Announcement • Sep 03
Biotricity and B-Secur Target the Consumer Wearables Market with Expansion of Next-Gen Cardiac Monitoring Platform Biotricity Inc. and B-Secur are transforming the consumer wearables market with an enhancement to their joint cardiac monitoring platform. The device-neutral platform, which launched in early 2025 for ambulatory cardiac monitoring, will now support ECG data from consumer wearables. This advancement enables the seamless integration and review of user data collected from smartwatches, smart rings, fitness trackers, and other mobile health products within Biotricity's cloud-based medical workflow. The move solidifies Biotricity and B-Secur's leadership in digital cardiovascular innovation, positioning the companies at the forefront of the rapidly expanding heart health market. Leveraging B-Secur's FDA-cleared HeartKey®? ECG algorithms and advanced analytics, the platform delivers medical-grade accuracy trusted by healthcare professionals. Its device-agnostic design and cloud-enabled infrastructure allow developers and OEMs to seamlessly integrate data from smart devices into regulated care pathways, efficiently bridging the gap between consumer devices and clinical care. Announcement • Jul 02
Biotricity, Inc. announced delayed annual 10-K filing On 07/01/2025, Biotricity, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Announcement • Mar 12
Biotricity Expands IP Portfolio & Strategy with 14 New Patents, Reinforcing Innovation & Leadership in Remote Monitoring, Diagnostics, & Chronic Disease Management Biotricity Inc. announced the expansion of its intellectual property (IP) portfolio with 14 new patents. This brings the company's total to 15 issued patents, with an additional 14 patents pending. The expansion of the company's IP portfolio underscores Biotricity's commitment to advancing and improving the patient journey. With Biotricity, these critical diagnostic assessments could be performed concurrently with the same device, reducing delays in diagnosis and expediting treatment. Announcement • Feb 17
Biotricity, Inc. Provides Revenue Guidance for the Third Quarter of 2025 Biotricity, Inc. provided revenue guidance for the third quarter of 2025. For the period, the company expects to report Q3-FY25 revenue growth of 22% from the corresponding prior year quarter to $3.6 million – an 11% increase sequentially from the immediately preceding quarter. Announcement • Feb 15
Biotricity, Inc. announced delayed 10-Q filing On 02/14/2025, Biotricity, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Sep 20
Biotricity Kicks Off Another Pilot Program with A Major Hospital System That Services over 800,000 Individuals Biotricity Inc. announced the launch of a new cardiac monitoring pilot program with a top hospital system. With 90% of U.S. adults at risk of developing cardiovascular disease and a projected shortage of up to 124,000 physicians in the next 12 years, the demand for Biotricity's innovative cardiac monitoring solutions has never been more urgent. Biotricity offers the world's only remote three-channel compact cardiac monitoring device, providing healthcare professionals with essential insights into patients' health, facilitating quicker treatment to optimize outcomes. The company's high-quality data results in decreased patient risk and significantly enhanced clinic workflow efficiency. Moreover, Biotricity empowers healthcare professionals to increase their revenue fivefold compared to existing solutions. This is especially vital as 30% of rural hospitals face the threat of closure due to financial pressures, which would leave 60 million Americans in those regions with limited access to care. Integration of Biotricity's advanced cardiac monitoring solutions into major hospitals will poise the company to play a crucial role in reshaping how cardiovascular health and other chronic diseases are managed. Announcement • Aug 16
Biotricity, Inc. announced delayed 10-Q filing On 08/15/2024, Biotricity, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Aug 02
Biotricity, Inc. Receives Non-Compliance Letter from Nasdaq Regarding Bid Price Rule On July 26, 2024, Biotricity Inc. (the Company"), received a letter (the Letter") from the staff of The Nasdaq Capital Market LLC (the Nasdaq Capital Market") stating that the Company's closing bid price for the last 30 consecutive business days was less than $1.00 per share. As a result, the Company does not satisfy the continued listing requirement to maintain a minimum bid price of $1.00 per share, as set in Nasdaq Listing Rule 5550(a)(2) (the Bid Price Rule"). The notification had no immediate effect on the listing or trading of the common stock on the Nasdaq Capital Market. Nasdaq Listing Rule 5810(c)(3)(A) provides a compliance period of 180 calendar days, or until January 22, 2025 (the Compliance Date"), to regain compliance. If at any time during this 180-day period the closing bid price of the Company's common stock is at least $1.00 for a minimum of ten consecutive business days, the Company will regain compliance. If the Company is unable to regain compliance before the Compliance Date, the Company may be eligible for an additional 180 calendar days to satisfy the Bid Price Rule. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during such additional compliance period, by effecting a reverse stock split, if necessary. If the Company does not regain compliance by the Compliance Date and is not eligible for the additional compliance period at that time, the Nasdaq Capital Market will provide written notification to the Company that its common stock may be delisted. The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider available options to regain compliance with the Bid Price Rule. Announcement • Jul 26
Biotricity, Inc., Annual General Meeting, Aug 15, 2024 Biotricity, Inc., Annual General Meeting, Aug 15, 2024. Location: 203 redwood shores parkway, suite 600, california 94065, redwood city United States Announcement • Jul 11
Biotricity Adds 60-Site, Multi-State Hospital Cardiac Monitoring Pilot Program Biotricity, Inc. announced the launch of a new cardiac monitoring pilot program with a prominent hospital group encompassing 60 sites spread across multiple states. Biotricity's cardiac monitoring solution is the only three-channel connected solution in the world. This unique technology results in superior diagnostics, reduced patient risk, and enhanced workflow efficiency, providing improved clinical outcomes while lowering overall healthcare costs. Additionally, it significantly increases provider revenue by five times compared to existing solutions, making it an exceptional choice both clinically and financially. Building on the momentum of previous pilot programs, Biotricity will collaborate closely with healthcare professionals at these 60 sites to enhance patient interaction protocols and optimize data collection processes. This latest pilot program aims to demonstrate the transformative potential of Biotricity's advanced technology suite in improving cardiac patient outcomes and streamlining healthcare delivery across a broader geographic region. Announcement • Jun 13
