Biotricity Inc. (BTCY) research, news, and more from GeoInvesting

Company description

Tue, 26 Dec 2017 20:58:12 GMT

Biotricity Inc is a Canada-based medical technology company. The Company delivers remote biometric monitoring solutions, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. It offers bioflux, an Electrocardiogram (ECG) monitoring system that enables physicians to diagnose cardiovascular diseases or coronary heart diseases, acts as an ambulatory monitor that detects arrhythmias, performs remote mobile cardiac telemetry diagnostic monitoring, and transmits ECG data via a built-in cellular radio in real time. The Company also provides biolife, a health and lifestyle solution for individuals, which consists of a device that monitors heart-rhythm or ECG, as well as respiration, calories, temperature, physical activity, and other.

Research

Fri, 05 Nov 2021 17:12:18 GMT

Biotricity Inc (OTCQB:BTCY) ($4.17; 198.2M market cap), a medical diagnostic and consumer healthcare technology company, announced Q2 2022 results:

Sales of $1.81 million vs $0.74 million in the prior year
Non-GAAP net loss of $0.12 vs net loss of $0.09 in the prior year

"This was a historic quarter with our recent listing on the Nasdaq, in which we strengthened our balance sheet, and introduced our plans for Biokit and its commercial launch in the first quarter of calendar 2022...We have disclosed several other state-of-the-art remote cardiac monitoring devices and software apps in our development pipeline - all of which are planned for commercialization in 2022, pending FDA clearance where required.

Although this quarter is seasonally soft due to the August period, sales were also impacted by hurricanes and COVID-related clinic closures in the southern US," added the Company's Chief Financial Officer, John Ayanoglou. "We expect to recapture much of the past quarter's delayed revenue in subsequent months when clinics open and reschedule patient appointments.

As important as our strong progress was in the quarter just ended, we see 2022 as our true breakout year as we anticipate launching several new products, each of which integrate synergistically into our Biosphere platform.”

On June 25, 2021, we released a PodClip from one of our members, Robert Mulcahy, who discusses the recent updates and progress the company has been making.

On July 19, 2021 we provided a bit more color on this pricey, yet potentially aggressive growth story.

Research

Tue, 17 Aug 2021 17:03:11 GMT

Biotricity Inc (OTCQB:BTCY) ($3.45; 135.6M market cap), a medical diagnostic and consumer healthcare technology company announced Q1 2022 results (provided preliminary numbers in early July)

Sales of $1.76 million vs $0.45 million in the prior year (represent 9th straight quarter of triple digit year over year growth)
The company has not filed its 10-Q and has no financial table in press releases with bottom line results, which we assume are still showing losses.

“Our Technology as a Service (TaaS) model and highly competitive solution is attracting an increasing number of cardiologists to the Biotricity brand. We are still waiting to receive approval from the FDA for our Biotres holter product, which will give us a major new product to sell to our existing customers.

Our operating expenses were only 7% higher than last year, despite a major ramp up in sales, which provides a good measure of the scalability of our business...While our year-over-year growth is increasing, our sequential quarterly growth is even more encouraging, coming in just shy of 50% in this quarter...

...Based on current trends, the Company is projecting continued revenue growth for fiscal 2022 and into fiscal 2023. As a reminder, Biotricity filed a 510(K) seeking FDA approval for its new Biotres holter product on December 31, 2020 and is prepared for a fast launch following that approval. Although the approval process has been slowed somewhat by the widely reported FDA backlog, the process is otherwise on track in terms of the steps required of the Company.”

On June 25, 2021 we released a podclip from one of our newest members, Robert Mulcahy, who discusses the recent updates and progress the company has been making.

On July 19, 2021 we provided a bit more color on this explosive growth story.

Research

Mon, 19 Jul 2021 04:00:00 GMT

A little more color on BTCY and medical device companies

Their initial focus is on wearable devices for patients who need to monitor the health of their heart. I learned from a brief conversation I had with the CEO last week that this will be the main focus for the near term, but that the company plans to expand to other health care indications in the future. As we recently pointed out, the company's growth is exploding, a situation that management believes will continue for at least the next few years. This PodClip also delves into BTCY.

The price we pay for that growth is:

The current high ev/s of 41
Knowing that the company will continue to have to raise is a stantial amount of money to market its products
That the company will probably not focus on profitability for some time

Our current challenge is determining if we think shares are worth paying up for, in that will the current high valuation multiples look cheap in 2 or 3 years if the company meets its growth objectives? When trying to determine if it makes sense to pay up for valuation in a medical device company, we need to try to understand if the company has a moat. If that is the case, it may be worth paying up for valuation. I believe BTCY's CEO will be able to give us some nice color on this in the fireside chat and presentation. Given our track record of investing in medical device companies, (Data below is as of March 31, 2021)...

