Previously Published to Benzinga: The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.
Ranked as one of the fastest-growing companies in the healthcare sector, Biotricity Inc. (NASDAQ: BTCY) sets out to leave an imprint on all 50 states with its connected, real-time monitoring medtech device.
For the last 19 months, Dr. Waqaas Al-Siddiq, CEO, chairman and founder of Biotricity, has led his company to list on a major exchange and expand into 23 different states across the U.S. The company’s flagship device — the Bioflux — is a wearable that gives doctors and cardiologists the ability to monitor and diagnose their patients from afar.
Quickly rising to the top, Biotricity has been doing everything it possibly can to get its life-changing devices in the hands of physicians all across the country, even providing them financing if it helps their patients receive the best possible care.
Giving back to the medical community, Biotricity’s business model also allows doctors to earn a more passive form of revenue while keeping patient data private, more accurate and all in one place.
How Biotricity Helps Physicians and Cardiologists Take Better Care of Their Patients
Driven toward diagnosing and monitoring cardiac disease in patients with or without comorbidities, Biotricity serves the medical community 2-fold. First, the company designs biomedical equipment for more than 2.75 million cardiac patients in its hospital and clinic network across the U.S and for the 30 million cardiac patients in the US.
Second, the company offers a totally Health Insurance Portability and Accountability Act (HIPAA)-compliant technology-as-a-service (TaaS) tool to physicians and their networks, providing actionable data related to the real-time cardiac health of their patients.
The Issue of Cardiac Monitoring is Beyond Critical
While cardiac disease has a higher prevalence in several parts of the world, patients are now at a higher risk for developing COVID. Cardiologists are seeing new patients who’ve reportedly developed a new or chronic heart condition after they’ve had COVID.
Patients continue minimizing the number of trips they take to get the help they need. They fear catching the virus in transit and may skip appointments altogether. But skipping annual checkups could be just as detrimental as the virus itself.
Biotricity has devised a business model that provides cardiologists with in-office devices to conduct on-site testing and fully diagnose clients remotely. Alternatively, doctors can request devices to be shipped to patients’ homes, then follow up via Teledoc Health Inc. (NASDAQ: TDOC) to continue monitoring them at a distance.
Doctors can also dispatch emergency care for immediate medical attention should the data show any anomalies within the patient’s system.
It’s standard practice for patients to visit various testing and diagnostic centers before being given passive monitoring devices and told to come back in a month or so. Many times, these devices are not only inaccurate, they also don’t provide enough data to the clinician who forwards the limited results of monitoring to the primary care provider for additional service.
TaaS With a Shared Revenue Model
Doctors traditionally earn a small referral fee of about $25 each time patients are sent across town for testing. However, through Biotricity’s TaaS, physicians earn up to $600 each time and are charged nothing until it’s actually in use while a patient receives a far more superior device, improved diagnosis and care, and faster results.
Biotricity was selective when recruiting sales teams to represent the company. It chose those who’d drive significant growth and apply best practice strategies at the helm of commercialization. They’d also have to show a sense of integrity.
The first product came out in April 2019 and has since seen 10 quarters of consecutive quarter-over-quarter growth, despite the coronavirus pandemic slowdown.
A Deeper Look Into the Numbers
Recent financing has allowed Biotricity to focus on its growth. During its first 2 years in business, the company took no profit and, instead, reinvested everything in order to position itself for commercialization before bringing several products to market.
On paper, the company shows annual spending of about $12.5 million, but the company’s run rate is about $8 million with a $4.5 million deficit. With previous patents, final Food and Drug Administration (FDA) approvals and new products hitting the market, Biotricity should soon see a healthy return with a little, if any, deficit.
Biotricity is preparing to launch Bioheart, a personal, consumer heart monitor in the Google (NASDAQ: GOOGL) Play store. It is designed to work with the Samsung Watch4 series through a partnership with the device-maker.
The company’s Biocare Cardiac is also available for the Samsung Electronics Co. Ltd. (KRX: 005930) device and is a personal, cardiac health application for people diagnosed with or at risk for cardiovascular disease. It will allow doctors to make diagnoses, augmented with updated medical data and the details of daily fitness and exercise.
Biotricity rang the opening bell at the Nasdaq Stock Market Oct 7.
For more information on Biotricity, its disruptive devices or investing, visit Biotricity.com.
The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.