported[132](index=132&type=chunk) [Mine Safety Disclosures](index=48&type=section&id=Item%204%20%E2%80%93%20Mine%20Safety%20Disclosures) This section is not applicable to the company - Not applicable[346](index=346&type=chunk) [Other Information](index=48&type=section&id=Item%205%20%E2%80%93%20Other%20Information) The company reports no other information for this item - None reported[226](index=226&type=chunk) [Exhibits](index=48&type=section&id=Item%206%20%E2%80%93%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including Series B Preferred Stock documents and Sarbanes-Oxley certifications - Exhibits filed with the report include documents related to the Series B Preferred Stock financing and required certifications[184](index=184&type=chunk)

Financial Data and Key Metrics Changes - Revenue for Q1 2024 increased by 46.9% year-over-year to $3 million [7][57] - Gross profit rose to $1.9 million, up 56% from $1.2 million a year ago, with a gross profit margin of 63.5%, compared to 59.6% in the prior year [7][23][57] - Net loss decreased by 33% year-over-year to $3.6 million, or $0.069 per share, from a net loss of $5 million, or $0.098 per share [3][8] Business Line Data and Key Metrics Changes - Technology fees, which are recurring subscription service fees, rose by 47% to $2.77 million, comprising 92% of total revenue [36][37] - Device sales accounted for 8.3% of total revenue, reported at $252,000 [58] Market Data and Key Metrics Changes - The healthcare AI market is projected to grow to $208.2 billion by 2030, indicating a significant opportunity for the company [5] - The company has expanded its sales reach to over 35 states in the U.S., contributing to revenue growth [57] Company Strategy and Development Direction - The company aims to increase sales of remote cardiac monitoring devices, ramp up subscription-based services, and accelerate recurring revenue to achieve profitability [10][21] - Focus on enhancing AI technology to improve patient management and disease profiling, with ongoing R&D investments in automation and product enhancement [5][55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive cash flow and highlighted the importance of maintaining financial discipline while driving margin and revenue growth [18][19] - The company is optimistic about the future, with expectations of continued improvement in gross margins as technology fees become a larger portion of revenue [36][48] Other Important Information - The company has monitored over 2 billion heartbeats for atrial fibrillation, resulting in significant cost savings for healthcare systems [4][20] - Management emphasized the importance of customer retention, with a retention rate of approximately 98% [37] Q&A Session Summary Question: Insights on device sales and service fee mix - Management indicated that Bioflux still dominates revenue, but Biotres is expected to grow as it becomes more established in the market [26][41] Question: R&D expenditure focus - The company is focusing R&D on automation and enhancing existing products to improve margins and reduce costs [42][43] Question: Future state coverage targets - Management aims for 50-state coverage and is building out its sales force to optimize distribution relationships [29][46] Question: Sustainability of reduced operating expenses - Management believes the current expense level is sustainable due to optimized operations and a focus on sales and account management [56] Question: Gross margin sustainability - Management anticipates that as revenue becomes predominantly SaaS-related, gross margins will stabilize around the SaaS rate [48][49]

[Part I – Financial Information](index=4&type=section&id=Part%20I%20%E2%80%93%20Financial%20Information) This section provides the company's unaudited condensed consolidated financial statements and management's discussion and analysis [Item 1 – Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201%20%E2%80%93%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the three months ended June 30, 2023, including balance sheets, statements of operations, and cash flows, along with notes detailing accounting policies and financial condition [Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) The unaudited financial statements for Q2 2023 show increased revenue, reduced net loss, a working capital deficiency, and positive cash from financing activities Condensed Consolidated Statements of Operations (Unaudited) | Metric | Three Months Ended June 30, 2023 ($) | Three Months Ended June 30, 2022 ($) | | :--- | :--- | :--- | | **Revenue** | 3,020,765 | 2,056,052 | | **Gross Profit** | 1,916,704 | 1,225,129 | | **Loss from Operations** | (2,316,486) | (4,088,662) | | **Net Loss Attributable to Common Stockholders** | (3,601,579) | (5,024,389) | | **Loss Per Share (Basic and Diluted)** | (0.069) | (0.098) | Condensed Consolidated Balance Sheets (Unaudited) | Metric | As at June 30, 2023 ($) | As at March 31, 2023 ($) | | :--- | :--- | :--- | | **Total Current Assets** | 4,400,678 | 4,720,202 | | **Total Assets** | 6,144,123 | 6,510,544 | | **Total Current Liabilities** | 15,097,543 | 11,160,768 | | **Total Liabilities** | 29,555,737 | 26,355,929 | | **Total Stockholders' Deficiency** | (23,411,614) | (19,845,385) | Condensed Consolidated Statements of Cash Flows (Unaudited) | Metric | Three Months Ended June 30, 2023 ($) | Three Months Ended June 30, 2022 ($) | | :--- | :--- | :--- | | **Net cash used in operating activities** | (1,832,118) | (4,039,394) | | **Net cash provided by (used in) financing activities** | 1,329,145 | (833,221) | | **Net decrease in cash** | (502,973) | (4,872,615) | | **Cash, end of period** | 51,433 | 7,207,974 | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies, a going concern warning due to recurring losses and a working capital deficiency, significant debt, and a subsequent reverse stock split - The company has incurred recurring losses, with an accumulated deficit of **$116.2 million** and a working capital deficiency of **$10.7 million** as of June 30, 