OUR NEW PROFILE IS: (NASDAQ: BTCY)
BTCY reported impressive quarterly revenue of $2.4 million for second quarter of FY2023 ended Sept. 30
Residual revenues are driven by a 95% retention rate
Biotricity surpasses $10 million in annual revenue run rate
Bioheart named to TIME’s list of The Best Inventions of 2022′
Biotricity surpasses 2 billion recorded and analyzed heartbeats for atrial fibrillation (AFib)
CHECK OUT THE INVESTOR PRESENTATION HERE
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Hello Everyone,
We anticipate a busy week ahead. Let’s kick it off with a past winner that we haven’t taken a look at in quite some time.
Right now at the $1.00 level it is a great time to research this one as it is still fairly cheap but 25% above the lows.
Turn your attention to Nasdaq: BTCY.
Biotricity is reforming the healthcare market by bridging the gap in remote monitoring and chronic care management. Doctors and patients trust Biotricity’s unparalleled standard for preventive & personal care, including diagnostic and post-diagnostic solutions for chronic conditions. The company develops comprehensive remote health monitoring solutions for the medical and consumer markets.
There is an ongoing shift in healthcare towards preventive care, which Biotricity is leveraging to modernize chronic care & disease management.
The company believes its diagnostic and post-diagnostic solutions help reduce healthcare costs and detect anomalies earlier than existing monitoring solutions and provide faster and better reporting, as well. BTCY has expanded its salesforce in 2022 and targets further penetration into doctor’s offices and clinics with the recent launch of Biotres and the upcoming launch of other products. The company believes its tech platform is disrupting the traditional cardiac care model. With Biotricity’stechnology, cardiac patients can access advanced diagnostics from their homes using Biotricity devices, and thereby minimize visits to the cardiologist or hospital to times when therapeutic treatment or procedures are needed. The company’s lead product, Bioflux, is designed to detect an arrhythmia, heart attack, ventricular or atrial issue faster and transmit the information to a call center to prevent a traumatic health event faster than a conventional Holter device.
As BTCY moves to grow its share in the cardiac health cloud service niche, the company also seeks to expand horizontally beyond the cardiac market. Biotricity believes its emerging ecosystem offers a user- friendly platform that can be applied to help people suffering with diabetes, obesity, hypertension, sleep apnea, pain management and potentially many other areas.
The company launched Biotres earlier this year. It is a wearable wireless 3-lead patch device for continuous recording of ECG heart data and wider array of arrythmia monitoring.
As BTCY initiatives measures to grow its share in the cardiac health cloud service niche, the company also seeks to expand horizontally beyond cardiac and believes its emerging ecosystem offers a user-friendly platform that can be applied to monitor and assist people suffering with diabetes, obesity, hypertension, sleep apnea, pain management and potentially many other areas of healthcare management.
- Unveiled our personal medical device kit, Biokit, for integration into our Biotricity ecosystem
- Unveiled, Bioheart, a first-of-its kind continuous heart rhythm recorder and personal heart and lifestyle solution
- Revenue totaled $2.4 million for Q2-FY23
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- The Company’s Bioheart personal cardiac monitor won TIME’s Best Inventions of 2022.
- Awarded $250K NIH Grant from the National Heart, Blood, and Lung Institute for AI-Enabled real-time monitoring and predictive analytics for stroke due to chronic kidney failure.
- Surpassed 2 billion recorded and analyzed heartbeats for atrial fibrillation (AFib).
- Launched Biocare Cardiac Disease Management Solution after two successful pilots at Oklahoma & Kentucky Clinics.
- Continued expansion of our network and maintenance of a 95+% retention rate that together drive Biotricity’s residual revenues.
Q2-FY23 Financial Highlights:
- Revenue totaled $2.4 million.
- Gross profit totaled $1.3 million.
- Gross profit margins were 54%.