Biotricity, Inc. Launches Direct-To-Consumer Heart Health Screening Service, Heartsecure, Making Heart Health Services Biotricity Inc. announced the highly anticipated launch of its direct-to-consumer heart health screening program, HeartSecure. People in the world dies of cardiovascular disease (CVD) every 1.5 seconds. In the U.S. alone, 127 million adults have at least 1 risk factor for heart disease, and 1 out of every 3 deaths is attributed to heart disease. To encourage preventative heart care and help reduce the prevalence of CVD, Biotricty is providing a limited-time discounted launch offer for HeartSecure. Early detection of heart disease and prompt intervention can slash the risk of heart attack and stroke by over 80%. A shortage in resources and cardiac professionals, an increasing chronically ill aging population, and limitations of insurance carriers, have led to an average wait time of about 1 month for a heart health screening with a cardiologist. HeartSecure reduces these barriers to provide a seamless and affordable solution for proactive cardiac health management. With HeartSecure, Biotricity isn't just democratizing healthcare-it's revolutionizing lives. Announcement • May 29
Biotricity, Inc. has filed a Follow-on Equity Offering in the amount of $2.684644 million. Biotricity, Inc. has filed a Follow-on Equity Offering in the amount of $2.684644 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Announcement • Apr 27
Biotricity Inc. Announces High Demand for Its Latest Device, Biotres Pro Biotricity Inc. announced high demand for its latest device, Biotres Pro. This device is easy to wear, resulting in excellent patient compliance and a higher selling price. Biotres Pro is expected to raise the average subscription price by over 32%. This will translate to a revenue increase of up to 10% from sales to existing customers over the course of fiscal 2025. Biotres Pro is also capturing the attention of new customers. The initial production run of Biotres Pro has sold out, with customers placing pre-orders for the next run, which is scheduled to ship to customers by end of May. Biotres Pro, the only 3-channel patch-like ECG in the world with both cellular and Bluetooth connectivity commands a premium monthly subscription price compared to its predecessors. The interest from existing customers transitioning to Biotres Pro and the influx of new customers have set a dynamic stage for Biotricity's future opportunity. Announcement • Apr 26
Biotricity, Inc. has withdrawn its Follow-on Equity Offering in the amount of $10.55 million. Biotricity, Inc. has withdrawn its Follow-on Equity Offering in the amount of $10.55 million.
Security Name: Common Stock
Security Type: Common Stock
Security Name: Pre-Funded Warrants
Security Type: Equity Warrant Announcement • Apr 24
Nasdaq Notifies Biotricity That the Nasdaq Hearings Panel Grants Its Request to Continue Its Listing on Nasdaq As previously disclosed, on August 1, 2023, Biotricity Inc. received a deficiency letter from the Listing Qualifications Department of the Nasdaq Stock Market notifying the Company that, for the preceding 30 consecutive business days, the Company’s Market Value of Listed Securities was below the $35 million minimum requirement for continued inclusion on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b)(2). In accordance with Nasdaq Listing Rule 5810(c)(3)(C), Nasdaq granted the Company 180 calendar days, or until January 29, 2024, to regain compliance with the MVLS Requirement. As also previously disclosed, on January 30, 2024, the Company received a delisting determination letter (the “Letter”) from the Staff advising the Company that the Staff had determined that the Company did not regain compliance with the MVLS Requirement by the Compliance Date because the Company’s MVLS did not close at or above $35 million for a minimum of 10 consecutive business days prior to the Compliance Date. The Company submitted a hearing request to the Nasdaq Hearings Panel (the “Panel”) to appeal the Staff’s delisting determination, which stayed the suspension of the Company’s securities and the filing of a Form 25-NSE pending the Panel’s decision. A hearing was held on April 9, 2024, at which time the Company presented a plan to regain compliance with the MVLS Requirement. On April 23, 2024, Nasdaq notified the Company that the Panel granted its request to continue its listing on Nasdaq, subject to the Company meeting certain milestones including an increase in its outstanding shares of common stock through the issuance of shares of stock in certain stock offerings and upon the conversion of certain convertible securities, the receipt of shareholder approval of certain actions and on or before July 29, 2024, the Company regaining compliance with all applicable requirements for continued listing on The Nasdaq Capital Market. Announcement • Apr 11
Biotricity, Inc. announced that it has received $2 million in funding On April 9, 2024, Biotricity, Inc. closed the transaction. The company announced that it has issued 110 shares of Series B Convertible Preferred Stock at an issue price of $9,090.91 per share for the gross proceeds of $1,000,000.1 in the second and final tranche. The minimum investment from an outsider is $1,000,000 and included participation from single investor. Announcement • Apr 04
Biotricity Announces Strategic Partnership for Cardiac Screenings in Patients with Co-Morbidities Biotricity Inc. continues its strategic expansion with the announcement of its latest partnership in neurology to conduct cardiac screenings in patients suffering from neurological issues. Biotricity is focused on providing earlier screenings to patients with co-morbidities, reducing costs while improving the quality of care.Biotricity's approach is to build strategic partnerships to help deliver cardiac screenings by the referring physician. Patients will be screened earlier and referred to cardiologists to receive care as opposed to being referred for screenings. This approach will not only reduce costs but also improve outcomes and the quality of care. Most importantly, it will optimize the time for all physicians involved, enabling them to service more patients. This strategic approach will expand Biotricity's market opportunity while focusing on better patient outcomes. By partnering with specialty groups already focused on the target patient population, Biotricity can achieve much faster market access. This partnership alone will give Biotricity an opportunity to access the neurology market, comprised of over 100 million Americans and over 16,000 neurologists. Biotricity is focused on building out similar partnerships in other specialty areas where patients have increase cardiac risk factors and require cardiac screenings. Announcement • Mar 27
Biotricity, Inc. announced a financing transaction Biotricity, Inc. announced that it has entered into security purchase agreement with an institutional investor to issue Series B Convertible Preferred Stock at an issue price of $9,090.91 per share on March 25, 2024.
