Biotricity's 2021 Fiscal Fourth Quarter Growth Trend Continues into Fiscal 2022
Fiscal Q1-22 to be the 9th quarter of growth and biggest quarter to date
REDWOOD CITY, CA / ACCESSWIRE / July 7, 2021 / Biotricity Inc. (OTCQB:BTCY), a medical diagnostic and consumer healthcare technology company, today announced preliminary revenue results guidance for its 2022 fiscal first quarter, ended June 30, 2021.
In its fiscal first quarter, Biotricity continued its revenue acceleration trend following its record 2021 fiscal fourth quarter and full year results. For its 2022 fiscal first quarter ended June 30th, the Company expects another record revenue quarter with:
- Revenue for the first fiscal quarter ended June 30, 2021 is expected to increase by over 45% compared to the immediately preceding quarter and more than 280% compared to the corresponding period of the prior year, continuing the pattern of sequential quarterly growth.
- Q1/2022 revenue is expected to be the 9th consecutive quarter of revenue growth, a trend that the Company expects will continue throughout fiscal 2022.
Management also expects to:
- Continue to add new cardiology customers every quarter. Biotricity currently has customers in 23 states using its products, compared to 17 states just nine months ago.
"With accelerating sequential revenue growth and a high correlation between devices deployed and our future technology-as-a-service (TaaS) revenue, we have excellent visibility into our sales growth trends," stated Waqaas Al-Siddiq, CEO of Biotricity. "Steady revenue growth is a big advantage in terms of financial planning, but it is also important to note that as our scale increases, our cash burn will generally decrease as a percentage of revenue. We are pleased with the way our R&D spend and sales team expansion are translating into higher revenue every quarter, but this effort today has an even larger payday coming. We plan to add new products into our portfolio, which we can sell into our growing network of cardiologists. Most importantly, we expect this approach to accelerate our sales growth. High customer retention and reorder rates after more than two years of serving cardiologists is a testament to the effectiveness of our TaaS model."
While the post pandemic environment is still evolving and may have some residual effect on seasonal patterns in some parts of the country, the overall trend for the remainder of the year is for consistent triple digit revenue growth and additional milestones.
About Biotricity Inc.
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 products for chronic conditions. The company develops comprehensive remote health monitoring solutions for the medical and consumer markets. To learn more, visit www.biotricity.com.
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Todd Kehrli or Mark Forney
MKR Investor Relations, Inc.
SOURCE: Biotricity, Inc.
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