REDWOOD CITY, CA - Biotricity Inc. (NASDAQ:BTCY), a medical technology company, has announced the launch of HeartSecure, an at-home heart health screening service that is now available for consumers to purchase online. HeartSecure aims to provide immediate cardiac screening results, enhancing accessibility and convenience for individuals monitoring their heart health.
Heart disease is the leading cause of death globally, with a significant number of adults in the United States presenting at least one risk factor. Traditional cardiac screening often involves lengthy waits for appointments and results. HeartSecure is designed to address these challenges by offering instant results from the comfort of the user's home.
Dr. Waqaas Al-Siddiq, Founder and CEO of Biotricity, stated that HeartSecure is reflective of the company's commitment to innovation in healthcare, with the potential to create new revenue streams and deliver value to shareholders. More critically, it aims to democratize access to essential cardiac screenings.
The home healthcare market is expanding rapidly, with a valuation of approximately $250 billion in 2023 and an expected growth rate of 8.9% CAGR, reaching $383 billion by 2028. This growth indicates a rising demand for accessible healthcare services like HeartSecure.
Biotricity focuses on bridging the gap in remote monitoring and chronic care management, specifically in cardiology. The company is known for developing remote health monitoring solutions that cater to both medical and consumer markets.
This announcement is based on a press release statement from Biotricity Inc. The company cautions that any forward-looking statements in the press release are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated.
In other recent news, Biotricity Inc. reported significant growth and strategic expansion in their fiscal year 2024. The company's revenue rose by 25% for the full year to $12.06 million and by 15.9% in the fourth quarter to $3.2 million. The gross profit for the quarter reached $2.3 million, reflecting a 48% rise from the previous year, with an impressive gross margin of 71.5%.
The company's operational advancements included the expansion of the Cardiac AI Cloud platform, collaborations with Amazon (NASDAQ:AMZN) AWS and Google (NASDAQ:GOOGL) TensorFlow, and a venture into the Canadian market following Health Canada's approval of the Biocore device. Biotricity also aims to achieve earnings before interest, taxes, depreciation, and amortization (EBITDA) neutrality and profitability in the near future.
Despite anticipating margin fluctuations as they enter new markets like Canada, Biotricity has secured access to approximately 90% of U.S. hospitals through alliances with top group purchasing organizations.
The company is focusing on subscription-based services, expecting a 5-6% margin improvement. These developments suggest a promising direction for Biotricity as it continues to expand its reach and improve its operations.
InvestingPro Insights
Biotricity Inc. (NASDAQ:BTCY) has taken a significant step with the launch of HeartSecure, tapping into the growing home healthcare market. The service's potential to streamline cardiac care and provide immediate results could position the company advantageously in a sector poised for expansion. Still, it is essential for investors to consider the financial health and market performance of the company when evaluating its future prospects.
The InvestingPro Data highlights a challenging financial picture for Biotricity. With a market capitalization of $19.89 million, the company's recent performance indicates a negative price-to-earnings (P/E) ratio of -0.56, reflecting concerns about profitability.
Furthermore, the company has not been profitable over the last twelve months, and analysts do not expect profitability this year, as indicated by the adjusted P/E ratio of -1.41. Moreover, the stock has experienced a significant decline, with a 1-month price total return of -21.44% and a 3-month return of -37.36%.
InvestingPro Tips suggest that Biotricity's short-term obligations exceed its liquid assets, which could pose liquidity risks. Moreover, the company does not pay dividends, potentially affecting its attractiveness to income-focused investors. With the stock faring poorly over the last month and the price having fallen considerably over the past year, these factors merit attention from current and potential shareholders.
Investors interested in a deeper analysis of Biotricity Inc. can find additional InvestingPro Tips at https://www.investing.com/pro/BTCY. There are more tips available, providing a comprehensive view of the company's financial health and market performance. For those considering a subscription, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enhancing your investment research with valuable insights.
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