On the same date, the company announced that it has issued 110 shares of Series B Convertible Preferred Stock at an issue price of $9,090.91 per share for the gross proceeds of $1,000,000.1 in the first tranche. Pursuant to the Purchase Agreement, the Company has also agreed to seek the approval of the Company’s stockholders that may be required upon conversion of the Series B Preferred Stock (the “Stockholder Approval”), if required by the applicable rules and regulations of Nasdaq Capital Market. The Company has agreed to hold an annual or special meeting of stockholders for the purpose of obtaining Stockholder Approval as soon as practicable, but in no event later than 75 days following the date on which two conversions of Series B Preferred Stock by the Investor would require approval of the Company’s stockholder, and to hold a meeting every three months thereafter for the purpose of obtaining Stockholder Approval if the proposal is not approved at the first meeting until Stockholder Approval is obtained. The Series B Preferred Stock will automatically convert to common stock upon the 24-month anniversary of the Initial Issuance Date of the Series B Preferred Stock. The sale of the securities will not involve a public offering and will be made without general solicitation or general advertising. The Investor represented that it is an accredited investor, as such term is defined in Rule 501(a) of Regulation D under the Securities Act, and that they are acquiring the securities for investment purposes only and not with a view to any resale, distribution or other disposition of the securities in violation of the U.S. federal securities laws. Announcement • Mar 13
Biotricity Unveils That Improved Margins Resulted from Latest Advancements to Its Proprietary Cardiac Ai Cloud Platform and Announces Plans for Continued Expansion of Its Cardiac AI Cloud Biotricity Inc. announced expansion of its Cardiac AI Cloud platform: the company is building a cardiac AI clinical model which distills important information to support clinician in cases that require clinical intervention or review. The company expects to file an FDA clearance for its clinical model by the end of the year. The healthcare AI market is projected to soar to $208.2 billion by 2030 per Grand View Research. With a projected market value of $96.67 billion by 2030, about 30 million patients are currently enrolled in remote patient monitoring (RPM), creating vast quantities of data for clinicians. That number is anticipated to surge to 70.6 billion by 2025, exponentially increasing the data quantity. Biotricity expects its solutions, fueled by its future Cardiac AI Cloud platform, to empower healthcare professionals in the face of increasing resource shortages and a growing chronically ill population. Providers will be enabled by the Company's revolutionary technology to manage significantly larger patient volumes while being alerted to critical data. This expands the reach of healthcare services to a broader audience, bridging medical accessibility gaps like never before. Already deployed, Biotricity's AI automation engine has demonstrated its effectiveness in increasing operational efficiency while supporting growth. This effectiveness of Biotricity's approach can already be seen in the company's continually improving margins. The company plans to continue to expand its automation engine alongside the development of its clinical engine. Biotricity is expanding its proprietary cardiac AI clinical model with key partner technologies, including Google's TensorFlow and Amazon Web Services infrastructure. By harnessing the power of big data and continuous learning engines, the Company is advancing to new heights. Biotricity's focus is now on expanding data capabilities to develop predictive analytics for early detection, preventing the onset of cardiac conditions, and, if heart disease is developed, mitigating adverse events. Through the analysis of anonymized data set comprised of over 500 billion heartbeats and once FDA cleared, the Company's new AI clinical model is poised to enhance diagnostic accuracy, optimize treatment plans, and significantly improve patient outcomes. Biotricity anticipates filing for FDA clearance for this AI clinical model later this year. Announcement • Feb 29
Biotricity, Inc. has filed a Follow-on Equity Offering in the amount of $10.55 million. Biotricity, Inc. has filed a Follow-on Equity Offering in the amount of $10.55 million.
