REDWOOD CITY, Calif., Mar 05, 2024 (ACCESSWIRE) โ Biotricity Inc. (NASDAQ:BTCY) (โBiotricityโ or the โCompanyโ), a leading medical diagnostic and consumer healthcare technology company, today announced its partnership with another of the nation’s top Group Purchasing Organizations (GPOs). This strategic move solidifies Biotricity’s presence in the healthcare landscape and broadly expands market access for the Company in 2024. Biotricity now has access to over half the hospitals in the US, with a network of over 3,000 hospitals, through these two major GPOs which are responsible for over $160 billion in purchasing power.
“Biotricity’s relationship with yet another leading GPO marks a significant achievement for our company, both in terms of expanding our reach and unlocking substantial growth potential,” said Waqaas Al-Siddiq, Ph.D., Founder, Chairman, and CEO of Biotricity. “This latest partnership provides additional validation of the value of our technology and strengthens our market access while emphasizing our dedication to delivering cutting-edge solutions that drive positive clinical results while maximizing economic returns.”
With U.S. healthcare expenditures soaring to $4.5 trillion in 2022 and an aging population expected to drive further increases, the need for cost-effective buying solutions in medicine has never been more pressing. GPOs are pivotal in streamlining purchasing processes for clinical care systems across the U.S. According to research from the Healthcare Supply Chain Association, GPOs collectively save the healthcare industry as much as $55 billion annually.
Representing 97% of U.S. hospitals, GPOs leverage their significant negotiating power to secure advantageous terms for medical devices and supplies. Biotricity’s newest affiliation gives the company access to over half of all hospitals in America and is a testament to the Company’s strategy of promoting accessible, high-quality care to improve patient outcomes while strategically positioning it for unmatched market access and growth.
Investors interested in Biotricity’s promising revenue prospects are encouraged to visit www.biotricity.com/investors for more information on the Company’s array of medical diagnostic and consumer healthcare technologies.
About Biotricity Inc.
Biotricity is reforming the healthcare market by bridging the gap in remote monitoring and chronic care management. Doctors and patients trust Biotricityโs 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.
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 โmay,โ โshould,โ โwould,โ โwill,โ โcould,โ โscheduled,โ โexpect,โ โanticipate,โ โestimate,โ โbelieve,โ โintend,โ โseek,โ โproject,โ or โgoalโ 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 Companyโs 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 Companyโs 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 Companyโs 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 Companyโs 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 Companyโs inability to expand the Companyโs 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 Companyโs failure to implement the Companyโs business plans or strategies. These and other factors are identified and described in more detail in the Companyโs filings with the SEC. There cannot be any assurance that the Company will ever become profitable. During the three months ended June 30, 2020 the Company incurred a net loss attributable to common stockholders of $3.4 million. 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.
Contacts:
Media relations:
STiR-communications
Greg Salsburg
greg@STiR-communications.com
Investor relations:
Biotricity Investor Relations
Investors@biotricity.com
