Biotricity Inc. reported a net loss of $11.2 million for the fiscal year ending March 31, 2025, a decrease from the $14.9 million loss recorded in the previous year. The company's revenue for the same period was $13.8 million, reflecting a 14.3% increase from $12.1 million in the prior fiscal year. This growth was attributed to an increase in technology fee income, which accounted for a significant portion of total revenue, and a gross profit margin improvement from 69.3% to 76.6%. The company has accumulated a deficit of approximately $138.9 million since its inception in 2009.
In terms of operational developments, Biotricity has expanded its sales efforts to 31 states and launched several products, including the Biocore Pro, a cellular cardiac monitoring device, and the Biocare app for chronic care management. The company has also received FDA clearances for its Bioflux and Biocore products, enhancing its market position in the cardiac monitoring sector. The launch of the Biocare platform, which integrates various monitoring technologies, aims to provide comprehensive chronic care management solutions.
The company has made strategic changes to its operational structure, including a reduction in selling, general, and administrative expenses from $14.6 million in 2024 to $10.8 million in 2025. This reduction is part of a broader effort to improve efficiency and control costs while increasing revenue. Research and development expenses also decreased, indicating a shift in focus towards commercialization and operational efficiency.
Biotricity's workforce currently consists of 46 full-time employees, with plans to hire an additional 10 to 15 employees to support growth initiatives. The company is actively pursuing additional funding to support its operations and expansion plans, as it anticipates needing to raise capital to continue its growth trajectory. The outlook remains cautious, with management acknowledging the need for further financing to alleviate concerns about the company's ability to sustain operations in the long term.
Looking ahead, Biotricity aims to leverage its technological advancements and market presence to capture a larger share of the growing cardiac monitoring market, which is projected to expand significantly due to increasing demand for remote patient monitoring solutions. The company is also focused on enhancing its product offerings and expanding its geographic reach, while continuing to navigate the challenges of regulatory compliance and market competition.
About BIOTRICITY INC.
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