Biotricity Reports Financial Results for Fiscal 2023 First Quarter

REDWOOD CITY, CA / ACCESSWIRE / August 15, 2022 / Biotricity Inc. (NASDAQ:BTCY) ("Biotricity" or the "Company"), a medical diagnostic and consumer healthcare technology company, today announced its financial results for its fiscal 2023 first quarter ended June 30, 2022.

Dr. Waqaas Al-Siddiq, Founder & CEO of Biotricity, commented, "We are pleased with our year-over-year revenue growth and ability to maintain gross margins at 60% as we begin to roll out our new Biotres and Bioheart products lines through our established network. Both new product offerings will complement the existing platform we have built through Bioflux to make the Biotricity ecosystem an all-in-one go-to solution for cardiologists. Additionally, because Biotres is a higher volume wireless wearable cardiac monitoring device as compared to Bioflux, we expect to expand our distribution to include channels such as Hospital Networks or Integrated Delivery Networks."

Q1-FY23 Financial Highlights:

  • Revenue totaled $2.1 million.
  • Gross profit totaled $1.2 million.
  • Gross profit margins were 60% and consistent with the full year FY22.
  • Net loss totaled $5 million or $0.098 per share; adjusted loss per share, a non- GAAP measure, was $0.085 per share after removing certain non-recurring expenses.

Operating Highlights for the FY22 to Date:

  • After receiving FDA 510(k) clearance in January 2022, in April 2022, Biotricity officially launched wireless wearable holter patch device, Biotres, a revolutionary holter technology.
  • Unveiled Biokit, a personal medical device kit for integration into the Biotricity ecosystem.
  • Launched Bioheart, one of the first heart rhythm recorders and personal heart lifestyle solutions.
  • Expanded our network to cover 29 states with over 2,000 physicians using our product.

Full details of the Company's financial results will be filed with the SEC on Form 10-Q by visiting www.sec.gov.

Financial Results Conference Call

Management will host a conference call on Monday, August 15, 2022 at 4:30 p.m. ET to discuss its financial results for the fiscal 2023 first quarter and provide a business update. Additional details are available under the Investor Relations section of the Company's website: https://www.biotricity.com/investors/

Event:

Biotricity Fiscal First Quarter 2023 Financial Results Conference Call

Date:

Monday, August 15, 2022

Time:

4:30 p.m. Eastern Time

Live Call:

1-888-220-8451 (U.S. Toll-Free) or 1-646-828-8193 (International)

Webcast:

https://viavid.webcasts.com/starthere.jsp?ei=1561778&tp_key=c6d6c779d3

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until August 29, 2022 and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 2688378.

About Biotricity:

Biotricity is reforming the healthcare market by bridging the gap in remote monitoring and chronic care management. Doctors and patients trust Biotricity's unparalleled standard for preventive & personal care, including diagnostic and post-diagnostic solutions for chronic conditions. The company develops comprehensive remote health monitoring solutions for the medical and consumer markets. To learn more, visit www.biotricity.com.

Important Cautions Regarding Forward Looking Statements:

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words "may," "should," "would," "will," "could," "scheduled," "expect," "anticipate," "estimate," "believe," "intend," "seek," "project," or "goal" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans, objectives and goals of management for future operations, including plans, objectives or goals relating to the design, development and commercialization of Bioflux or any of the Company's other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. There cannot be any assurance that the Company will ever become profitable. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.

Use of Non-GAAP Information

In addition to the unaudited results presented in accordance with generally accepted accounting principles, or GAAP in this press release, Biotricity presents adjusted net loss, which is a non-GAAP financial measure. Adjusted net loss is determined by deducting one-time derivative fair value and accretion expenses from net loss attributable to common shareholders. Our definition of adjusted net loss may not be comparable to the definitions of similarly titled measures used by other companies. We believe that this non-GAAP financial measure, viewed in addition to and not in lieu of its reported GAAP results, provides useful information to investors by providing a more focused measure of operating results. This metric is used as part of the Company's internal reporting to evaluate its operations and the performance of senior management.

