REDWOOD CITY, Calif., Jul 22, 2024 (ACCESSWIRE) — Biotricity Inc. (NASDAQ:BTCY), a Technology-as-a-Service (TaaS) company operating in the remote cardiac monitor sector of consumer healthcare, today announced ongoing improvements in operational efficiency, scalability and margin performance driven by the latest enhancements to the company’s proprietary AI Cloud platform.
The latest version of Biotricity’s AI Cloud has improved the company’s tech stack efficiency by 20%, which is expected to result in a topline margin improvement of 200 to 300 basis points (2 to 3%) in the coming quarters. The next version of the AI Cloud, currently under development, is anticipated to enhance the tech stack by another 20%, contributing to an additional margin improvement of 100 to 200 basis points (1 to 2%). These across-the-board improvements are accelerating Biotricity’s path to breakeven and achieving positive cash flow.
“Our focus on AI and technology-driven efficiencies continues to bear fruit,” said Dr. Waqaas Al-Siddiq, founder and CEO of Biotricity. “The latest upgrades to our AI Cloud platform are not just technical achievements; they are key drivers in improving our operational margins, supporting scale and expediting our path to profitability. With each iteration, we are pushing the boundaries of what’s possible in remote cardiac monitoring and healthcare technology.”
Biotricity is developing one the most comprehensive AI Cloud platforms for cardiac care. The platform leverages over 500 billion beats of anonymized data to build predictive cardiac AI models for improved diagnoses and faster interventions. These models enable more accurate analyses and improved operational efficiency, supporting physicians in diagnosing more patients with the same resources.
Biotricity is targeting a $35 billion total addressable market opportunity. With its solutions utilized daily by cardiologists across 35 states and hundreds of centers, Biotricity is capturing a growing market share in cardiology. This growth is bolstered by a high retention rate of approximately 99% and a recurring revenue base with strong LTV-to-CAC ratios.
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.
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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. 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:
Investor relations:
Biotricity Investor Relations
Investors@biotricity.com
