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Biotricity Achieves Improved Margins and Efficiencies, and Year-Over-Year Sales Growth for Second Quarter of Fiscal Year 2025
BTCYBiotricity (BTCY) GlobeNewswire News Room·2024-11-15 13:15

Core Insights - Biotricity Inc. achieved positive cash flow in September 2024 on a current operating basis, with expectations for continued improvement in cash flows [1][6] - The company reported a 13% year-over-year revenue growth in Q2 FY25, reaching 3.3million[1][5]−Grossmarginsimprovedsignificantlyto75.33.3 million [1][5] - Gross margins improved significantly to 75.3%, up from 69.1% in the same period last year, driven by better margins on technology fees and efficiencies from AI [1][5] - Recurring Technology Fee revenue constituted 94% of total revenue, with a gross profit percentage of 79% [1][5] - The company reduced Selling, General and Administrative (SG&A) expenses by 35.5% year-over-year, from 3.5 million to 2.25million[1][5]−Netlossattributabletocommonshareholdersdecreasedby57.42.25 million [1][5] - Net loss attributable to common shareholders decreased by 57.4% to 1.65 million, compared to 3.88millioninQ2FY24[1][5]FinancialHighlights−RevenueforQ2FY25increasedby133.88 million in Q2 FY24 [1][5] Financial Highlights - Revenue for Q2 FY25 increased by 13% year-over-year to 3.3 million [5] - Gross profit percentage rose to 75.3% from 69% in the prior year, attributed to improved technology fee margins and AI efficiencies [5] - Net loss decreased to 1.65million,or1.65 million, or 0.073 per share, from a net loss of 3.88million,or3.88 million, or 0.446 per share, in Q2 FY24 [5] Operating Highlights - Recurring Technology Fees increased by 12.2% year-over-year to $3.06 million, with flat fee revenue growing by 34% [6] - The company achieved a 9.5% reduction in Cost of Revenue and a 34% decrease in Total Operating Expenses year-over-year [6] - Biotricity maintained a strong customer retention rate and expanded its customer base, now serving over hundreds of centers across 35 states [7] Business Development - The company is focused on developing AI technology for remote cardiac care, enhancing predictive monitoring tools and improving patient management [4] - Biotricity's solutions have led to over 50,000 atrial fibrillation diagnoses, contributing to significant healthcare savings [3] - Management will host a financial results call on November 15, 2024, to discuss Q2 FY25 results and provide a business update [8]