Biotricity Inc. is a medical technology company that has been at the forefront of developing innovative remote monitoring solutions for the healthcare industry. With a focus on diagnostic and post-diagnostic products, Biotricity has positioned itself as a key player in the growing field of cardiac care management.
Company Background
The company's journey began in 2012 when it was incorporated under the name MetaSolutions, Inc. in Nevada. In 2014, the company's wholly-owned subsidiary, iMedical Innovations Inc., was incorporated in Ontario, Canada, marking the start of Biotricity's foray into the remote patient monitoring market. The merger between MetaSolutions and iMedical in 2016 led to the formation of Biotricity as it is known today.
Business Model and Market Entry
Biotricity's primary focus has been on developing a realizable healthcare business model within the remote monitoring segment of preventative care. The company's first major milestone was the development of its Bioflux mobile cardiac telemetry device, which received FDA clearance in 2018. Following this achievement, Biotricity implemented a strategic approach to market entry, initially conducting a limited release of the Bioflux device to assess sales processes and market dynamics before proceeding with a full market release for commercialization in April 2019.
Expansion and Product Development
The fiscal year ended March 31, 2021, marked a significant turning point for Biotricity as it embarked on expanded commercialization efforts, focusing on sales growth and market expansion. During this period, the company also launched its Bioheart direct-to-consumer heart monitor, further diversifying its product portfolio. In 2022, Biotricity continued its innovation trajectory with the introduction of the Biocore Cardiac Monitoring Device, a novel three-lead solution for ECG and arrhythmia monitoring.
Product Portfolio
Biotricity's product ecosystem consists of several key segments:
1. Bioflux Segment: The flagship Bioflux mobile cardiac telemetry (MCT) device received FDA clearance in 2018. It provides continuous heart monitoring and cardiology data collection capabilities, transmitting data in real-time to Biotricity's monitoring center for analysis and reporting to physicians. In fiscal year 2021, the company received FDA 510(k) clearance for its Bioflux Software II System, improving workflow efficiency and reducing review times.
2. Biocore Segment: Launched in 2022, the Biocore Cardiac Monitoring Device is a three-lead ECG and arrhythmia monitoring patch solution intended for lower-risk cardiac patients. It offers connected Holter monitoring capabilities and is designed to produce more accurate arrhythmia detection compared to competing solutions. In October 2023, Biotricity launched the cellular version, the Biocore Pro.
3. Bioheart Segment: Commercially launched in 2021, the Bioheart is a direct-to-consumer heart monitor offering continuous heart monitoring technology.
4. Biocare Segment: Introduced in October 2022, Biocare provides remote chronic care management solutions for clinics and their patients.
Financials
Biotricity's financial performance has shown steady improvements in recent years. For the fiscal year ended March 31, 2024, the company reported total revenue of $12.06 million, a 25.1% increase from the previous year's $9.64 million. This revenue growth was driven by a 21.7% increase in technology fee revenue, which accounted for 94% of the company's total revenue.
The company's gross profit margin has also shown consistent improvement, reaching 69.3% in fiscal year 2024, up from 56.5% in the prior year. This margin expansion can be attributed to the company's focus on improving operational efficiencies, including the implementation of AI-powered data processing and cost-effective manufacturing processes.
For the most recent quarter (Q2 2025), Biotricity reported revenue of $3.27 million, up 13% year-over-year. The net loss for the quarter was $1.56 million, with operating cash flow and free cash flow both at -$0.40 million.
The company's recurring revenue from its technologies-as-a-service subscription model and usage-based subscriptions has remained robust, driven by the popularity of its FDA-cleared cardiac monitoring devices, particularly the next-generation Biocore Pro. Gross profit for Q2 2025 increased by 23% year-over-year to $2.5 million, with the gross profit percentage improving by 1,468 basis points to 75.3%.
Biotricity has made significant progress towards profitability, achieving positive EBITDA for the first time in September 2024. The company's net loss attributable to common stockholders decreased by 57% year-over-year to $1.65 million or $0.073 per share in Q2 2025. EBITDA improved by 80% and 50.4% for the three-month and six-month periods ended September 30, 2024, respectively, compared to the prior year periods.
Liquidity
As of September 30, 2024, Biotricity had cash on hand of $173,270 and a working capital deficit of $17.42 million. The company's debt-to-equity ratio stands at -0.76, with a current ratio of 0.19 and a quick ratio of 0.10. Biotricity has a $12.4 million term loan and a $1.5 million revolving credit facility available.
The company has been actively seeking additional funding to support its ongoing operations and product development initiatives, including the issuance of convertible notes and preferred stock. Biotricity continues to pursue additional debt and equity financing to fund its continued operations and product development initiatives as it works towards achieving positive cash flow and profitability.
Market Opportunity and Growth Strategy
The cardiac diagnostics and remote patient monitoring market is expected to see a compound annual growth rate (CAGR) of around 17% from 2022 to 2027, according to industry reports. Biotricity is well-positioned to capitalize on this growth with its innovative product offerings and strategic partnerships.
The company remains committed to advancing the commercialization of its Biocore and Biocare products. Biotricity has recently received regulatory approvals in other countries, including Canada, which will allow them to sell their products in new jurisdictions. The company expects to see revenue contributions from its partnerships in Canada, neurology, and pulmonology in the coming quarters and throughout 2025.
Biotricity is also focused on developing predictive capabilities with its Cardiac AI Cloud platform, aiming to enable early detection of complex arrhythmias and improve patient outcomes while reducing healthcare costs. The company has procured the largest inventory order in its history, which management believes will provide the necessary assets and resources to execute their path to profitability.
Risks and Challenges
Despite its progress, Biotricity faces several challenges common to early-stage medical technology companies. These include the need for continued regulatory approvals, the ability to effectively scale its sales and marketing efforts, and the ability to manage the capital-intensive nature of product development and commercialization.
The company's current financial position, including its working capital deficit and reliance on external financing, presents ongoing challenges that will need to be addressed as Biotricity continues to pursue growth and profitability.
Future Outlook
Despite these challenges, Biotricity remains committed to its mission of transforming the healthcare industry through its innovative remote monitoring solutions. The company's recent strategic partnerships with leading healthcare organizations and its expansion into adjacent medical specialties, such as pulmonology and neurology, suggest a promising path forward.
As Biotricity continues to navigate the evolving landscape of cardiac care management, investors will be closely watching the company's ability to execute on its growth strategy, maintain its technological edge, and deliver sustainable financial performance. The company's focus on delivering high-quality, patient-centric solutions positions it well to capitalize on the growing demand for remote healthcare services.
With its recent achievement of positive EBITDA, ongoing product development initiatives, and expansion into new markets, Biotricity appears to be making steady progress towards its goal of profitability. The coming quarters will be crucial in determining whether the company can build on this momentum and translate its technological innovations into sustained financial success.