BTCY - Earnings call transcript Q1 2023

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Operator

Good day and welcome to the Biotricity's Fiscal First Quarter 2023 Financial Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Valter Pinto, Managing Director, KCSA Strategic Communications. Please go ahead.

Valter Pinto

Good afternoon everyone and welcome to Biotricity's fiscal 2023 first quarter financial results conference call.

fiscal presented on reflect for date. Biotricity's therefore XXth, that reminder, figures all this a quarter June ended XXXX, end As period will we financial first Today, fiscal release. press quarter our issued results XXXX section the this of on financials available Investor additionally release A Form of filed XX-Q copy website, with press our be EDGAR. on on is the Relations SEC will posted our and

views remarks, today's that formal our I'd respect current discussion reflect contain beginning remind that like events. Before listeners future statements may forward-looking management's with to to

to to ahead. As not and Biotricity's to such these statements uncertainties any I’d go that are CEO, turn and does Al-Siddiq. materially Founder like Please except subject to undertake to could the Waqaas risks cause from statements call actual differ Biotricity required. forward-looking in over projected those Dr. update forward-looking statements. as results now

Waqaas Siddiq

you Valter. our earnings quarter XXXX And you, Welcome today. Thank to thank for first call. everyone conference joining

high real Revenues of our first in our During all-in-one, revenues solution technology the unit to Bioflux, from sales and technology to to value and for for and as and majority our fiscal cardiac with telemetry the to revenue. continue device, to fee this or single disease go come respect cardiac time revenue patient's our mobile earned ambulatory precision order commercialization XXXX QX the service to of diagnostics advance diagnostics. transmission company development product The position management. quarter monitoring we continue ECG device strategy are

for who -- patient revenue is and product. to quarter and as our model. stream revenue process $X.X increased Difficulty] a during customers. [Tech a pleased fully have margin first device million. our for During time the can while doc can streamlined across a million This our year-over-year, XX% technology within with also I'm in reduce using the business of fiscal provides model testament This to provided is to be our ability reimbursable. quarter, quarter, centers to our creates clinic. $X.X revenue states an to which fiscal our was doctor the product the prescribe for profit the pleased increased more any recurring first service that XX maintain Bioflux we hundreds margins I as discounts improved physicians additional over as also gross gross revenue creating Today, X,XXX we over doctor the

devices as a associated fees sold We other of our as revenues costs technology as cellular expect expands. percentage with of business that as lower become the and cost well will

hand between significant and Bioflux. time. diagnosis advantage requires the over one monitor tam holter hospital Biotres networks low also go designed is a for week device high initial of real cardiac and and we For severe deeper tool them It time in on of Biotres, focus $X is into way moderate are estimated that is to current our designed serve a record network the Biotres systems Bioflux networks for market, is remote country, which of on patients This as technology $X profile volume be monitoring Bioflux internal designed other tam network -- integrated introduction, future larger represents in a lead the capabilities, delivery for is outlets to and hospital, complementary key and high cases, integrated however in is as of a product we distribution which an a provides volume. of centralized it product, delivery follow largest patient able ecosystem our time risk target longer a build each the lifecycle Biotres The care. been the cardiac These conventional groups the which is patch of patient purchasing that that we real care overwhelmingly patient fills clinics other within patients and or journey. billion differentiator volume will our critical lower a naturally Through where a integrated remote positive. set significantly data. the results the wireless complete Biotres diagnostic and their continuously hospital a and networks. the to specialty risk of approximately -- is innovation to through distribution Since approved lifesaving higher cardiac Because represent capture the patients, ECG We data. wearable therefore gaps billion. analysis meant commercially FDA much has launched within large serves reception for two delivery to three out to hospital monitoring products the is device. in us an these thankfully the

product heart in Earlier, offers limited plans. snapshots data Bioheart, physicians true a state expansion collection, are our directly for patients long conditions also to of the and for establishing strategically purchase by while monitoring are consumers@www.bioheart.com to data We allowing device and $XXX. is heart technologies available manner. currently term monitor the same -- continuous This collecting release the currently art consumers. early manage from by with Bioheart launched retrospective a launching cardiac our now adopters we available

roll available ecosystem portal. have to will first the patients excited within for their cardiologists are for out one time, of We suite all a our products

adopt market today, for that With Biotres Bioflux we designed a in customers, purposely our billion. new total data have $X and we the to ecosystem our to portal, access billion -- from in entire have full addressable market on when devices journey. as seamless the care they increased have successfully $X way approximately new allowing the cardiac bring We collection they

designed More services business clients importantly, offer model, now minimal we and with little our increase we current marginal additional no spend. products marketing have into to costs as to can for scalability

