Biotricity (US:BTCY)2021-02-13 02:16Financial Data and Key Metrics Changes - Revenue increased from $0.4 million in fiscal Q3 2020 to just over $1 million in Q3 2021, representing a 162% year-over-year increase and a sequential increase of 34.5% over Q2 2021 [16][17][21] - The company incurred a net loss of approximately $4.1 million compared to $2.4 million in the prior year [21][22] - Operating expenses increased approximately 66.3% year-over-year to $4.4 million, driven by infrastructure and sales team expansion [22] Business Line Data and Key Metrics Changes - The company has achieved 11 quarters of consecutive growth, with triple-digit year-over-year growth and approximately 20% to 40% sequential growth [7][12] - Over 700 cardiologists across 20 states are using the company's product, marking a 150% year-over-year increase in the number of physicians [8][9] - The current addressable market in the cardiac diagnostic space is approximately $1.2 billion, expected to grow to $4 billion with the approval of the new product, Biotres [9][10] Market Data and Key Metrics Changes - The company has expanded its geographic presence from 12 states to 20 states [9] - The cardiac monitoring market is experiencing increased demand due to the shift towards remote monitoring, accelerated by COVID-19 [34][80] Company Strategy and Development Direction - The company aims to double its sales force and expand its market presence to 30 states by the end of the year [53][55] - Focus on developing a complete suite of products to enhance the cardiologist-patient relationship and increase revenue [20][32] - The company is committed to a technology-as-a-service model, which allows for better integration with physician practices and improved patient care [70][96] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving triple-digit growth for fiscal 2021 and 2022, supported by a recurring revenue model [47][48] - The company is focused on accelerating growth through product pipeline execution and deeper market penetration [71][73] - Management acknowledged potential risks but emphasized the unique business model designed for growth and value [69][70] Other Important Information - The company completed a financing round, raising approximately $11.7 million to support growth initiatives [13][24] - The Biotres product is designed to address unmet needs in the Holter market and is expected to be profitable despite market pressures faced by competitors [62][63] Q&A Session Summary Question: Current sales force headcount and future plans - The company is focusing on doubling its sales force and expanding its market presence to 30 states by the end of the year [53][54] Question: Impact of pricing pressure from competitors - The Bioflux product is unaffected by pricing pressures faced by competitors like iRhythm, and the Biotres product is designed to be profitable within the current reimbursement framework [62][63] Question: Risks associated with growth execution - The company is confident in its growth trajectory and is focused on accelerating growth through product pipeline execution [69][71] Question: Guidance for future quarters - If Biotres is approved, it is expected to have a 20% to 30% impact on overall performance, with continued quarter-over-quarter growth of 25% to 40% [73] Question: Broadening investor base and potential uplisting - The company is committed to increasing awareness and plans to pursue a national exchange listing to expand its investor base [75][76] Question: Differences in physician payment structures - The company provides technology to physicians who bill for both professional and technical fees, resulting in a more favorable financial arrangement compared to competitors [96][97] Question: Breakdown of utilization revenues versus sales revenues - Utilization revenues are becoming a larger percentage of total revenue, while device sales are decreasing as a fraction of revenue [103][104]