The following reconciliation calculates the adjusted loss per share:

    3 months
ended
June 30, 2022
 
      $  
Net loss attributable to common stockholders
    (5,024,389 )
Add:
       
Provision for income taxes
    -  
Interest expense
    388,388  
Depreciation expense
    1,488  
EBITDA
    (4,634,512 )
         
Add (Less)
       
Other (income) expense related to convertible note conversion
    50,908  
Fair value change on derivative liabilities
    198,224  
         
Adjusted EBITDA
    (4,385,381 )
         
Weighted average number of common shares outstanding
    51,440,944  
         
Adjusted Loss per Share, Basic and Diluted
    (0.085 )

Contacts:

Investor Relations:
KCSA Strategic Communications
Valter Pinto or Jack Perkins
(212) 896-1254
investors@biotricity.com

Media Relations:

Erica Fiorini, Russo Partners
(212) 845-4253
Erica.Fiorini@russopartnersllc.com

BIOTRICITY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS AT JUNE 30, 2022 (unaudited) AND MARCH 31, 2022 (audited)
(Expressed in US Dollars)

    As at June 30, 2022     As at March 31, 2022  
    $     $  
CURRENT ASSETS
           
Cash
    7,207,974       12,066,929  
Accounts receivable, net
    1,826,920       2,006,678  
Inventory
    1,431,054       842,924  
Deposits and other receivables
    380,592       406,280  
Total current assets
    10,846,540       15,322,811  
                 
Deposits
    85,000       85,000  
Long-term accounts receivable
    -       -  
Property and equipment
    25,970       27,459  
Operating right-of-use lease asset [Note 10]
    1,192,169       1,242,700  
TOTAL ASSETS
    12,149,679       16,677,970  
                 
CURRENT LIABILITIES
               
Accounts payable and accrued liabilities [Note 4]
    2,701,077       2,595,747  
Convertible promissory notes and short term loans [Note 5]
    1,238,000       1,540,000  
Derivative liabilities [Note 8]
    419,332       520,747  
Operating lease liability [Note 10]
    219,033       210,320  
Total current liabilities
    4,577,442       4,866,814  
                 
Federally guaranteed loans [Note 7]
    870,800       870,800  
Term loan [Note 6]
    11,662,742       11,612,672  
Derivative liabilities [Note 8]
    537,318       352,402  
Operating lease liability [Note 10]
    1,061,795       1,120,018  
TOTAL LIABILITIES
    18,710,097       18,822,706  
                 
STOCKHOLDERS' EQUITY (DEFICIENCY)
               
Preferred stock, $0.001 par value, 10,000,000 authorized as at June 30, 2022 and March 31, 2022, respectively, 1 share issued and outstanding as at June 30, 2022 and March 31, 2022, respectively [Note 9]
    1       1  
Preferred stock, $0.001 par value, 20,000 authorized as at June 30, 2022 and March 31, 2022, respectively, 6,872 and 7,201 preferred shares issued and outstanding as at June 30, 2022 and as at March 31, 2022, respectively [Note 9]
    8       7  
Preferred stock
    1       1  
Common stock, $0.001 par value, 125,000,000 authorized as at June 30, 2022 and March 31, 2022, respectively. Issued and outstanding common shares: 50,219,034 and 49,810,322 as at June 30, 2022 and March 31, 2022, respectively, and exchangeable shares of 1,466,718 and 1,466,718 outstanding as at June 30, 2022 and March 31, 2022, respectively [Note 9]
    51,685       51,277  
Shares to be issued 95,515 and 123,817 shares of common stock as at June 30, 2022 and March 31, 2022, respectively) [Note 9]
    72,299       102,299  
Additional paid-in-capital
    91,912,772       91,507,478  
Accumulated other comprehensive loss
    (535,653 )     (768,656 )
Accumulated deficit
    (98,061,531 )     (93,037,142 )
Total stockholders' equity (deficiency)
    (6,560,418 )     (2,144,736 )
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY
    12,149,679       16,677,970  