Biotricity’s Enviably Massive Addressable Markets According to the World Health Organization, Cardiovascular diseases are the leading cause of death globally, taking an estimated 17.9 million lives each year. We are determined to reduce that number in a meaningful way, as our growing success addresses a heart rate monitoring devices market of $12.4 billion globally that analysts project reaching $17.1 billion in 2026. As a company, our focus is on expanding our total addressable market (TAM) by executing on our product portfolio. This will increase our TAM from $1.7 for cardiac devices to $55.9 Billion for Telemedicine andvcare management. Suffice to say, we have an enourmous opportunity ahead, I believe these forecasts are low and do not yet factor in our technology’s superior capabilities and industry & patient health, wellness, and lower-cost benefits.
- Cost Savings & Workflow Time Efficiency for Nurses. Instead of expensive hospitals and emergency room bills, pro-active monitoring and early detection of medicine need or surgery allows outpatient cost savings. Remote monitoring allows cost-effective at $11,000/year (NIH/Journal of Cardiovascular Electrophysiology) per patient year.
- Reimbursement rates reduction or cut risk from Medicare is minimal exposure for Biotricity and its physicians network. Bioflux and the recently launched Biotres patch already fit into the existing billing codes and resilient clinical fee. Biotricity’s wheelhouse is more insulated because no reimbursement specialist is needed for billing and reads are insurance reimbursable.
- Recurring revenue play and easily deployable tech. There is also lower operational expense for the doctors and clinics, along with easy integration into their back offices. Rechargeable devices help keep the margins high and further insulate from reimbursement.
- Detection & Accuracy are improved with Bioflux compared to conventional products. Artificial Intelligence (AI) and Biotricity’s database on nearly 100,000 patients of ECG data can identify ECG abnormalities with 90%+ accuracy and speed up response time, according to BTCY.
- Beneficiary of the ongoing shift to remote monitoring of outpatients and improved efficiency for doctors and nurses workflow. Physicians benefit from earlier detection of patient’s heart issues, improved workflow and efficiencies with Biotricity’s software and automation. The physician can increase their own annual revenues by approximately $180,000-260,000 as seen below.
Biotricity Product Roadmap
Bioflux® is their flagship product. It is a high-precision, single-unit mobile cardiac telemetry (MCT) device that provides real-time monitoring and transmission of ambulatory patients’ ECG information.
Disruptive Business Model
- Insourced business model, enabling physicians to bill directly
- Minimal upfront cost for physician, physician pays only when device is used – top line profit
- Turn-key solution for physicians
- Recurring revenue with high margin for Biotricity
- Reads are insurance reimbursable using existing CPT billing codes
- Turn-key solution: device, software, and monitoring center • One piece device that is the smallest in the market
- Built-in global GPS and GSM platform
CURRENT FOOTPRINT FOR BIOFLUX
Biotres is a three-lead patch solution for real-time and passive arrhythmia monitoring designed for patients who are at risk for, or diagnosed with, certain cardiac issues. It can operate as a Holter, Event Loop, and potentially as a wireless patch in conjunction with Bioflux for MCT. Biotres has been filed with the FDA and is pending approval.
Biocare® Telemed is a virtual clinic platform with secure HIPAA-compliant technology that enables clinicians to provide outstanding patient care remotely, ensuring their at-risk patients and those needing remote cardiac monitoring do not have to leave the safety and comfort of their home. Today, the Biocare app is used by our customer clinics to service their patients. Going forward, it will become a virtual cardiac clinic where individuals looking for a cardiologist will be able to access our network of cardiologists. To achieve this, we are currently interconnecting our customer clinics to create one large virtual cardiac clinic, which we expect to launch in the second half of 2022. This will enable individuals looking for a cardiologist to access one that uses the Biotricity eco-system of diagnostics and disease management technology. Biokit is a personal medical device kit, a bundled home-use set comprised of a digital thermometer, a pulse oximeter, and a blood pressure cuff. It is FDA cleared, wireless capable and readily integrates into the Biotricity eco-system. Introduced in September, it is slated for a 1Q-22 launch. With Bioflux and Biokit combined, we will soon offer a comprehensive cardiac diagnostics and management product line for effective, accurate and economic long-term disease management.