Security Name: Common Stock
Security Type: Common Stock
Security Name: Pre-Funded Warrants
Security Type: Equity Warrant Announcement • Feb 15
Biotricity, Inc. announced delayed 10-Q filing On 02/14/2024, Biotricity, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Feb 03
Biotricity, Inc. Receives A Delisting Determination Letter from the Listing Qualifications Department of the Nasdaq Stock Market As previously disclosed, on August 4, 2023, Biotricity Inc. (the Company") received a deficiency letter from the Listing Qualifications Department (the Staff") of the Nasdaq Stock Market (Nasdaq") notifying the Company that, for the preceding 30 consecutive business days, the Company's Market Value of Listed Securities (MVLS") was below the $35 million minimum requirement for continued inclusion on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b)(2) (the MVLS Requirement"). In accordance with Nasdaq Listing Rule 5810(c)(3)(C), Nasdaq granted the Company 180 calendar days, or until January 29, 2024 (the Compliance Date"), to regain compliance MVLS Requirement. On January 30, 2024, the Company received a delisting determination letter (the Letter") from the Staff advising the Company that the Staff had determined that the Company did not regain compliance with the MVLS Requirement by the Compliance Date because the Company's MVLS did not close at or above $35 million for a minimum of 10 consecutive business days prior to the Compliance Date. As a result, unless the Company requests an appeal of the Staff's determination, trading of the Company's common stock on the Nasdaq Capital Market will be suspended at the opening of business on February 8, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission to remove the Company's securities from listing and registration on the Nasdaq Stock Market. The Company intends to submit a hearing request to the Nasdaq Hearings Panel (the Panel") to appeal the Staff's delisting determination. A hearing request will stay the suspension of the Company's securities and the filing of a Form 25-NSE pending the Panel's decision. At the hearing, the Company intends to present a plan to regain compliance with the MVLS Requirement. Announcement • Jan 24
Biotricity Inc. Expands Development of its Cardiac AI Cloud Platform with Data Ecosystem of over 360 Billion Heartbeats Biotricity Inc. announced the expanding development of its future Cardiac AI Cloud platform. The new platform is focused on predictive monitoring to help assist physicians and users to identify issues before they occur, supporting earlier interventions, reducing readmissions, and lowering healthcare costs. Biotricity's product portfolio is already one of the most comprehensive remote cardiac monitoring portfolios globally. This expansion will further enhance its existing products while providing additional advantages such as: Predictive capabilities; Faster analytical results; Improved scalability; Improved operational efficiency; Support for other commercial models; Automated analysis to support physicians. Biotricity's goal is to develop one the most comprehensive Cardiac AI Cloud platforms. The company has been analyzing and establishing large datasets of heartbeats for the past couple of years to build predictive cardiac AI models for improved diagnoses and faster interventions. The resulting models will help develop more accurate analyses and improved operational efficiency, supporting physicians better and diagnosing more patients with the same resources. AI and predictive models are difficult to build due to the large datasets needed to support accuracy. Biotricity has been focused on developing large datasets for years. The company's decision to build a 3-channel diagnostic platform as opposed to a 1 or 2 channel platform was a direct result of this focus. Accuracy is difficult to achieve as cardiac issues are notoriously problematic to identify due to their intermittent nature, thus needing long term continuous data for diagnosing. Long term data collection requires an ambulatory setting with users going about their lives. Ambulatory monitoring is synonymous with noisy data due to mobility, making diagnosis difficult, let alone prediction. Scalability and accessibility in a market where there is a shortage of healthcare professionals requires smart technologies to help support healthcare professionals to service more patients while improving the quality of care. New Risk • Jan 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$9.3m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-US$24m). Earnings have declined by 21% per year over the past 5 years. Market cap is less than US$10m (US$9.10m market cap). Reported Earnings • Nov 19
Second quarter 2024 earnings released: US$0.44 loss per share (vs US$0.57 loss in 2Q 2023) Second quarter 2024 results: US$0.44 loss per share (improved from US$0.57 loss in 2Q 2023). Revenue: US$2.89m (up 21% from 2Q 2023). Net loss: US$3.88m (loss narrowed 21% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Announcement • Nov 12
Biotricity, Inc. to Report Q2, 2024 Results on Nov 14, 2023 Biotricity, Inc. announced that they will report Q2, 2024 results on Nov 14, 2023 Announcement • Nov 01
Biotricity Releases Another Groundbreaking Product: Biotres Pro Biotricity Inc. announced their expansion of the current Biotres product platform. The new product, known as Biotres Pro, adds cellular backup for offline connectivity in addition to the existing unique feature set. Biotres has been a game-changing product to the cardiac health market since its release. Biotres Pro continues this trend and establishes Biotres's product portfolio as the most comprehensive remote cardiac monitoring product portfolio globally. Biotres is a unique innovative ECG cardiac monitoring device that provides 3 channels of continuous ECG data. The device offers physicians enhanced accuracy into heart health. The company recently filed a patent application to protect its cutting edge 3 channel technology, which is a significant step forward in compact devices. Biotricity has now taken it a step further with the new addition of Biotres Pro, another version of Biotres that combines cutting edge 3 channel technology with cellular backup for those with little connectivity, minimal access to a cellphone, or simply experience trouble connecting the device. The cellular capability of Biotres Pro ensures that the device will continue to offload data in instances of minimal connectivity. This is a solution as current compact devices only have 1 to 2 channels and are limited in or lack connectivity. Biotres offers up to 30 days of recording and automated data offloading while connected wirelessly, but the addition of Biotres Pro's innovative cellular connectivity elevates the benefits that the device provides for cardiac patients, removing any delays in data retrieval that may have occurred due to low connectivity before this addition. New Risk • Oct 30