BIOTRICITY INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THE THREE MONTHS ENDED JUNE 31, 2022 AND 2021 (unaudited)
(Expressed in US Dollars)

    3 Months Ended
June 30, 2022
    3 Months Ended
June 30, 2021
 
    $     $  
             
REVENUE
    2,056,052       1,764,110  
                 
Cost of Revenue
    830,923       525,426  
GROSS PROFIT
    1,225,129       1,238,684  
                 
EXPENSES
               
General and administrative expenses [Notes 8, 9 and 10]
    4,881,003       3,652,203  
Research and development expenses
    821,176       588,997  
TOTAL OPERATING EXPENSES
    5,702,179       4,241,200  
                 
Other (income)/expense [Note 8] [Note 9]
    -       (8,782 )
Loss upon convertible promissory notes conversion
    50,908       28,215  
Accretion and amortization expenses [Note 5] [Note 6]
    50,070       2,335,167  
Change in fair value of derivative liabilities [Note 8]
    198,224       298,983  
NET LOSS BEFORE INCOME TAXES
    (4,776,252 )     (5,656,099 )
                 
Income taxes
    -       -  
NET LOSS BEFORE DIVIDENDS
    (4,776,252 )     (5,656,099 )
                 
Less: Preferred Stock Dividends
    248,137       241,264  
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS
    (5,024,389 )     5,897,363  
                 
Translation adjustment
    233,003       6,560  
                 
COMPREHENSIVE LOSS
    (4,791,386 )     (5,890,803 )
                 
LOSS PER SHARE, BASIC AND DILUTED
    (0.098 )     (0.151 )
                 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
    51,440,944       39,095,637  

BIOTRICITY INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JUNE 30, 2022 AND 2021 (UNAUDITED)
(Expressed in US Dollars)

    Three Months Ended June 30, 2022     Three Months Ended June 30, 2021  
    $     $  
             
CASH FLOWS FROM OPERATING ACTIVITIES
           
Net loss
    (4,776,252 )     (5,656,099 )
Adjustments to reconcile net loss to net cash used in operations
               
Stock based compensation
    149,190       155,851  
Issuance of shares for services
    7,051       -  
Issuance of warrants for services
    77,414       151,897  
Accretion and amortization expenses
    -       2,335,167  
Change in fair value of derivative liabilities
    198,224       298,983  
Loss on debt
    50,908       28,213  
Property, plant and equipment depreciation
    1,488       -  
                 
Changes in operating assets and liabilities:
               
Accounts receivable, net
    179,758       (401,818 )
Inventory
    (588,130 )     92,694  
Deposits and other receivables
    (4,312 )     (86,221 )
Accounts payable and accrued liabilities
    416,047       399,937  
Net cash used in operating activities
    (4,288,164 )     (2,681,396 )
                 
CASH FLOWS FROM INVESTING ACTIVITIES
               
property, plant and equipment
    -       -  
Net cash used in investing activities
    -       -  
                 
CASH FLOWS FROM FINANCING ACTIVITIES
               
Issuance of common shares, net
    -       -  
Issuance of preferred shares, net
    -       -  
Redemption of preferred shares
    (328,904 )     -  
Exercise of warrants for cash
    -       146,250  
Federally guaranteed loans
    -       499,900  
Proceeds from (repayment to) convertible notes, net
    -       -  
Proceeds from (repayment to) convertible debentures, net
    -       139,780  
Issuance of shares from uplisting
    -       -  
Proceeds pursuant to term loan, net
    50,070       -  
Preferred Stock Dividend
    (516,817 )     (204,842 )
Net cash provided by financing activities
    (795,651 )     581,088  
                 
Effect of foreign currency translation
    224,860       100,334  
Net increase (decrease) in cash during the period
    (5,083,815 )     (1,999,974 )
Cash, beginning of period
    12,066,929       2,201,562  
Cash, end of period
    7,207,974       201,588  

SOURCE: Biotricity, Inc.


View source version on accesswire.com:
https://www.accesswire.com/712089/Biotricity-Reports-Financial-Results-for-Fiscal-2023-First-Quarter

Back to news