Corporate Impact Report concluded better patient outcomes and substantial cost savings, thus accelerating Company’s sales growth
August 30, 2023 / Biotricity Inc. (NASDAQ:BTCY) (“Biotricity” or the “Company”), a leading medical diagnostic and consumer healthcare technology company, today reported that it achieved a record $14 million annualized revenue run rate in August, extending its growth by over eight percent from the previously announced $13 million run rate.
Commenting, Dr. Waqaas Al-Siddiq, Biotricity Founder and CEO, said, “The recent acceleration in revenue gains, increasing sales of our remote cardiac monitoring devices, and ramp up of subscription-based recurring service revenues, underscores Biotricity’s excellence in the field. In collaboration with our affiliated cardiologists, our solutions-focused business model is providing superior cardiac care while reducing the overall cost for patients and insurers by tens of millions of dollars. Further, the fully integrated Biotricity Biosphere yields efficiencies that save cardiologists countless hours of valuable time, enabling them to manage a larger patient base more effectively with enhanced, curated real-time data.”
In its Corporate Impact Report published last spring, Biotricity described both “better patient outcomes and substantial cost savings” for patients using its devices. In 2022 alone, the Bioflux® cardiac monitoring device identified cardiac events in 4,960 of its 111,552 patients, helping patients obtain immediate treatment. This early intervention reduced hospital stay time by an average of six days, saving approximately $17,238 per patient and $85.5 million in total.
“I believe we are just now starting to reach a critical mass through the growth in device sales, successful patient outcomes, savings for insurers and increased efficiencies for cardiologists,” Dr. Al-Siddiq added. “Our business model is highly scalable with our per-unit cost of goods decreasing while maintaining a relatively flat Biosphere infrastructure cost. This enables us to grow closer each month to achieving our next major financial goal of positive cash flow.”