2023, raising substantial doubt about its ability to continue as a going concern[32](index=32&type=chunk) Revenue Breakdown (Q1 FY2024 vs Q1 FY2023) | Revenue Source | Q1 FY2024 (ended June 30, 2023) ($) | Q1 FY2023 (ended June 30, 2022) ($) | | :--- | :--- | :--- | | **Technology fees** | 2,768,918 | 1,889,982 | | **Device sales** | 251,847 | 166,070 | | **Total Revenue** | **3,020,765** | **2,056,052** | - During the quarter, the company raised additional funds through the issuance of **$1,017,700** in Series C Convertible Notes and net proceeds of **$479,656** from other short-term loans and promissory notes[164](index=164&type=chunk)[61](index=61&type=chunk) - As of June 30, 2023, the company was not in compliance with certain covenants of its term loan but received relief from the lender[137](index=137&type=chunk) - Subsequent to the quarter end, on July 3, 2023, the company effected a **1-for-6 reverse stock split** of its common stock[340](index=340&type=chunk) [Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202%20%E2%80%93%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, highlighting revenue growth, improved gross margin, reduced operating expenses, and a lower net loss, while reiterating going concern doubts [Company Overview](index=34&type=section&id=Company%20Overview) Biotricity is a medical technology company providing biometric data monitoring solutions, focusing on recurring technology fees from its cardiac products and expanding AI for predictive monitoring - The company's strategy is to deliver remote monitoring solutions with a focus on an **insourcing business model** that generates recurring technology fee revenue[256](index=256&type=chunk)[341](index=341&type=chunk) - Key commercialized products include **Bioflux®**, **Biotres**, and the **Biocare Cardiac Disease Management Solution**, with sales launched in 31 U.S. states by December 31, 2022[231](index=231&type=chunk)[258](index=258&type=chunk)[234](index=234&type=chunk) - A strategic focus is the expansion of proprietary **AI technology** to create a suite of predictive monitoring tools for disease prevention and improved patient management[236](index=236&type=chunk)[351](index=351&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations) For the three months ended June 30, 2023, revenue increased, gross profit grew with improved margin, operating expenses decreased, and net loss significantly narrowed Key Operating Results (Q1 FY2024 vs Q1 FY2023) | Metric | Three Months Ended June 30, 2023 ($) | Three Months Ended June 30, 2022 ($) | Change | | :--- | :--- | :--- | :--- | | **Revenue** | 3,020,765 | 2,056,052 | +46.9% | | **Gross Profit** | 1,916,704 | 1,225,129 | +56.4% | | **Gross Margin** | 63.5% | 59.6% | +3.9 p.p. | | **Total Operating Expenses** | 4,233,190 | 5,313,791 | -20.3% | | **Net Loss Attributable to Common Stockholders** | (3,601,579) | (5,024,389) | -28.3% | - The increase in gross margin was primarily attributed to improved margins on technology fees, which comprised **92% of total revenue**[290](index=290&type=chunk) - Selling, general and administrative (SG&A) expenses decreased by **22%** or **$1.0 million** year-over-year, reflecting increased spending efficiency[352](index=352&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2023, the company had limited cash and a significant working capital deficit, raising going concern doubts and necessitating additional funding, despite improved operating cash flow - The company has a working capital deficit of **$10.7 million** and an accumulated deficit of **$116.2 million**, raising substantial doubt about its ability to continue as a going concern[299](index=299&type=chunk)[297](index=297&type=chunk) - Net cash used in operating activities decreased to **$1.8 million** for the quarter, compared to **$4.0 million** for the same period in 2022, reflecting cost containment efforts[302](index=302&type=chunk)[318](index=318&type=chunk) - Financing activities provided **$1.3 million** in cash, driven by **$0.9 million** from convertible notes and **$0.4 million** from other short-term loans[283](index=283&type=chunk)[303](index=303&type=chunk) [Item 3 – Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This disclosure is not required for a smaller reporting company - As a smaller reporting company, Biotricity Inc. is not required to provide this disclosure[306](index=306&type=chunk) [Item 4 – Controls and Procedures](index=44&type=section&id=Item%204%20%E2%80%93%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective, with no material changes to internal controls over financial reporting during the quarter - Based on an evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective[323](index=323&type=chunk) - No changes in internal controls over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[308](index=308&type=chunk) [Part II – Other Information](index=45&type=section&id=Part%20II%20%E2%80%93%20Other%20Information) This section covers legal proceedings, market risk disclosures, controls, and other required information [Item 1 – Legal Proceedings](index=45&type=section&id=Item%201%20%E2%80%93%20Legal%20Proceedings) The company is not currently a party to any legal proceedings expected to have a material adverse effect on its business - The company reports no material legal proceedings[326](index=326&type=chunk) [Other Items (1A, 2, 3, 4, 5, 6)](index=45&type=section&id=Other%20Items%20%281A%2C%202%2C%203%2C%204%2C%205%2C%206%29) This section covers other required disclosures, noting that risk factors are not required for smaller reporting companies, and no material unregistered sales, defaults, or mine safety issues were reported - Item 1A (Risk Factors): Not required for smaller reporting companies[327](index=327&type=chunk) - Item 2, 3, 5: No unregistered sales of equity, defaults upon senior securities, or other information were reported[328](index=328&type=chunk)[329](index=329&type=chunk)[331](index=331&type=chunk) - Item 4 (Mine Safety Disclosures): Not applicable[330](index=330&type=chunk)