Bioheart is for consumers seeking self-management of pre-diagnosis heart health, wellness and preventative care. Consumers can share data with their physicians if they choose. Following strong sales during its pre-release period, we launched Bioheart earlier this month – ahead of schedule – and plan to ramp up its marketing campaign throughout 2022.
Biotricity surpasses $10 million in annual revenue run rate
REDWOOD CITY, Calif., Nov 21, 2022 (ACCESSWIRE) — Biotricity Inc. (NASDAQ:BTCY) (“Biotricity” or the “Company”), a medical diagnostic and consumer healthcare technology company, today announced it has surpassed $10 million in annual revenue run rate. “With strong revenue growth each quarter, our scale and market reach increases every day,” says Biotricity Founder and CEO, Dr. Waqaas Al-Siddiq. “I am committed to continuing to drive growth and realize our potential. Our focus remains on providing the cardiac health market with disruptive, superior digital and AI technology at competitive pricing with unrivaled support to our customers and physician partnerships.” Biotricity boasts multiple ground-breaking products including Bioflux®, Biotres, and Bioheart which won TIME’s Best Inventions of 2022.
- Bioflux: a high-precision, single-unit mobile cardiac telemetry (MCT) device that provides real-time monitoring and transmission of your ECG information to your doctor
- Biotres: an easy to wear, rechargeable device with wireless capability, utilizing the advanced technology of the Bioflux® for more active days
- Bioheart: a consumer-targeted continuous heart rhythm monitor that uses the most advanced heart technology to deliver unlimited heart data insights with three views of your heart
The record revenue run rate is Biotricity’s latest achievement in a string of major milestones that include:
- The Company’s Bioheart personal cardiac monitor won TIME’s Best Inventions of 2022
- Awarded $250K NIH grant from the National Heart, Blood, and Lung Institute for AI-enabled real-time monitoring and predictive analytics for stroke due to chronic kidney failure
- Surpassed 2 billion recorded and analyzed heartbeats for atrial fibrillation (A-fib)
- Company has delivered revenue growth in nine out of the last ten consecutive quarters
Biotricity reports financial results for Fiscal 2023 Second Quarter
ANALYST RATINGS
There are several analysts with price targets on BTCY well above it’s current levels of a dollar. They all represent 300%+ moves from it’s current levels if the analysts turn out to be right.
(sourced from MarketBeat)
BTCY Price Target – Frequently Asked Questions
According to the issued ratings of 2 analysts in the last year, the consensus rating for Biotricity stock is Moderate Buy based on the current 1 hold rating and 1 buy rating for BTCY. The average twelve-month price prediction for Biotricity is $4.00 with a high price target of $4.00 and a low price target of $4.00. Learn more on BTCY’s analyst rating history.
Analysts like Biotricity less than other Medical companies. The consensus rating for Biotricity is Moderate Buy while the average consensus rating for medical companies is Buy. Learn more on how BTCY compares to other companies.
MarketBeat users like Biotricity less than other Medical companies. 65.31% of MarketBeat users gave Biotricity an outperform vote while medical companies recieve an average of 66.40% outperform votes by MarketBeat users.
According to analysts, Biotricity’s stock has a predicted upside of 96.56% based on their 12-month price targets.
Biotricity surpasses 2 billion recorded and analyzed heartbeats for atrial fibrillation (AFib)
Data set of 2 billion heartbeats and growing allows Biotricity to scale faster and operate more efficiently with better automation, yielding growth and better margins in the future
CHART
NEWS
Management Team
Dr. Waqaas Al-Siddiq, Phd
Chairman, CEO & Founder
Norman Betts, Phd
Independent Board Member
Dave Rosa
Independent Board Member
Patricia Kennedy
Independent Board Member
Steve Salmon
Independent Board Member
John Ayanoglou
Chief Financial Officer
Amir Ali
Chief Development Officer
Advisory Board
Thomas C. Nelson
John Rother, JD
Daniel Sands, MD, MPH
Sincerely,