Biocare, enabling integration to compliant This friendly costs. outstanding provide workflow, introducing market platform large forward a our safety care user remotely, ensures we care risk do roughly and monitoring those clinic's needing to patient Monthly look is in reducing patients virtual their and time ensuring cardiac with HIPAA platform During management the to clinic of clinicians remainder technology, at remote disease about of secure have seamless to saving opportunity, not $XX leave the home. current billion. XXXX, the

model but have diabetes industries with be model, to We other such the space. seen attempted this to one as cardiac execute in very has successful no this

the first. are We

at the of We journey. are this course of beginning

newly portfolio their the lives, Our their often leading issues afflicts to journey, care efficient an -- in often management. is beginning cardiac care integrated. is with future. Biocare in rest with our the clinic effective upcoming This us market and the Cardiac data John. the for current the today could across will and reality globe. of The in approach of and to lifestyle the disease enable the technology near product platform this monitoring, to enter an throughout CFO, and the diagnostics, combined disjointed cardiac expanded approach turn Biotricity some assist major help comprehensive I’ll over manner. care patient cost solve call patients

John Ayanoglou

you, Thank Waqaas.

company XXXX, June million. the revenues During $X.X ended totaled the XX, quarter

$X.XXX. a this a share net loss of common net Biotricity During or incurred period $X of million loss per

the the well to expenses conversions time three liabilities. note loss included months related XX, convertible Biotricity’s derivative adjustments onetime as one fair For XXXX, ended on as net June value

profit $XXX,XXX year gross quarter to totaled saw We we that increase for an million, in prior in yielding XX% margin the are the XX%. a corresponds fees. which $X.X technology fees this a compared in June Gross increase pleased fiscal XXXX quarter quarter, technology ended profit year-over-year, to XX, of

order in expect to We to sales. generate margin volume we reduce as improve customers to discounts sales increased provided

As a as other Waqaas words, sales associated percentage $X.X as of million become revenues ended Total that of XX, business we the of volumes as with June well expand. as cost costs expenses fees mentioned, operating economies technology the other devices lower to ended expect the $X.X quarter sold fiscal for XX, million In XXXX. fiscal were compared June XXXX for scale. quarter to certain

for million June increase increased in to million, its Our The of That quarter XX, ended XXXX G&A to XX, focus. has the of investment fiscal ended the quarter been professional the June salesforce. a administrative expenses in result was by company general during XXXX. $X.X made $X.X a fiscal expenses compared G&A building and

products. June quarter compared XXXX, XX, our in ecosystem, in of of activity is R&D quarter fiscal related fiscal as to development ended new our the we recorded continuous ended $XXX,XXX $XXX,XXX, June research directly existing The development the well of increase to development expenses enhancements product to incurred the During XXXX. for as technologies XX,

of share in clearances and grow these fast fundamental products. see announced ended as that $X.X it revenues. confident developments to can the commercialize, with innovate, remain business various commercialize our allow cash. fiscal these strategy marketplace us expanding the from We to will we quarter You capture Biotricity focused in and million FDA a

the has for growth While has great revenue believe we potential business been strong, growth.

devices, continue cloud Biospheric services. turn back to you. his disrupting over care expect to comments. We to call the subscription marketplace I the for and Waqaas like would closing now for Thank cardiac based

Waqaas Siddiq

have that John. produce everyone our call growth and already monetize patients disease, that that the we our of to be population build pipeline today. for joined major who a We're patient you small has than as to portion ecosystem served. the touched technology confident years cardiac Thanks, penetrate need thank we with our And our further again over cardiac more cardiac ever will the

throughout solutions, a we their services and both so will to expect chronic business margin. monitor, revenues and advanced they Doing protect care. those most to monitoring means powerful business For superior ensure lifetime with is recurring scale our revenue are in and model follow gross customers a the remote them our technologically sophisticated provided cardiac within

for years store questions. our our would call open We and now the for I XXXX for up are to what like and excited in have company shareholders. XXXX fiscal

Operator

[Operator Takkinen Street Instructions] with of Lake line Frank Markets. our question first take from Capital We'll the

Frank Takkinen

over questions. I little Hey, and about thanks it say of physicians talking states When like my wanted ticked a I'm the the I opportunity. using up start since kind depth last product sort for understand And seems of that quarter. accounts. utilization the taking X.XXX that XX bit I with to into to wanted the

And have breath solid now. metrics you right you products utilization well new opportunity so a I Sounds like provide us of as both better around there's for commentary to out any a little could really assume give or as that I a was Bioflux color. lot hopefully there,

