Biotricity (NASDAQ:BTCY) Q1 2024 Earnings Conference Call August 15, 2023 4:30 PM ET

Company Participants

Debra Chen – Investor Relations

Waqaas Al-Siddiq – Founder and Chief Executive Officer

John Ayanoglou – Chief Financial Officer

Conference Call Participants

Kevin Dede – H.C. Wainwright

Operator

Good afternoon, and welcome to Biotricity’s First Quarter Fiscal 2024 Financial Results and Business Update Conference Call. Today’s conference is being recorded.

At this time, I would like to turn the conference over to Debra Chen, Investor Relations. Please go ahead, ma’am.

Debra Chen

Good afternoon, everyone, and welcome to Biotricity’s first quarter fiscal 2024 earnings call. As a reminder, Biotricity’s first quarter fiscal 2024 ended on June 30, 2023, so all figures presented for this period will reflect that end date. Earlier, the company issued its earnings press release, which highlighted financial and operational results. A copy of the press release is available on the Investor Relations section of Biotricity’s website, and the full financials have been filed with the SEC on Form 10-Q and posted on EDGAR at www.sec.gov.

Before beginning the company’s formal remarks, I’d like to remind listeners that today’s discussion may contains forward-looking statements that reflect management’s current views with respect to future events. Any such statements are subject to risks and uncertainties that can cause actual results to differ materially from those projected in these forward-looking statements. Biotricity does not undertake to update any forward-looking statements except as required.

At this point, I’m pleased to turn the call over to Biotricity’s Founder and CEO, Dr. Waqaas Al-Siddiq. Please go ahead.

Waqaas Al-Siddiq

Thank you, Debra, and thank you, everybody, for joining us today. I welcome you to our first quarter fiscal 2024 teleconference. As reported in our earnings press release, we experienced a very solid quarter with a year-over-year revenue growth and improvements in key operating metrics. Specifically, our recurring technology fees, device sales and gross margins all demonstrated positive growth while maintaining a firm grasp on cost reduction and expense management. I can confidently assert that we are making strides towards positive cash flow given the consistent results we observe from quarter-to-quarter.

From a market perspective, the increasing interest and demand continued to drive the adoption of our suite of products focused on chronic cardiac disease prevention and management. Our efforts in commercialization and development have yielded tremendous progress in remote monitoring solutions for diagnostic and post-diagnostic products. The expansion of our sales force has expanded our geographic reach, and I’m pleased to announce that as of June 30th, 2023, our sales have launched in over 35 states in the U.S., contributing to a remarkable 46.9% year-over-year revenue growth. Notably, our gross margins have also seen significant improvement, rising from 59.6% during the same period last year to an impressive 63.5%.