...we have been looking for a new medical device company to get behind. Due to the high valuation of the stock, we are not saying BTCY will be that company just yet, but we believe it has a chance, especially if management can convince us that the company has a moat and that it can continue to aggressively grow revenue for the next 5 years.

Research

Fri, 16 Jul 2021 18:49:46 GMT

Key takeaway from BTCY Interview

Biotricity is a medical technology company that provides biometric data monitoring solutions.

The CEO sees triple digit growth for the next 2 years. Our challenge is deciding if shares are worth paying up for, given that they are trading at an EV/S of 41. Also note that BTCY will have to raise a substantial amount of money to continue to develop new products.

The company’s most current investor presentation can be found here.

We have also scheduled a live virtual presentation and Q&A with BTCY for Monday June 19th at 4:15 PM EST.

Research

Wed, 07 Jul 2021 17:21:14 GMT

Biotricity Inc (OTCQB:BTCY) ($3.42; 134.4M market cap), a medical diagnostic and consumer healthcare technology company, announced preliminary Q1 2022 results. The company expects to continue its acceleration trend following its record Q4 2021 results with another record quarter for Q1 2022.

Revenue for the first fiscal quarter ended June 30, 2021 is expected to increase by over 45% compared to the immediately preceding quarter and more than 280% compared to the corresponding period of the prior year, continuing the pattern of sequential quarterly growth.
Q1/2022 revenue is expected to be the 9th consecutive quarter of revenue growth, a trend that the Company expects will continue throughout fiscal 2022.

“With accelerating sequential revenue growth and a high correlation between devices deployed and our future technology-as-a-service (TaaS) revenue, we have excellent visibility into our sales growth trends," stated Waqaas Al-Siddiq, CEO of Biotricity. "Steady revenue growth is a big advantage in terms of financial planning, but it is also important to note that as our scale increases, our cash burn will generally decrease as a percentage of revenue. We are pleased with the way our R&D spend and sales team expansion are translating into higher revenue every quarter, but this effort today has an even larger payday coming. We plan to add new products into our portfolio, which we can sell into our growing network of cardiologists. Most importantly, we expect this approach to accelerate our sales growth. High customer retention and reorder rates after more than two years of serving cardiologists is a testament to the effectiveness of our TaaS model.

While the post pandemic environment is still evolving and may have some residual effect on seasonal patterns in some parts of the country, the overall trend for the remainder of the year is for consistent triple digit revenue growth and additional milestones.”

On June 25, 2021 we released a podclip from one of our newest members, Robert Mulcahy, who discusses the recent updates and progress the company has been making.

We published some preliminary research on the company in December 2017.

On June 13, 2021, we let you know that the company was back on our radar since it started to generate revenue with growth projected to be robust, buoyed by recurring revenue streams.

PodClips

Fri, 25 Jun 2021 14:14:18 GMT

Podclip - BTCY Overview and Post 10 -K Commentary

Research

Sun, 13 Jun 2021 04:00:00 GMT

Biotricity Inc (OTCQB:BTCY) is a medical diagnostic and consumer healthcare technology company that focuses on providing biometric data monitoring solutions in the United States. The stock is back on our radar due to bullish comments from management in its preliminary fiscal 2021 results.

“Just as important, the non-GAAP financial measures management uses to monitor sales activity is technology fees associated with device utilization. Biotricity had revenues of over $580,000 in technology fees and device sales in the month of March 2021 – our highest month ever in the history of the Company for this forward-leading indicator. This translates to a revenue runrate of approximately $7 million for the next twelve months, not taking into consideration the growth we expect to achieve from here. We believe we are well positioned to continue our growth momentum and expect to benefit with the re-opening of businesses. “Our sequential quarterly growth continues to demonstrate the importance of our technology and the value of our recurring revenue business model. We offer our cardiologist customers state-of-the art technology they can use to help improve patient care. We are on track to continue our strong sequential and year over year growth throughout fiscal 2022.”

The $7 million revenue run-rate expectation compares favorably to 2021 annual revenues of $3.3 million (year ends in March).

In December 2017, we delved into the reasons to track Biotricity Inc (OTC:BTCY) and admitted we were probably a little too early to the story.

However, with record sales in Q3 2021 and record preliminary Q4 results, coupled with management’s run rate comments, It seems the company has finally reached an inflection point in its growth trajectory.

BTCY is also making the uplisting to a major exchange a priority for 2021.

