Thu, Jun 27, 10:03 AM (72 days ago)
Biotricity Inc. (BTCY), a medical technology company, reported a net loss of $14.9 million for the fiscal year ended March 31, 2024, compared to a $19.5 million loss in the previous year. Revenue increased by 25.2% to $12.1 million, driven by expanded sales efforts across 35 U.S. states. The gross profit margin improved to 69.3% from 56.5%, attributed to higher-margin technology sales and operational efficiencies. Operating expenses decreased by $3 million to $17.2 million due to better cost management in sales and general administrative expenses. Research and development costs also dropped by $0.7 million. Interest expense rose to $3 million, reflecting higher borrowings and market interest rates. The company continues to focus on scaling its sales force and expanding its market presence, with a strategic emphasis on innovative remote monitoring solutions for chronic cardiac conditions. Future outlook includes continued revenue growth and margin improvement through increased technology fee revenue.