REDWOOD CITY, Calif., June 19, 2019 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB: BTCY), a medical diagnostic and consumer healthcare technology company, today announced that it has expanded its fleet of Bioflux devices to meet customer demand. Bioflux is a real-time, single-unit mobile cardiac telemetry (MCT) solution, that is used by physicians to remotely monitor a patient’s ECG information.
“Our sales expansion is yielding results and we see a consistent increase in sales as a result of our anchor clients recommending us to other medical professionals,” said Mr. Waqaas Al-Siddiq, Biotricity Founder and CEO. “Without any new device placements, the units currently at our customer sites are projected to deliver over $2 million in recurring technology fee revenues over the next 12 months. Long-term, we are a technology company with a pipeline of complimentary remote patient monitoring and pre-emptive diagnostic technologies that will allow us to leapfrog and build on our existing platform. We are just getting started.”
The Company designed its horizontal technology platform to align with the Centers for Medicare and Medicaid Services’ (CMS) stated plan to cut $57 billion in costs from US public healthcare spending by moving unnecessary inpatient care to outpatient care. This shift is increasingly made possible due to advances in remote patient monitoring (RPM) initiatives and preemptive diagnostics. It also has the potential to improve patient care and save additional lives while curbing significant healthcare costs.
Since it achieved FDA clearance, Bioflux has experienced a high adoption rate in anchor clinics since its 2018 limited market release. In 2019, the Company transitioned to full U.S. release, doubling its small sales force and expanding its footprint to 11 key states, with plans to expand further. In the month of May 2019 alone, the Company experienced a 59 percent increase in the number of devices in the field.
“Bioflux has completely transformed the way I monitor and diagnose my heart patients,” said Dr. Cesare Saponieri, MD. “The solution is designed with customizable options and high clinician usability in mind, lending itself to seamless integration with a physician’s practice. The ease with which my patients were able to use the device has made Bioflux the only choice for us.”
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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.
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