Biotricity Inc. Reports 13% Revenue Growth, Improved Profitability in Q2 2024

Biotricity Inc. reported its financial results for the three and six months ended September 30, 2024, showing notable improvements in revenue and profitability metrics compared to the same periods in the previous fiscal year. The company generated total revenue of $3.27 million for the three months ended September 30, 2024, an increase of 13% from $2.89 million in the same quarter of 2023. For the six-month period, revenue rose to $6.47 million, up 9.4% from $5.91 million year-over-year. The growth was primarily driven by technology fee revenue, which accounted for 94% of total revenue, increasing to $6.08 million for the six months, a 10.6% rise from the prior year.

Gross profit also improved significantly, reaching $2.46 million for the three months ended September 30, 2024, compared to $2.00 million in the same period of 2023. The gross margin for this quarter was 75.3%, up from 69.1% year-over-year. For the six months, gross profit was $4.82 million, reflecting a gross margin of 74.6%, an increase from 66.2% in the previous year.

Despite these positive revenue and profit trends, Biotricity reported a loss from operations of $307,672 for the three months ended September 30, 2024, a significant improvement from a loss of $2.19 million in the same quarter of 2023. The six-month loss from operations was $1.42 million, down from $4.50 million year-over-year. The net loss before income taxes for the three months was $1.56 million, compared to $3.69 million in the prior year, while the six-month net loss improved to $5.26 million from $7.10 million.

The company’s total current assets decreased to $4.06 million as of September 30, 2024, from $4.47 million at the end of March 2024. Total liabilities also saw a reduction, with current liabilities at $21.49 million, down from $22.70 million. However, the accumulated deficit increased to $136.10 million, reflecting ongoing challenges in achieving profitability.

Strategically, Biotricity has focused on expanding its product offerings and market reach, particularly in the remote monitoring segment of preventative care. The company has launched several products, including the Biocore Pro and Biocare, and is developing a telemedicine platform to enhance remote patient monitoring. The company is also actively seeking additional funding to support its operations and growth initiatives, acknowledging substantial doubt about its ability to continue as a going concern.

In terms of financing, Biotricity raised $1.73 million from the issuance of Series B preferred stock during the six months ended September 30, 2024, and has plans for further capital raises to support its operational needs. The company’s stock was delisted from Nasdaq and is now traded on the OTCQB under the symbol “BTCY.”