Research

Fri, 11 Jan 2019 17:11:15 GMT

Biotricity Inc (OTCQB:BTCY) ($1.28; 44.0M market cap) is a medical diagnostic and consumer healthcare technology company that focuses on providing biometric data monitoring solutions in the United States. The company announced Q3 2018 update to shareholders:

“2018 was an exciting year for Biotricity as we launched our first medical-grade device into the growing cardiac market and received great reception from our initial sales forays,” said Mr. Waqaas Al-Siddiq, Biotricity Founder and CEO. “While still early in the Bioflux launch, we’re thrilled by the validation Bioflux has experienced thus far and we are expanding our sales organization substantially this year as a result. Our technology and solution are solid, and both our sales growth and market adoption continue to surpass our expectations each quarter. We fully expect this trend to continue and believe that continued success will increase our market and shareholder value.

The Company experienced a 211% growth in sales from Q2 2018 to Q3 2018. In addition, new device placements increased 182% from Q2 2018 to Q3 2018. These results were based on the initial targeted launch executed in 2018 to ensure the product met or exceeded customer expectations in both device quality and user experience. The company expects this sales growth to continue as the technology is introduced into additional territories in the United States.”

Biotricity is now focusing on the growth of its commercial organization, sales growth, market expansion, and the development of new product applications in the coming year.

“We appreciate the commitment of our existing shareholders and we will continue to be prudent in executing future transactions that maximize shareholder value and minimize risk,” said Mr. Al-Siddiq. “We believe Biotricity has a great opportunity as we expand our commercial footprint and continue to innovate for physicians and patients alike. I look forward to providing updates in the near-term on our latest initiatives.”

As mentioned above, BTCY is in the very early stages of its development. While growth is very strong, the company still only generated $84,760 in sales for the quarter.

In December 2017, Maj offered 8 reasons why BTCY is worth tracking and certain caveats to be aware of as the company entered our radar. We believe the company’s story is still worth tracking as we monitor the acceleration of its growth.

The concerns regarding possible dilution as a result of the need to raise capital is still a major caveat, especially given the limited amount of revenues the Company is generating. An excerpt from our article poses this concern:

“We need to get a clearer picture of the company’s path to profitability and future capital needs. While it seems that the company is close to being well-funded in order to begin marketing Bioflux, it will probably have to raise and spend money to bring other products to market, which means more dilution and/or more losses. These are the potential aspects to the story that may ultimately wind up keeping me away.”

You can see the article here.

Research

Tue, 02 Oct 2018 16:23:31 GMT

Biotricity Inc (OTCQB:BTCY) ($1.74; 58.6M market cap) is a medical diagnostic and consumer healthcare technology company that focuses on providing biometric data monitoring solutions in the United States. The company announced its Q2 2018 update to shareholders:

Bioflux 1.0 sales growth and market expansion achieved a record high during the fiscal 2018 second quarter; the Company experienced a 150% increase in total device sales and a 75% increase in new customers from Q1. Bioflux is an FDA-approved, medical-grade remote patient monitoring device that monitors a patient’s ECG in real-time, constantly analyzing and collecting data on the device and periodically uploading to the cloud via embedded cellular technology.

“The momentum and growth trends we saw during the last quarter not only continued but have accelerated in the second quarter,” said Mr. Waqaas Al-Siddiq, Founder and CEO of Biotricity. “We have had strong performance in new U.S. state markets, and we are confident this trend will continue.”

Existing customers continued to purchase additional units, reaffirming customer satisfaction. The Company is pleased to report a 62% increase in repeat customer orders from Q1. “Our anchor clients are developing loyalty to our product, and we are both excited and humbled by their level of acceptance and enthusiasm,” said Mr. Al-Siddiq. “We will endeavor to continue supporting them and fostering long-term relationships which will give us a true competitive differentiator.”

The Company is continuing to develop “Biopatch,” an ECG patch which it anticipates filing with the FDA by Q1 2019. An extension of Biotricity’s award-winning Bioflux device, Biopatch offers an alternative to the 3-lead system which is ideal for patients with less complicated cardiac conditions. The patch leverages the capabilities of Bioflux and provides wireless arrhythmia monitoring for patients who are either at risk for, or diagnosed with, certain cardiac issues. Small, comfortable, and effective, Biopatch will ensure patients with atrial fibrillation (AFib) and other cardiac issues receive early diagnosis and preemptive care from their physicians, and will support the shift to outpatient care.

In December 2017, Maj offered 8 reasons why BTCY is worth tracking and certain caveats to be aware of as the company entered our radar.

You can see the articlehere.

Reasons For Tracking

Wed, 27 Dec 2017 20:52:30 GMT

Our latest RFT (Reasons For Tracking) was written by Maj Soueidan on the company Biotricity Inc (OTCQB:BTCY), a Canada-based medical technology company. He offers 8 reasons why BTCY is worth tracking and certain caveats to be aware of while the company remains on our radar. We have no position in the Company as of yet and need to interview management regarding our concerns about dilution to fund the launch of its first two medical devices targeting the cardiovascular market.

Please see the article here.