REDWOOD CITY, Calif., Nov. 07, 2019 (GLOBE NEWSWIRE) — Biotricity Inc. (OTCQB: BTCY), a medical diagnostic and consumer healthcare technology company, today announced financial results for its fiscal second quarter ending on September 30, 2019. The company’s financial results reflect a strong growth trajectory and positive commercialization progress.
SECOND QUARTER HIGHLIGHT
Gross revenues for the three months which ended September 30, 2019, correspond to 87% of those of the entire previous fiscal year which ended on March 31, 2019.
COMMENTARY ON PERFORMANCE AND OUTLOOK
“Biotricity’s results continue to show exciting progress this quarter,” said Mr. Waqaas Al-Siddiq, Biotricity Founder and CEO. “Gross revenues for the three months which ended September 30, 2019 continued to reflect strong quarter over quarter growth and a growth trajectory that saw a 41% increase in technology fees earned over the preceding quarter.
Our customers are consistently using our platform for cardiac diagnostics and remote patient monitoring (RPM), reaching new volume highs week over week. Bioflux® has allowed us to achieve greater market penetration and customer appeal by facilitating a broad range of low to higher cost cardiac studies, based on individual clinician needs.
By design, management established Biotricity’s horizontal technology platform to align with the Centers for Medicare and Medicaid Services’ (CMS) stated plan to cut over $57 billion in costs from US public healthcare spending, by moving unnecessary inpatient care to outpatient care, and focusing on RPM and preemptive diagnostics. This shift has the potential to improve patient care and save additional lives while also saving significant healthcare costs.
Management’s complete business outlook, and its discussion and analysis of the second quarter of fiscal year 2019, will be found in Management’s Discussion and Analysis (“MD&A”). The MD&A will be available on EDGAR and on Biotricity’s website after November 14, 2019.
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About Biotricity Inc.
Biotricity is a modern medical technology company focused on delivering innovative, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. Biotricity’s R&D continues to focus on the preventative healthcare market, with a vision of putting health management into the hands of the individual. The company aims to support the self-management of critical and chronic conditions with the use of innovative solutions to ease the growing burden on the healthcare system. 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. 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.