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.87m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$11m free cash flow). Negative equity (-US$23m). Earnings have declined by 24% per year over the past 5 years. Market cap is less than US$10m (US$9.87m market cap). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Announcement • Oct 11
Biotricity Continues to Expand Patent Portfolio with Latest Patent Filing for Bioheart Device Biotricity, Inc. announced its patent filing for the company's Bioheart device. Bioheart, regarded as one of the most innovative wearable heart monitoring solutions and recognized as one of TIME Magazine's Best Inventions of 2022 stands as a "game changer" in the industries of personal heart and remote lifestyle monitoring. This patent safeguards Bioheart's exclusive 3-view dry-contact technology, advanced sensor system, unique design, and compact form factor - a combination that's never been seen in the consumer market. This patent application reaffirms Biotricity's commitment to enhancing its Intellectual Property portfolio, protecting its innovations while strengthening its position as a leader in personal lifestyle and healthcare innovation. The filing of the Bioheart patent highlights Biotricity's unwavering commitment to personal lifestyle and healthcare innovation. Biotricity consistently pushes the boundaries of technology to redefine the landscape of healthcare and lifestyle management. Announcement • Oct 05
Biotricity, Inc. Announces Patent Filing for Cutting-Edge Biotres Device Biotricity, Inc. announced the filing of a patent application for its Biotres device. This patent protects Biotres' proprietary 3 channel technology, multiple sensors, architecture and compact form factor, a combination that has never been done before. Up until now, compact devices have lacked multiple channels, reducing the quality of diagnosis. Biotres is a cutting-edge invention that marks a significant advancement in remote patient monitoring and cardiac care. This filing expands the Company's IP portfolio while increasing market barriers. The filing of Biotres patent serves as a powerful testament to Biotricity's relentless pursuit of healthcare innovation, where it consistently explores the frontiers of technology to redefine the cardiac care landscape. The company plans to continue to file patents as part of its IP strategy and expects to file two additional patents within the next year. This patent application marks another significant milestone in Biotricity's journey, complementing its existing patent portfolio. This cutting-edge device redefines cardiac monitoring by providing continuous, real-time data on vital signs, including heart rate, 3 channels of ECG, and activity levels, enabling early detection and proactive management of cardiac conditions for both patients and healthcare providers. Biotres is the first of its kind, a compact 3-channel connected cardiac monitor that addresses the lack of multiple ECG channels, multiple sensors, rechargeability and connectivity within a compact patch form factor. It offers up to 30 days of recording, while its wireless connectivity ensures automated data offloading and remote ECG views, reducing results wait time from the conventional 2-week period to 3 days or less. Physicians can remotely access ECG data, and patients can easily report symptoms via an intuitive app, facilitating faster clinician response. With Biotres, Biotricity is not only innovating but also establishing a new industry standard, revolutionizing cardiac monitoring to enhance patient outcomes, increase patient safety and empower healthcare providers. Announcement • Sep 21
Biotricity, Inc. has completed a Follow-on Equity Offering. Biotricity, Inc. has completed a Follow-on Equity Offering.
Security Name: Convertible Preferred Stock
Security Type: Preferred Stock
Securities Offered: 220
Price\Range: $9090.91
Discount Per Security: $0
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,704,593 New Risk • Aug 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$11m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$11m free cash flow). Negative equity (-US$23m). Earnings have declined by 24% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$20.2m market cap). Reported Earnings • Aug 16
First quarter 2024 earnings released: US$0.069 loss per share (vs US$0.59 loss in 1Q 2023) First quarter 2024 results: US$0.069 loss per share (improved from US$0.59 loss in 1Q 2023). Revenue: US$3.02m (up 47% from 1Q 2023). Net loss: US$3.60m (loss narrowed 28% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Announcement • Aug 06
Biotricity Receives Deficiency Letter from Nasdaq Regarding Non-Compliance with the Market Value of Listed Securities Requirement On August 1, 2023, Biotricity Inc. received a deficiency letter from the Listing Qualifications Department (the ‘Staff’) of the Nasdaq Stock Market (‘Nasdaq’) notifying the Company that, for the preceding 30 consecutive business days, the Company’s Market Value of Listed Securities (‘MVLS’) was below the $35 million minimum requirement for continued inclusion on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b)(2) (the ‘MVLS Requirement’). The notification received has no immediate effect on the Company’s Nasdaq listing. In accordance with Nasdaq rules, the Company has been provided an initial period of 180 calendar days, or until January 29, 2024 (the ‘Compliance Date’), to regain compliance with the MVLS Requirement. If, at any time before the Compliance Date, the Company’s MVLS closes at $35 million or more for a minimum of 10 consecutive business days, the Staff will provide the Company written confirmation of compliance with the MVLS Requirement. The Company intends to monitor the market value of the Company’s listed securities and may, if appropriate, consider available options to regain compliance with the MVLS Requirement. Announcement • Jul 26
