Biotricity Inc. announces growth with a significant increase in subscriptions for the third quarter of the 2024 fiscal year

Biotricity Inc., a Technology-as-a-Service (TaaS) company in the remote cardiac monitoring sector, has unveiled its financial results for the third quarter of the 2024 fiscal year. These unaudited results indicate a 21% revenue increase to $2.97 million compared to $2.46 million in the same quarter of the previous year. A notable factor in this performance is the significant increase in subscription revenues compared to usage-based variable revenues, contributing to a better predictability of the company's revenues.

Dr. Waqaas Al-Siddiq, founder and CEO of Biotricity, highlights margin improvement, cost reduction, and revenue increase as key drivers supporting the company's path to positive cash flow. The company has refined its sales strategy to focus on efficiency, longer sales cycles, and larger accounts, facilitating the transition to recurring technological subscriptions and a long-term growth vision.

Highlights include a gross margin of 73% for the three months ending on December 31, 2023, compared to 57% for the corresponding period of the previous year. This improvement is attributed to the expansion of recurring technological revenue base and the effective use of proprietary AI in operational automation. Additionally, the company reduced its net loss by 36% compared to the previous year, confirming its trend towards increased profitability.