Biotricity (US:BTCY)2021-06-16 18:07Financial Data and Key Metrics Changes - Biotricity reported a revenue increase from $362,920 in Q4 fiscal 2020 to $1.2 million in Q4 fiscal 2021, representing a 227% year-over-year increase and a sequential 19% increase over the previous quarter [28][29] - The company incurred a net loss of $5.5 million in Q4 2021, compared to a loss of $4.8 million in the same period of the previous year [37][41] - Gross margin improved to 69% in Q4 2021 from an adjusted gross margin of 22% in the prior quarter [34][35] Business Line Data and Key Metrics Changes - The company has expanded its network to 1,300 cardiologists, servicing 2.6 million patients, up from 375 cardiologists and 750,000 patients a year ago [20][21] - The focus remains on the Bioflux product, which is central to the company's strategy and growth [21][22] Market Data and Key Metrics Changes - Biotricity operates in 23 states, with plans for geographic expansion into larger markets such as California and Illinois [31][32] - The company aims to leverage its Technology-as-a-Service (TaaS) model to penetrate new markets and expand its product offerings [32][34] Company Strategy and Development Direction - The company envisions becoming a $1 billion entity by expanding its total addressable market from $1 billion with Bioflux to at least $30 billion in the next growth phase [38][60] - Biotricity is focused on remote patient monitoring in the cardiac space, emphasizing the importance of connected healthcare devices [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about post-COVID growth, citing increased awareness of the importance of monitoring for high-risk patients [10][51] - The company anticipates continued triple-digit revenue growth, with expectations for Q1 2022 to reach approximately 250% year-over-year growth [30][42] Other Important Information - The company is in an R&D and infrastructure development phase, preparing for the launch of its Biotres product [37][74] - Biotricity's business model is designed to reduce overhead and improve margins, allowing for better scalability and efficiency [24][25] Q&A Session Summary Question: What are the key factors driving revenue growth? - Management highlighted the reopening of the country post-COVID, expansion of the sales force, and increased awareness of monitoring as key factors driving revenue growth [67] Question: What is the utilization rate of Bioflux devices? - Management indicated that approximately 70-80% of revenue growth is coming from new accounts, with the remainder from optimizing existing device utilization [70] Question: How do you see gross margins improving over time? - Management stated that as the business scales, costs associated with devices will decrease, leading to improved gross margins [72] Question: What is the growth strategy for Biotres? - Biotricity plans to deploy Biotres in existing accounts first and then include it in new account offerings, focusing on high-end diagnostics with Bioflux as the primary product [74]