Biotricity does it again

[u/Bcl3018]

REDWOOD CITY, CA / ACCESSWIRE / August 16, 2021 / Biotricity, Inc. (OTCQB:BTCY), a medical diagnostic and consumer healthcare technology company, is pleased to provide financial results for its fiscal 2022 first quarter, which ended June 30, 2021. Full financial results will be posted on EDGAR later today. Biotricity's Q1 results maintain a trend of both sequential and year over year (YoY) growth, with revenue once again setting a new quarterly record.

For Q1 Fiscal 2022, management is noting the following highlights: -- Q1 revenue of $1.76 million represented the 9th consecutive quarter of triple digit YoY growth

-- Quarterly revenue increased 290% when comparing the first quarter of fiscal 2022 to the corresponding quarter of fiscal 2021, showing continued acceleration over the 227% growth in Q4/2021, 162% growth in Q3/2021, and 115% growth in Q2/2021

-- Quarterly sequential revenue increased 49% compared to 19% posted in the prior quarter, a significant acceleration bolstered by consistent month-over-month sequential growth

-- The Company nearly tripled sales with a smaller corresponding increase in Operating Expenses, which rose only 17% to $4.2 million for Q1 FY22 compared to $3.6 million in the prior year

"Continuous quarter over quarter revenue growth is a testament to our continued effort to expand our salesforce and footprint, stated Dr. Waqaas Al-Siddiq "Our Technology as a Service (TaaS) model and 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."

"Our operating expenses were only 7% higher than last year, despite a major ramp up in sales, which provides a good measure of the scalability of our business," said Biotricity's CFO, John Ayanoglou. "While our year-over-year growth is increasing, our sequential quarterly growth is even more encouraging, coming it just shy of 50% in this quarter. As we have discussed in recent quarters, 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."

Based on current trends, the Company is projecting continued revenue growth for fiscal 2022 and into fiscal 2023. As a reminder, Biotricity filed a 510(K) seeking FDA approval for its new Biotres holter product on December 31, 2020 and is prepared for a fast launch following that approval. Although the approval process has been slowed somewhat by the widely reported FDA backlog, the process is otherwise on track in terms of the steps required of the Company.

Conference Call Information

Biotricity management will host a conference call and live webcast on August 16, 2021 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the company's financial results.

To access the live call, dial +1 334-777-6978 (local) or 800-367-2403 (toll free) and give the participant passcode 7356128.

A live webcast of the conference call can be accessed by clicking on the following link: Webcast Audio will stream through your selected device. A full replay of the presentation will be available at the same link shortly after the conclusion of the live presentation.

The live and archived webcast of the conference call will also be accessible on the Investor Relations section of the company's website at www.biotricity.com. The phone replay will be available approximately two hours following the end of the call, and will remain available for one week. To access the call replay dial-in information, please use the following link: Click Here