Biotricity Reports Q1 Earnings at 290% for FY2022

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.

Biotricity (NASDAQ: BTCY) has been taking the world of medtech by storm, introducing primary care providers across the country to its remote heart monitoring devices. Always connected, these wearable devices have been giving power back to those suffering from chronic cardiac conditions and simultaneous comorbidities — the simultaneous presence of two or more diseases or medical conditions and often relative of one another. 

Through remote heart monitoring and diagnostic technologies, doctors can screen their patients from a distance, even alerted to a possible emergency if the data doesn’t seem right. Whereas it would normally take weeks — to months — for physicians to assess the conditions of chronically ill patients, Biotricity allows them to gain more insight the same night. 

From this device, the company has created three business models, including:

• Remote platform as a service (RPaaS)
• Cardiac platform as a service (CPaas)
• Technology as a service (TaaS)

Biotricity’s Bioflux device falls under the technology as a service category, while the data management and remote cardiac monitoring of patients operate as both a CPaaS and RPaaS business models.

Bioflux Serves as a Solid Revenue Stream for Biotricity and its Shareholders

Biotricity currently serves approximately 2.2 million patients across the U.S. Over 1,100 cardiologists use Bioflux at more than 370 different centers across 24 states. 

Devices are provided to physicians, whereas each practice only pays a standard fee per use of the device. In addition, this device is used once per month, is reusable and has a 2-year service life. 

MCT is traditionally an outsourced business model.

It’s standard practice for hospitals and physicians to refer patients to an external service provider for testing and follow-up. So not only do doctors have to make sure their patients actually go get the service they need, but they also have to follow up with each party to receive the final results before making a diagnosis. 

Other devices on the market aren’t designed to monitor and assess parallel diseases and comorbidities. Most of them aren’t even HIPPA-compliant. Because Biotricity is, the company can provide doctors with additional data that they might not otherwise have. 

Bioflux used this as an entry point in building out a cardiac ecosystem. Real-time mobile cardiac telemetry (MCT) is a $1 billion industry and growing rapidly. 

Preventive care saves both patients and their insurance providers from much higher medical bills in the future. Real-time alerts will even save a patient’s life. Because emergency services are alerted to irregular arrhythmias, they will be dispatched within adequate time. 

Q1 FY2022 Reporting Announced 

Last week, Biotricity reported a 290% year-over-year (YoY) growth for Q1 revenues in fiscal year 2022, which technically ended in June 2021. Biotricity’s Q1 results maintained a trend of both sequential and YoY growth, with revenue again setting a new quarterly record.

The company has consecutively set record quarter-over-quarter for the last 9 quarters — and 27 consecutive months of month-over-month growth (aside from 1 month that remained somewhat stagnant because of the coronavirus pandemic).

“Continuous quarter-over-quarter revenue growth is a testament to our continued effort to expand our salesforce and footprint,” states founder and CEO of Biotricity, Dr. Waqaas Al-Siddiq. 

He adds, “Our technology as a service model and a 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.”

Highlights of Q1 Fiscal 2022 Reporting:

• $1.76 million Q1 revenue, representative of 9 consecutive quarters, triple-digit YoY growth
• A 290% quarterly revenue increase of FY2022 vs. FY2021
• Growth accelerated by 227% in Q4 2021, 162% in Q3 2021 and 115% in Q2 2021
• Quarterly sequential revenue increased 49% compared to 19% posted in the prior quarter
• Sales tripled with a corresponding minor increase in Operating Expenses (OPEX)
• OPEX rose only 17% to $4.2 million for Q1 FY22 compared to $3.6 million in the prior year
• OPEX were only 7% higher than the previous year, despite a major ramp-up in sales

Biotricity projects continued growth for the fiscal year 2022 through 2023. The company is also set to release the Biotres, a 3-lead patch, holter product for ECG and arrhythmia monitoring for patients at risk for or being diagnosed with specific cardiac issues.

The company filed a 510(K) in December 2020 and sought FDA approval for its new Biotres holter product. It’s also preparing a fast launch following that approval thereafter. When approved, additional monitoring tools will be released from the product pipeline, including personal monitoring devices that allow individuals to make healthier lifestyle decisions. 

“With multiple new products on the horizon, R&D spending continues to be strategically high, coming in at nearly $590,000 for the quarter, a 39% increase over the prior year,” notes CFO John Ayanoglou. 

For more information on Biotricity and its proprietary line of cardiac monitoring devices, visit https://www.biotricity.com. For more on how this company is an investment must, check out Benzinga’s small cap article here.

Image via Biotricity

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.

The author of this article owns shares in one or more of the stocks mentioned.