Biotricity Inc. Expands Its Proprietary AI Model and Deepens Relationship with Amazon Aws and Google's Tensor Flow for Remote Cardiac Care Applications Biotricity Inc. announced its strengthened relationships with Amazon and Google. The Company is expanding its AI technology development in remote cardiac care, leveraging its proprietary AI technology to provide a suite of predictive monitoring tools to enhance new disease profiling, improve patient management, and revolutionize the healthcare industry for disease prevention. According to Grand View Research, the healthcare AI market is valued at $22.4 billion in 2023 and is projected to grow to $208.2 billion by 2030. Biotricity has successfully constructed a complex neural network that focuses on the specific characteristics of ECG signals within an ambulatory setting. Additionally, the Company employs Amazon Web Services (AWS Lake) to manage the substantial and growing ECG data volume while facilitating continuous and distributed AI model training. Recently, Biotricity expanded its Amazon SageMaker capabilities to foster continuous learning, incorporating real-time feedback from healthcare professionals who can contribute to further optimizing its current AI model. Announcement • Jul 23
Biotricity Regains Nasdaq Listing Compliance Biotricity, Inc. announced that it has received notice from The NASDAQ Stock Market LLC (NASDAQ) on July 18, 2023 informing Biotricity that it has regained compliance with the minimum bid price requirement under NASDAQ Listing Rule 5550(a)(2) for continued listing on The NASDAQ Capital Market. Consequently, Biotricity is now in compliance with all applicable listing standards and its common stock will continue to be listed on The NASDAQ Capital Market. Announcement • Jul 07
Biotricity, Inc. Provides Earnings Guidance for the First Fiscal Quarter Ended June 30, 2023 Biotricity Inc. provided earnings guidance for the first fiscal quarter ended June 30, 2023. For the period, the company expects to report an approximate increase in revenue which represents growth of over 40% YOY from the corresponding prior year quarter and expects to achieve continued reduction in expenses. Reported Earnings • Jul 01
Full year 2023 earnings released: US$0.38 loss per share (vs US$0.67 loss in FY 2022) Full year 2023 results: US$0.38 loss per share (improved from US$0.67 loss in FY 2022). Revenue: US$9.64m (up 26% from FY 2022). Net loss: US$19.5m (loss narrowed 35% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Reported Earnings • Feb 16
Third quarter 2023 earnings: Revenues exceed analyst expectations Third quarter 2023 results: Revenue: US$2.46m (up 27% from 3Q 2022). Net loss: US$4.75m (loss narrowed 35% from 3Q 2022). Revenue exceeded analyst estimates by 2.5%. Revenue is forecast to grow 55% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Healthcare Services industry in the US. Over the last 3 years on average, earnings per share has fallen by 29% per year and the company’s share price has also fallen by 29% per year. Announcement • Jan 23
Biotricity Receives A Letter from Nasdaq Capital Market Regarding Minimum Bid Price On January 20, 2023, Biotricity, Inc. (the Company") received a letter (the Letter") from the staff of The Nasdaq Capital Market LLC (the Nasdaq Capital Market") stating that the Company's closing bid price for the last 30 consecutive business days was less than $1.00 per share. As a result, the Company does not satisfy the continued listing requirement to maintain a minimum bid price of $1.00 per share, as set in Nasdaq Listing Rule 5550(a)(2) (the Bid Price Rule"). The notification had no immediate effect on the listing or trading of the common stock on the Nasdaq Capital Market. Nasdaq Listing Rule 5810(c)(3)(A) provides a compliance period of 180 calendar days, or until July 19, 2023 (the Compliance Date"), to regain compliance. If at any time during this 180-day period the closing bid price of the Company's common stock is at least $1.00 for a minimum of ten consecutive business days, the Company will regain compliance. If the Company is unable to regain compliance before the Compliance Date, the Company may be eligible for an additional 180 calendar days to satisfy the Bid Price Rule. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during such additional compliance period, by effecting a reverse stock split, if necessary. If the Company does not regain compliance by the Compliance Date and is not eligible for the additional compliance period at that time, the Nasdaq Capital Market will provide written notification to the Company that its common stock may be delisted. The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider available options to regain compliance with the Bid Price Rule. Major Estimate Revision • Nov 21
Consensus revenue estimates fall by 19% The consensus outlook for revenues in 2023 has deteriorated. 2023 revenue forecast decreased from US$11.8m to US$9.51m. Forecast losses increased from -US$0.33 to -US$0.36 per share. Healthcare Services industry in the US expected to see average net income growth of 7.2% next year. Consensus price target down from US$4.17 to US$3.83. Share price rose 5.8% to US$1.09 over the past week. Reported Earnings • Nov 16
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: US$0.094 loss per share (improved from US$0.26 loss in 2Q 2022). Revenue: US$2.38m (up 32% from 2Q 2022). Net loss: US$4.90m (loss narrowed 55% from 2Q 2022). Revenue missed analyst estimates by 6.2%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to grow 75% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Healthcare Services industry in the US. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Price Target Changed • Nov 16
Price target decreased to US$3.83 Down from US$4.50, the current price target is an average from 3 analysts. New target price is 276% above last closing price of US$1.02. Stock is down 75% over the past year. The company is forecast to post a net loss per share of US$0.33 next year compared to a net loss per share of US$0.66 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Dave Rosa was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 27
