Biotricity Expecting Record Margins for Q3
Technology-as-a-Service company, Biotricity (Nasdaq: BTCY) expects to announce record margins and operational efficiency for the third quarter of fiscal year 2024. The company is expecting record gross margins of 73%, and improved operational efficiency, reflected in a reduction in operating expenses of over 30%.
Biotricity founder and CEO, Dr. Waqaas Al-Siddiq, commented on the results, saying, “In the third quarter of fiscal 2024, we increased our revenues despite the traditionally low seasonal business volumes associated with this quarter. I am proud to note that we had a record month of device sales – a precursor to future technology revenues. This quarter, we advanced towards achieving positive cashflow, emphasized by operational efficiency, margin improvement, and revenue growth. We continued to leverage our data intelligently, pushing the boundaries of operational automation and efficiency, enabling us to enhance our sales force and provide our customers with superior technology and customer service.”
The company’s third quarter fiscal 2024 results will be released at market close on February 20, 2024.
Highlights
Biotricity stated that the results will demonstrate year-over-year improvements in all key operating metrics, specifically in operational costs and gross margins.
The company has surpassed 500 billion heartbeats and has helped diagnose over 250,000 patients. This dataset is supporting Biotricity’s R&D efforts to continuously improve analytics to help drive better patient outcomes.
Biotricity says its goal is to create the most efficient Cardiac Cloud to support earlier medical interventions, resulting in substantial healthcare savings for both patients and the healthcare system.
About Biotricity Inc.
Biotricity is reforming the healthcare market by bridging the gap in remote monitoring and chronic care management. Doctors and patients trust Biotricity’s unparalleled standard for preventive & personal care, including diagnostic and post-diagnostic solutions for chronic conditions. The Company develops comprehensive remote health monitoring solutions for the medical and consumer markets. To learn more, visit www.biotricity.com.
