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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of report (Date of earliest event reported): August 15, 2023
BIOTRICITY
INC.
(Exact
name of registrant as specified in its charter)
| Nevada |
|
001-40761 |
|
30-0983531 |
(State
or Other Jurisdiction of
Incorporation
or Organization) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
203
Redwood Shores Parkway, Suite 600
Redwood
City, California 94065
(Address
of Principal Executive Offices)
(650)
832-1626
(Registrant’s
telephone number, including area code)
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act: None
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item
2.02 |
Results
of Operations and Financial Condition. |
On
August 15, 2023, Biotricity Inc. (the “Company”) issued a press release reporting its financial results for the period
ended June 30, 2023. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The
information in this Current Report, including the exhibits hereto, is being furnished and shall not be deemed “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or
Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the accompanying
Exhibit 99.1 shall not be incorporated by reference into any registration statement or other document filed by the Company with the Securities
and Exchange Commission, whether made before or after the date of this report, regardless of any general incorporation language in such
filing (or any reference to this Current Report on Form 8-K generally), except as shall be expressly set forth by specific reference
in such filing.
| Item
9.01 |
Financial
Statements and Exhibits. |
(d)
Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
Date:
August 17, 2023
| |
BIOTRICITY
INC. |
| |
|
|
| |
By: |
/s/
Waqaas Al-Siddiq |
| |
|
Waqaas
Al-Siddiq |
| |
|
Chief
Financial Officer |
Exhibit
99.1
Biotricity
Reports Strong Growth for its First Quarter Fiscal Year 2024 and Provides Financial Results and Business Updates
REDWOOD
CITY, CA / ACCESSWIRE / August 15, 2023 / Biotricity Inc. (NASDAQ:BTCY) (“Biotricity” or the “Company”),
a Technology-as-a-Service (TaaS) company operating in the remote cardiac monitor sector of consumer healthcare, today announced its financial
results for the first quarter of fiscal 2024 year ended June 30, 2023.
| ● |
Company
reports Q1-FY24 revenue grew by 46.9% YOY to $3.0 million; continuing to advance toward positive cashflow |
| |
|
| ● |
Recurring
technology fees and customer device sales, continue to trend higher |
| |
|
| ● |
Reduced
SG&A to $3.5 million, down 22% compared to same period last year |
| |
|
| ● |
Gross
margins improve to 63.5% from 59.6% in the same period last year |
| |
|
| ● |
Recurring
Technology Fee revenue - over 90% of total revenue with a 72% gross margin — rose a robust 47% YOY |
| |
|
| ● |
Net
loss improved 28% to $3.6 million |
| |
|
| ● |
Company
will host its Q1 Fiscal Year 2024 Financial Results Call on Tuesday, August 15th at 4:30 p.m. ET |
Dr.
Waqaas Al-Siddiq, Biotricity Founder & CEO, commented, “Our first quarter fiscal 2024 marked a strong start to the year. We
saw growth in our sales, encompassing technology fees and device sales. This achievement directly stems from our prudent fiscal management
aimed at bolstering our bottom line, and the effective execution by our team and sales channels. Given our consistent gross margin on
technology fees of approximately 70%, and an evolving revenue mix where technology fees are expected to comprise an increasing proportion
of revenue, we anticipate continued improvement in overall blended gross margin over time. Our AI segment has begun to demonstrate progress
and we’ve announced our strengthened relationships with Amazon and Google. We are committed to expanding our AI technology development
into remote cardiac care with a focus on predictive monitoring tools to enhance disease profiling, improve patient management, and revolutionize
the healthcare industry for disease prevention. In the future, we envision our cardiac AI model’s capacities will empower us to
assist healthcare experts in efficiently managing a significantly higher patient load while discerning the most vital data points. This
advancement will enable healthcare providers to enhance the caliber of care they deliver while catering to a more extensive patient base.Looking
towards the rest of CY 2023, our focus remains four-fold: to increase sales of our remote cardiac monitoring solutions, ramp-up of our
subscription-based service, accelerate our recurring revenue, and continue to draw a clear path to profitability.”
Dr.
Al-Siddiq continued, “Our products, biosphere platform model, and vertical sales strategy of complementary products, continues
to strengthen. Our Biocare app has received thousands of downloads and our BiotresTM- continues to attract industrywide interest
with new and existing customers.We will continue to innovate and leverage data intelligently and explore novel approaches for enhancing
healthcare outcomes. Through our ongoing commitment to cutting-edge research and development, we aim to redefine the landscape of medical
diagnostics and patient care. With each passing quarter, we continue to substantiate our approach of constructing a resilient growth
company through the expansion of subscription revenue, robust gross margins, and, over time, the establishment of a solid free cash flow
model.”
Q1-FY24
Financial Highlights
| ● |
Revenue
increased 46.9% to $3.02 million compared with $2.06 million in Q1 FY24 |
| |
|
| ● |
Gross
profit percentage was 63.5% for the three months ended June 30, 2023, as compared to 59.6% in the corresponding prior year quarter.
This increase in gross margin was largely attributed to an increase in margin related to technology fees |
| |
|
| ● |
Net
loss decreased 28% YOY to $3.6 million, or $0.069 per share, from a net loss of $5.0 million, or $0.098 per share, in Q1-FY23 |
Operating
Highlights for Q1-FY24
| ● |
Q1-FY24
recurring (TaaS) Technology Fees rose a robust 47% YOY to $2.8 million, representing over 10 times Device Sales revenue |
| |
|
| ● |
Company
maintains its impressive track record with a near-perfect customer retention rate of approximately 98%, consequently bolstering recurring
revenue from Technology Fees |
| |
|
| ● |
Increased
total addressable market from $1 billion to approximately $35 billion through the launch of its full line of cardiac monitors; and
increased total addressable market as AI in the healthcare market is projected to grow to $208.2 billion by 2030 |
| |
|
| ● |
Continued
to expand its sales force network, with geographic footprint across 35 states with over 2,500 cardiologists |
| |
|
| ● |
Growing
repeat sales to installed customer base with new complementary products and a lower cost of sales |
| |
|
| ● |
Company
is driven to reach positive cash flow, driving revenue higher while reducing or holding SG&A stable |
Full
details of the Company’s financial results will be filed with the SEC on Form 10-Q and available by visiting www.sec.gov .
Financial
Results and Business Update Conference Call
Management
will host a conference call on Tuesday, August 15, 2023 at 4:30 p.m. ET to discuss its financial results for the fiscal 2024 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 Q1-FY24 Financial Results and Business Update Call
Date:
Tuesday, August 15th
Time:
4:30 p.m. ET (1:30 p.m. PT)
Toll
Free: 877-405-1216
International:
+1 201-689-8336
Webcast
URL: https://event.choruscall.com/mediaframe/webcast.html?webcastid=I3WLbWnM
Investors
can begin accessing the webcast 15 minutes before the call, where an operator will register your name and organization. The call will
be in listen-only mode.
A
replay of the call will be available approximately 3 hours after the live call via the Investors section of the Biotricity website at
https://www.biotricity.com/investors/.
Toll
Free Replay Number: 877-660-6853
International:
201-612-7415
Replay
Access ID: 13740622
Expiration:
August 29, 2023, 11:59 PM ET
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 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.
Contacts
Investor
Relations
Biotricity
Investor Relations
Investors@biotricity.com
SOURCE:
Biotricity, Inc.
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