Biotricity, Inc. Launches Cardiac Disease Management Solution Following 2 Successful Pilots with Oklahoma & Kentucky Clinics Biotricity, Inc. announced the U.S. launch of Biocare Cardiac. The national roll-out follows two successful pilot programs in Oklahoma City with CardioVascular Health Clinic, a medical facility providing high-quality cardiovascular care to more than 40,000 patients, and a four-month pilot with Lexington Heart Specialists in Kentucky, a medical practice providing high-quality cardiovascular care to more than 20,000 patients. Designed to expand Biotricity's existing remote monitoring tools used by more than 2,000 cardiologists nationwide, the easy-to-use solution puts actionable data at the physicians' fingertips to assist them in making treatment decisions quickly. Biocare Cardiac combines chronic care management, remote patient monitoring, cardiac diagnostics, lifestyle management, bi-directional communication, and telemedicine to help engage and manage patients better. Patients receive digital tools based on their condition(s) to help them manage their health and lifestyle following physician recommendations. Patients are given a combination of Biotricity's suite of monitoring devices which are integrated with a care plan and delivered via the Biocare Cardiac app. Physicians receive monthly reports on patient trends and customized alerts for out-of-range data, enabling them to intervene if necessary. Board Change • Sep 29
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Dave Rosa was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Aug 13
Biotricity Announces Management Changes On August 5, 2022, Patricia Kennedy as a member of the Board of Directors of Biotricity Inc. (the “Company”), a member of the Company’s Audit Committee, and a member of the Company’s Nominating and Corporate Governance Committee, resigned from the Company’s Board of Directors effective August 5, 2022. Patricia Kennedy did not advise the Company of any disagreement with the Company on any matter relating to its operations, policies or practices. On August 5, 2022, Norman Betts as a member of the Board of Directors of Biotricity Inc. (the “Company”) and a member of the Company’s Audit Committee, resigned from the Company’s Board of Directors effective August 5, 2022. Norman Betts did not advise the Company of any disagreement with the Company on any matter relating to its operations, policies or practices. On August 11, 2022, the Board of Directors of the Company appointed Chester White to the Board of Directors to fill the vacancy created by Patricia Kennedy’s resignation. There are no arrangements or understandings between Mr. White and any other persons pursuant to which he was selected as a director. Mr. White will receive compensation as a non-employee director in accordance with the company’s non-employee director compensation practice. Mr. White has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Mr. White has not yet been appointed to any committees of the Board of Directors. Mr. White is a performance driven executive with leadership in fund management, venture capital, private equity, hedge funds, investment banking, mergers and acquisitions, strategy consulting, and technology innovation (AI, blockchain, cyber, mobile, cloud, enterprise software, robotics, automation, healthcare). Mr. White holds hands on experience across a spectrum of functions (investment, board level, strategic. operations, and restructurings) and size (startup to fortune 500, private and public). Seeking Alpha • Jul 28
Biotricity, Inc.: A First Take Today, we take our first look at a small medical device maker called Biotricity.
Impressive growth projections lie ahead for this Busted IPO as it recently launched several important new products.
An investment analysis follows in the paragraphs below.
Facts do not cease to exist because they are ignored."― Aldous Huxley
Today, we put Biotricity, Inc. (BTCY) in the spotlight for the first time. This medical device company finds itself in "Busted IPO" territory. However, a few new product launches should help the company deliver impressive revenue growth in the quarters and years ahead. An analysis follows below.
Seeking Alpha
Company Overview:
This small medical device/technology solution concern is based just outside of San Francisco. The company provides biometric data monitoring solutions. Biotricity is focused on the delivery of remote monitoring solutions to medical, healthcare, and consumer markets, including diagnostic and post-diagnostic solutions for lifestyle and chronic illnesses. The stock trades for around $1.25 a share and sports an approximate market capitalization of $70 million.
The company describes itself as:
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"
The company's product portfolio of hardware devices and software solutions are all designed in house.
Fourth Quarter Results:
On July 14th, the company reported fourth quarter results. Revenues rose 80% on a year-over-year basis to $2.15 million as Biotricity posted a non-GAAP net loss of 11 cents a share. Both top and bottom line numbers were in-line with the consensus.
For the full 2022 fiscal year, Biotricity had $7.7 million worth of sales, an 126% increase from FY2021. The company had a full year non-GAAP loss of 66 cents a share, 48 cents a share if you drop one-time items.
The company noted on its earnings press release some notable product news during the quarter:
The launch of its wireless wearable holter patch device, Biotres. This is a development leadership says represents the future of Remote Patient Monitoring.
Unveiled Biokit, a personal medical device kit for integration into the Biotricity ecosystem.
Launched Bioheart, a first-of-its kind continuous heart rhythm recorder and personal heart lifestyle solution.
Released Biocare Cardiac, a personal, cardiac health application for individuals diagnosed with, or at risk for, cardiovascular disease.
Leadership seems particularly excited by two of these launches. Bioheart, its cardiac monitor now directly available to consumers offers the same continuous heart monitoring technology used by physicians. The patient can now manage heart conditions with retrospective snapshots and long-term data collection in a state-of-the-art manner. The device is worn directly around the chest and goes for just under $200 on Amazon.
