Biotricity Inc. Reports 13.5% Revenue Growth to $10.1 Million for Nine Months Ended December 31, 2024

Biotricity Inc. reported a significant increase in revenue for the nine months ended December 31, 2024, achieving $10.1 million, a 13.5% rise from $8.9 million in the same period of the previous year. The company's gross profit also improved, reaching $7.6 million with a gross margin of 75.2%, compared to 68.5% in the prior year. This growth was primarily driven by an increase in technology fee revenue, which rose to $9.5 million, reflecting a 14.3% increase year-over-year. Device sales contributed $620,000, accounting for 6.1% of total revenue.

In terms of operational efficiency, Biotricity successfully reduced its total operating expenses to $9.2 million from $11.9 million in the previous year, marking a 24.1% decrease in selling, general, and administrative expenses. Research and development costs also saw a decline, totaling $1.6 million compared to $1.9 million in the prior year. The company reported a loss from operations of $1.6 million, a notable improvement from a loss of $5.8 million in the same period last year.

Strategically, Biotricity has expanded its sales force and geographic reach, now operating in 35 U.S. states. The company has also made significant strides in product development, launching the Biocore Pro device in October 2023 and the Biocare app in March 2023. These initiatives are part of Biotricity's broader strategy to enhance its product ecosystem and improve patient care through innovative technology.

As of December 31, 2024, Biotricity's total assets stood at $5.99 million, with current liabilities of $21.1 million, leading to a working capital deficit of $16.3 million. The company has accumulated a deficit of $137.4 million, raising concerns about its ability to continue as a going concern. Management indicated that additional funding will be necessary to support ongoing operations and product development, and they are actively seeking equity and debt financing options.

Looking ahead, Biotricity aims to continue its revenue growth trajectory while managing costs effectively. The company plans to focus on expanding its product offerings and enhancing its market presence, with expectations of further improvements in gross margins as technology fees become a larger portion of its revenue. However, the need for additional capital remains a critical factor in executing its business strategy and achieving profitability.