Waqaas Siddiq

Frank. excellent Yes, question,

speak will opportunity. in I to will I So is, terms do an of it what

in we're cardiac higher the in course, of percentage of risk them and a the indicated I the network, there's telemetry smaller expanding and patients, So, as will is. Bioflux And clinics in network. these call the

to So talking patients, product as But profiles percentage. about X% touch we risk many got a about on are clinic. to portfolio, that X,XXX to who's that going -- our designed a monthly basis, build the a high of small is how be if it's complementary typical It's doctor you're them X%. and portfolio product within

get look patients, look does utilization And So, increase talking then depth. that's early solutions. your risk existing that does them how where that so now that adopters, point is who customers, and who at same like? we they were and when our that to adopters, And we opportunity disease lower early And we and we in what chronic have the and Biotres out thing we are those build the and going product happen and about utilization are to are as chronic Biotres. management offering

Now, giving rates, now two that to right utilization us in days ideas you'll me probably and or on early hear quarters. numbers of one terms in talk you it's

in it. mentioned, earlier Biotres, I we my As launched remarks just

this And is, that. can first is I to was as deeper what able rates adopters, can our the early product nail product quarter the much go going profiles with it or terms think within network? have a what well penetration creating premise complementary utilization are that get existing I holding Biotres we customers data increase to portfolios. two, say do in I by customers. is utilization we look interest to approach to usability from the based we those say How within on was the like patient of of collecting existing better we're really and be across true, What development data down. will early of So as

that a initial had and through from implemented surveys we we through customers we of product, our but contacting that that product, we So we're all revenue up a it bringing our with launched now has strategy, assessment. in tested strategy, lined project, that some

a positive think about quarters. the coming that over next couple I -- that's and So down that

Frank Takkinen

over IDNs. conversations the Okay, these It I wanted next contracting thinking next on a out it's looking then a so ask, that maybe deeper around the how my to that's little just two. as you're And like great dive bit opportunity about too, opportunity commentary color. year one and sounds into you're great or

Waqaas Siddiq

absolutely. Yes,

they those So purchasing familiar for right? are groups, systems. Where IDN, and multiple as hospital know, network purchasing you across are not are who they

on are higher take go a world something and much the sales you these just Biotres But you do some holter in anecdotally, bit when they cardiac. go into into course, to you long cycles and longer. Of when things And go of or like little product, a technical a time. when volume the I'm going solution

about monitoring you it's electrophysiologist that holter not talk just cardiologist when utilize a a system, So hospital that product. within and

In fact, the the users right, docs. family are internist, the bigger GPS, the medicine

system medicine that ends specialty the from from the so coming generally And what internist the hospital is up not coming actually is the in actually happening group, family cardiac GP, volume stuff. a and it's

less population terms much in there's patient a have them. many demographics, of they so of more Now

really for a up system this have is the set with provide are purchasing. elements there that's another that Biotricity very is the And why the designed are market today, contracting is standardized, much in the unique specific product terms our to to long, used products go patient done really system of what network, we has are holter is the and looking IDN the that and But there. you need already we out now holter And network results that, product that why we because sure. you at we've the physician the when is way the faster. thing and just hospitals hospital that in disposable is Biotres so is that able hospital are a the in process so truly of And for solution opportunity, for

already good have ally. gets consumable, not plus it's like they're the purchasing device the they So to our purchase electrodes live a consumable that

all So the think reduce of I those barriers. actually

Of course, longer the term strategy. IDN strategy is a

at data are job channel on is out a expect evidence big from sole to But in of to play. another building what line. every Biotricity for us. for position. have think But the And strategy. product, thing their is put and see will people network, down as that day of that with couple that's just can IDN efficacy want We the we that importance us and that actually the a that course, that shift focused the you our we IDN been the has build And so footprint out in longer single a very our existing all I see provide because fruit a term together IDNs today? show your -- show Have to healthcare the works is be tandem really in and to strategy I strong anybody knows to that longer of

will that our an on focus is -- parallel. And is to existing to network on worked in going with building strategy continue added out this we So be salesforce. an add-on our

Frank Takkinen

go on one basis? new forward maybe margin gross and that solid, Okay, how last just the maybe margin quarter, on then for a gross going commentary profile really impact to any products look again, additional are provide

Waqaas Siddiq

Yes, and and on always there's into it little a we as play. service to that as the of service state these in call little light. upfront there's of get our the a in costs, so of revenue to bit bringing work and steady of economies get products, hardware favor new I think we technology a more more is up to shift as going as software product, hardware a that you'll whenever scale, we're bit But see it that

a are what mix are, and that service. products as stay fluctuation right? does depending margins I terms a management, around to really saw is because So our have around happened look we I'm, if software bit we what think So what mix XX where but expect up end more we in be Biotres, I disease the are becoming certainly to indicate but XX% steady but that'll state use XX here so Bioflux, our you I and now they're mid- on I of them service some like? more and of that XX% percentages, settle margins And what steady to range, before around has to expect state really they going really improve little know

Operator

of question Wainwright. [Operator the take line Instructions] with our Dede Kevin We'll next from HC

