Biotricity (US:BTCY)2021-08-18 01:15Financial Data and Key Metrics Changes - Biotricity reported a revenue increase from $452,000 in fiscal Q1 2021 to approximately $1.8 million in Q1 2022, representing a 290% year-over-year increase and a 49% sequential increase from the previous quarter [25][26][30] - The current trailing 12-month revenue is about $4.7 million, with a run rate of $7 million, indicating strong growth momentum [12][30] - The company incurred a net loss of $5.9 million in Q1 2022, compared to $3.4 million in the same period last year, largely due to R&D and infrastructure development expenses [30][34] Business Line Data and Key Metrics Changes - The company has expanded its sales force and increased its market presence from 17 states to 23 states, with plans to reach all 50 states [9][10] - The number of cardiologists using Biotricity's products increased from 450 to 1,100, marking a 146% increase in just seven months [19] - Patient access to hospitals and clinics using Biotricity's technology rose from 900,000 to 2.2 million, a 144% increase [21] Market Data and Key Metrics Changes - Biotricity's market opportunity is estimated at $1 billion, with potential to grow to $3 billion and eventually $30 billion as new products are developed [31][23] - The company is positioned to benefit from the increasing demand for real-time monitoring and connected medical devices, especially in the context of chronic diseases [15][20] Company Strategy and Development Direction - The company aims to replicate its successful expansion strategy across new states while deepening its penetration in existing markets [10][18] - Biotricity is focused on developing a comprehensive cardiac diagnostic and management portfolio, with plans to integrate additional technologies in the future [77][80] - The company is pursuing a technology-as-a-service model, which allows for a more scalable and efficient revenue generation approach [54][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a revenue run rate of $8 million to $10 million by the end of 2021, supported by strong customer retention and sales execution [7][11] - Despite potential impacts from COVID-19 variants, the company believes it can maintain its growth trajectory due to its diversified account base [96][99] - The management is optimistic about future product launches and FDA approvals, which are expected to drive further growth [105][106] Other Important Information - The company has a strong focus on R&D, with plans to continue investing in product development to enhance its market position [30][34] - Biotricity's gross margin improved to 70% in the most recent quarter, indicating effective cost management as the company scales [42] Q&A Session Summary Question: Can you elaborate on R&D efforts and future product areas? - The company is focused on completing its cardiac diagnostic and management portfolio before exploring other areas like diabetes and sleep apnea [77][80] Question: How many salespeople does the company currently have? - The company aims to have 40 to 50 full-time sales reps, supported by inside sales clinical reps, to optimize account openings and growth [85][86] Question: What is the incremental revenue potential from existing clinics? - The company estimates that it could triple its revenue by fully executing its product portfolio within existing accounts [88] Question: How has the Delta variant impacted operations? - While there has been some impact due to staff holidays, the company remains insulated due to its wide network across 23 states [96][99] Question: What is the status of Biotres at the FDA? - The company has completed all required steps for FDA clearance and is awaiting a response, with no significant concerns about delays [105][106]