REDWOOD CITY, Calif., July 29, 2019 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB: BTCY), a medical diagnostic and consumer healthcare technology company, today announced that it has completed its 10-K filing for the fiscal year, which ended March 31, 2019. Audited results for this period indicate a 51.4 percent quarter over quarter increase in revenues, comprised of device sales and recurring technology fee revenues. The increase in revenues reaffirms the Company’s positive commercialization progress.
Over the past fiscal year Biotricity has achieved a number of major milestones, including:
- Increased Market Penetration: Without including future new device placements, revenue run rates for Biotricity’s current installed customer base are projected to deliver over $2 million in recurring technology fees over the next 12 months. Bioflux was met with a high adoption rate in the clinical community throughout last year’s soft launch, leading to positive customer feedback and steady re-order rates of 69 percent.
- Geographic Expansion and Sales Growth: In the first half of 2019, Biotricity doubled its sales force and expanded its market penetration to 11 key states, with plans to expand to another 5 states by the end of the year. In the month of May alone, the Company expanded its fleet of devices by 59 percent.
- Recognized Innovation: Biotricity continues to define the remote patient monitoring market with its proprietary technology; Bioflux was named Best Remote Patient Monitoring Solution by MedTech Breakthrough on June 6, 2018.
“Biotricity’s unwavering commitment to the amelioration of its cutting-edge technology and data-driven intelligence enables us to grow our comprehensive outpatient monitoring program, and provide an effective diagnostic tool for our customers,” said Mr. Casey Shattuck, Global VP of Sales. “We are on a relentless pursuit to deliver meticulous patient clinical metrics to all healthcare professionals, helping to secure our growth and position in the continually evolving global healthcare market.”
The Company will continue to facilitate the development of future medical devices that are easy to utilize in either the physician’s office or the patient’s home, and in acute-care settings. These medical-grade devices are comfortable, small, and can offer precise remote data collection and more responsive care. In the coming year, the Company will continue to evolve and adapt its technology for a wide range of medical applications.
To learn more, visit www.biotricity.com or follow on:
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About Biotricity Inc.
Biotricity is a modern medical technology company focused on delivering innovative, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. Biotricity’s R&D continues to focus on the preventative healthcare market, with a vision of putting health management into the hands of the individual. The company aims to support the self-management of critical and chronic conditions with the use of innovative solutions to ease the growing burden on the healthcare system. To learn more, visit www.biotricity.com.
Important Cautions Regarding Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek,” “project,” or “goal” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans, objectives and goals of management for future operations, including plans, objectives or goals relating to the design, development and commercialization of Bioflux or any of the Company’s other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
Media Contacts
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Richard Smith,
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Investor Relations:
Biotricity Inc.
1-800-590-4155
investors@biotricity.com