Biotricity, Inc. (NASDAQ:BTCY) Q2 2024 Earnings Conference Call November 14, 2023 6:00 PM ET

Company Participants

Debra Chen - IR

Waqaas Al-Siddiq - Founder and CEO

John Ayanoglou - CFO

Conference Call Participants

Michael Davin - H.C. Wainwright

Operator

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

And at this time, I would like to turn the conference over to Debra Chen with Investor Relations. Please go ahead, ma'am.

Debra Chen

Good afternoon, everyone, and welcome to Biotricity's second quarter fiscal 2024 earnings conference call. As a reminder, Biotricity's second quarter 2024 fiscal year ended September 30, 2023. So all figures presented for this period will reflect that end date. Earlier, Biotricity issued its fiscal 2024 second quarter 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 contain forward-looking statements that reflect management's current views with respect to future events. Any 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.

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.

This quarter, we continue to make substantial progress, reporting double-digit sales growth. Our recurring technology fees, device sales and gross margins all demonstrated positive growth while we maintain cost control in order to make progress on our plan to achieve positive cash flow and profitability.

To address the increasing interest and demand for our suite of products, we launched our new online store this September, which provides a user-friendly integrated shopping experience to showcase all of our monitoring devices, which we believe will further enhance our distribution sales and streamline our sales operations.

Additionally, our sales force has amplified our geographic reach, and we're pleased to announce that as of September 30, 2023, we have customers in over 32 states in the U.S., contributing to an impressive 21.4% year-over-year revenue growth. Our gross margins have also improved significantly, rising from 54% during the same period last year to an impressive 69%. We also saw a reduction in our SG&A by 22% to $3.5 million, which was something that we said we could continue to monitor and trim in the previous quarters.