Bioheart measures your heart's electrical activity with high accuracy. The device is small and lightweight, and at approximately 2.5 inches in diameter can fit in the palm of your hand. It can be set up in a few minutes, starting by downloading the Bioheart app. This device can improve remote patient monitoring significantly and is very relevant to senior citizens as doctors can use this data to diagnose and treat heart rhythm irregularities with minimal in-person visits. In this way it advances Telehealth. The company believes this adds an approximate $1.25 billion annual market to its target population. Announcement • Jun 30
Biotricity, Inc. announced delayed annual 10-K filing On 06/29/2022, Biotricity, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Reported Earnings • Feb 15
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: US$0.15 loss per share (down from US$0.11 loss in 3Q 2021). Revenue: US$1.93m (up 93% from 3Q 2021). Net loss: US$7.34m (loss widened 78% from 3Q 2021). Revenue missed analyst estimates by 8.2%. Earnings per share (EPS) also missed analyst estimates by 39%. Over the next year, revenue is forecast to grow 226%, compared to a 22% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. Announcement • Feb 10
Biotricity, Inc. to Report Q3, 2022 Results on Feb 14, 2022 Biotricity, Inc. announced that they will report Q3, 2022 results After-Market on Feb 14, 2022 Board Change • Dec 31
High number of new directors Chair of Scientific & Medical Alliance Board and Chair of Science Alliance Board John Simpson was the last director to join the board, commencing their role in 2020. Board Change • Nov 17
High number of new directors Chair of Scientific & Medical Alliance Board and Chair of Science Alliance Board John Simpson was the last director to join the board, commencing their role in 2020. Announcement • Aug 27
Biotricity Common Stock Deleted from Other OTC Biotricity, Inc. Common Stock has been deleted from Other OTC effective from August 26, 2021, due to Market Center Change Listed on NASDAQ. Announcement • Aug 18
Biotricity, Inc. announced delayed 10-Q filing On 08/17/2021, Biotricity, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Jun 18
Biotricity, Inc. Announces Earnings Guidance for the Fiscal 2022 Biotricity, Inc. announced earnings guidance for the fiscal 2022. The company expects to easily beat fourth quarter revenue in current quarter ending June 30, 2021 and are targeting triple digit revenue growth for fiscal 2022. Announcement • Feb 09
Biotricity, Inc. to Report Q3, 2021 Results on Feb 11, 2021 Biotricity, Inc. announced that they will report Q3, 2021 results After-Market on Feb 11, 2021 Announcement • Jan 22
Biotricity, Inc. announced that it has received $9.5575 million in funding Biotricity, Inc. (OTCPK:BTCY) announced a private placement of convertible promissory notes for gross proceeds of $9,557,500 on January 21, 2021. The transaction included participation from to institutional and retail investors. The convertible notes convert into common stock at a conversion price equal to 75% of the volume weighted average price of the common stock for the five trading days prior to the conversion date. additionally, the company will issue the investors in the transaction cash warrants based on the amount of promissory notes converted by the investors. Announcement • Jan 12
Biotricity Announces New Solution for Personal Heart Management with Bioheart Biotricity, Inc. announced the upcoming release of Bioheart, a personal heart monitor. Designed for individuals diagnosed with or at risk for cardiovascular disease, Bioheart continuously monitors daily activities, and provides critical information on the user’s heart performance, empowering patients to understand better and manage their heart conditions. Bioheart is a natural extension to Biotricity’s cardiac diagnostic offering. Bioheart will fill this gap while enhancing awareness for patients so they can visit their physician and receive a proper diagnosis. Key features of Bioheart include: Dry Lead Technology – Bioheart is one of the only wearable devices that continuously collects ECG (heart) data through dry lead electrodes. Provides Critical Information – Bioheart monitors heart health, respiration, physical activity, and calorie burn in a user-friendly format. Ergonomic Design – Bioheart is designed to maximize patient comfort during regular day-to-day activities through its adjustable chest band. Three-Channel Recording – Bioheart is one of the only consumer wearable that can provide continuous three-channel recording of ECG data. All other known consumer devices are one-channel and lack continuous recording capability. Extended Battery Life – The device can be worn continuously for 48 hours before requiring a one-hour charge, enabling long term continuous data collection. Complementing Data – Individuals can gain further insights by sharing their Bioheart data with health care professionals for lifestyle management. Proven Technology – Bioheart uses the same core ECG technology used in the FDA-cleared Bioflux to diagnose patients. Announcement • Dec 03
Biotricity, Inc. Prepares 510(k) FDA Filing for Biotres Biotricity Inc. announced that it has completed required lab testing and is completing its 510(k) FDA filing for its latest potential product offering, Biotres. Biotres is a 3-lead patch product for ECG and arrhythmia monitoring for patients at risk for or being diagnosed with certain cardiac issues. Biotres can work as a Holter, Event Loop, and Extended Holter. Announcement • Sep 30
Biotricity Inc. Announces Launch of Its Bioflux® Direct Program Biotricity Inc. announced the launch of its Bioflux® Direct Program. The new offering ships Bioflux devices directly to at-risk patients who need to self-isolate or avoid in-person clinic visits. Previously, patients using Bioflux would have to visit the clinic to collect their devices. But as a result of COVID-19, patients with chronic conditions, such as Cardiovascular Disease, were unable to travel to their doctor’s office and unable to receive their potentially life-saving monitoring devices. The Bioflux Direct Program helps address this problem for both doctors and patients by removing the need for an in-office visit and instead the physician can prescribe the device over an online visit and the doctor’s office can inform the Company of the shipping details. Direct shipping to patients on behalf of clinic. Seamless integration with upcoming. Biocare Telemed platform launch. Remote device activation & clinical support. Real-time active monitoring & reporting through the Bioflux Clinic App. Biotricity’s unveiling of the Bioflux Direct Program comes ahead of the upcoming launch of the company’s proprietary Biocare Telemed platform, a comprehensive virtual clinic designed to help clinicians provide telehealth visits to patients from the safety of their homes. Biotricity will initially offer the Biocare Telemed Platform via limited release to selected physicians, followed by a broad rollout in Fourth Quarter 2020. Bioflux is a patient-friendly remote cardiac monitoring system technologically engineered to assist diagnosis of heart conditions and enhance patient outcomes. Merging seamlessly with physicians’ existing platforms and workflows, Bioflux is the obvious clinical-grade solution for remote cardiac monitoring to help physicians diagnose and deliver potentially life-saving interventions. Announcement • Aug 11
Biotricity, Inc. announced a financing transaction Biotricity, Inc. announced that it will receive $10,000,000 in funding on July 14, 2020. The company will issue convertible promissory notes in the transaction. The minimum investment accepted from any outside investor is $100,000. The company will issue securities pursuant to exemption provided under Regulation D.