Biotricity, Inc. (NASDAQ:BTCY) Q1 2023 Earnings Conference Call August 15, 2022 4:30 PM ET

Company Participants

Valter Pinto - Managing Director, KCSA Strategic Communications

Waqaas Siddiq - Chairman, Chief Executive Officer and Founder

John Ayanoglou - Chief Financial Officer

Conference Call Participants

Frank Takkinen - Lake Street Capital markets

Kevin Dede - HC Wainwright

Operator

Good day and welcome to the Biotricity's Fiscal First Quarter 2023 Financial Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Valter Pinto, Managing Director, KCSA Strategic Communications. Please go ahead.

Valter Pinto

Good afternoon everyone and welcome to Biotricity's fiscal 2023 first quarter financial results conference call. As a reminder, Biotricity's fiscal quarter ended on June 30th, 2022, therefore all figures presented for this period will reflect that end date. Today, we issued our fiscal 2023 first quarter financial results press release. A copy of this press release is available on the Investor Relations section of our website, additionally our financials will be filed with the SEC on Form 10-Q and posted on EDGAR.

Before beginning our formal remarks, I'd like to remind listeners that today's discussion may contain forward-looking statements that reflect management's current views with respect to future events. As such statements are subject to risks and uncertainties that could 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.

I’d now like to turn the call over to Biotricity's Founder and CEO, Dr. Waqaas Al-Siddiq. Please go ahead.

Waqaas Siddiq

Thank you, Valter. And thank you everyone for joining today. Welcome to our first quarter 2023 earnings conference call. During the first quarter we continue to advance our product development and commercialization strategy in order to position our company as the all-in-one, go to solution for cardiac diagnostics and disease management. The majority of our revenue for fiscal Q1 2023 continue to come from Bioflux, our high precision single unit mobile cardiac telemetry device, real time monitoring and transmission of the patient's ambulatory ECG diagnostics. Revenues earned with respect to this device are value sales and technology fee revenues or technology to service revenue.

During the fiscal first quarter, our revenue increased to $2.1 million. I'm pleased that our technology as a service revenue increased to $1.9 million for the quarter year-over-year, which is a testament to our business model. This recurring revenue model provides [Tech Difficulty] doctor who can prescribe -- any device within the clinic. This creates a more streamlined process for the patient and doc and while also creating an additional revenue stream for the doctor as our product is fully reimbursable. Today, we have hundreds of centers across 29 states with over 2,000 physicians using our Bioflux product. I was also pleased in our ability to maintain gross margin 60% during the fiscal first quarter, gross profit margins can be improved over time as we reduce discounts provided to customers.