Company reports Q1-FY24 revenue grew by 46.9% YOY to
Recurring technology fees and customer device sales, continue to trend higher
Reduced SG&A to
Gross margins improve to 63.5% from 59.6% in the same period last year
Recurring Technology Fee revenue - over 90% of total revenue with a 72% gross margin - rose a robust 47% YOY
Net loss improved 28% to
Company will host its Q1 Fiscal Year 2024 Financial Results Call on
Dr. Waqaas Al-Siddiq, Biotricity Founder & CEO, commented, 'Our first quarter fiscal 2024 marked a strong start to the year. We saw growth in our sales, encompassing technology fees and device sales. This achievement directly stems from our prudent fiscal management aimed at bolstering our bottom line, and the effective execution by our team and sales channels. Given our consistent gross margin on technology fees of approximately 70%, and an evolving revenue mix where technology fees are expected to comprise an increasing proportion of revenue, we anticipate continued improvement in overall blended gross margin over time. Our AI segment has begun to demonstrate progress and we've announced our strengthened relationships with Amazon and Google. We are committed to expanding our AI technology development into remote cardiac care with a focus on predictive monitoring tools to enhance disease profiling, improve patient management, and revolutionize the healthcare industry for disease prevention. In the future, we envision our cardiac AI model's capacities will empower us to assist healthcare experts in efficiently managing a significantly higher patient load while discerning the most vital data points. This advancement will enable healthcare providers to enhance the caliber of care they deliver while catering to a more extensive patient base.Looking towards the rest of CY 2023, our focus remains four-fold: to increase sales of our remote cardiac monitoring solutions, ramp-up of our subscription-based service, accelerate our recurring revenue, and continue to draw a clear path to profitability.'
Q1-FY24 Financial Highlights
Revenue increased 46.9% to
Gross profit percentage was 63.5% for the three months ended
Net loss decreased 28% YOY to
Operating Highlights for Q1-FY24
Q1-FY24 recurring (TaaS) Technology Fees rose a robust 47% YOY to
Company maintains its impressive track record with a near-perfect customer retention rate of approximately 98%, consequently bolstering recurring revenue from Technology Fees
Increased total addressable market from
Continued to expand its sales force network, with geographic footprint across 35 states with over 2,500 cardiologists
Growing repeat sales to installed customer base with new complementary products and a lower cost of sales
Company is driven to reach positive cash flow, driving revenue higher while reducing or holding SG&A stable
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