Kevin Dede

on Waqaas physicians? there mean, and Is think But expand can X,XXX there, I can Hi, just that understand states, Thanks. in Frank success the any may, I other John. is had where suggesting going? selling obviously to XX I I If through physicians. was quantitative you measure I offer in you've

Waqaas Siddiq

unsure within exactly guess, I'm, of shelf can to ask, I like, speak you like, trying to So physicians. control what what are our those is I percentage

would in telemetry, right. deploy, have cardiac XXX% like, doing I have say, telemetry we cases, of once let's we say, we cases, they're in mobile cardiac mobile physician basically, most their most So business

the were many still those some doctors the cardiac not weren't really were Bioflux, or model and be same with revenue holter the it of because Now, of actually the of holter comes devices, it holter but lot a because product, could mobile center. generating as they provides are of so provider, they solution, their holter they commodity as invested really had using these where other a becomes using holter already used just type as a was devices profit in, Biotres capable

So customers. with of that have my shelf that will is we control expectation

so was clinic, XX-XX the you're we -- -- it mobile if a our we takes is here's the them, shelf. percent was with one guy, I that six say a six shelf, rate over that on telemetry we, because launched like, you of their months, control in a cardiac took convert, sitting we And to physicians have But us what if so beside else asking of is So group. very would doctors, if X,XXX those right, success time, plus months doctor, now, a how, of about very right it it shelf XX it's control customers, you just in big who

do, with doing they So using just the were didn't holter. them still they now, any now, But us, on work for they Bioflux mobile cardiac telemetry you're the for holter, not device. economics do that if basically

they're with piloting Biotres, to and And shelf, the the so they're I that. now speak so and Biotres that can moving on taking

what lens touch? products? board, do the on across mix so right? product depends look conceivably we just on If of patients me about you're that at, asking those what Like available looking right. And depends made much that all we we can -- that it have And like? how Well, does you're which

So candidly very control of because the early customers, cardiac speak mobile the will. very, right. days. that enough telemetry And I where I market. shelf we XXX% can stand have been openly there, Biotres? data. it's But in true suspect it Bioflux have say, for and XX about And plus we've listen, that's we I can Will

Kevin Dede

Waqaas.

I you. think I lost

Waqaas Siddiq

No, I'm here.

Kevin Dede

Okay, sorry about that.

Okay.

to Okay from you the maybe you to want sure here. it talk team's XX,XXX a slice way. how measured, least they're we specifics perspective. different speak you to foot I'm framed out your But and could how a don't sales at could quotas,

Waqaas Siddiq

From commissions certain targets But obviously are And if very clinics their share meet. salary revenue internal they are and a that that amount cannot meet targets, exceed have good. they foot of that those, amount a baseline obviously. that expectation and that They they that up don't against and certain and not at of they we if commissions to certain have analysis benchmark plan they are if my, we there's earn we at meet a their certain a we revenue a those targets have XX,XXX pleasant. good. an opening they're that perspective, rep And reps have we they're

Kevin Dede

specific some monthly, terms the these open. that not quarter. on we speak you our the certainly doors to I in say, maybe yes, expect physician point, might number terms, of in Okay, a but of mean, Waqaas could at you that

Waqaas Siddiq

-- doctors think you Or rep better So disclose on? why plan? just my as is look get out go we and certainly that bigger, I And I will that The knocking comp of somebody my like, how competitive comp in with get many do I'm information. think can problem today in intel we that what terms because is plan is offer us that

Kevin Dede

Oh, just, just weaponizing How that. just how they're some you're they're them? right, be hung I Get wouldn't up guess, no. I No, – targeting on targeted? to wanted I color how

Waqaas Siddiq

reps. my weaponizing I'm How

Kevin Dede

talk I seeing, with Yes. That's Can introduction. effect talk might its it's far, days offered at least in recent you so synergistic be can extremely Now the to still that to? combination? you Biotres with know, and helpful. But Bioflux you early

Waqaas Siddiq

sure. for Yes,

was what And Bioflux look, six Why well I is transferred, right? telling So a the we right. The holter for example, won't they them. So holter months went that right? can I say, we And capable, about us. it's thing, we right? for to said, could great that clinic you use Bioflux, you reimbursement

where two said, the how I we your right? with the And Then a so have come back technology device, monthly do long think fee. patient go flow a right, to we and invest they basis. $XXX patient, it's have they like in and realistically, of Basically, they the whatnot. can on right? are, for holters, to go And back and takes it

And this clinic is example. cetera and patients on that, where economics this because but so to and located, how of just good whatnot, et it's specific are, a they're very far the

more the able sense. in to already But devices from Biotres, a and we third purchasing -- standpoint, so they When in much service were turn, like, [Zayo or a were this guys the one economically that is they're Bardi], And certainly they're able marketplace. using to also the party of they're using oh, bought or these they And started turn holter. device different making a suddenly, had they certain Bioflux, then were justify better, well, versions introduce and lot cheaper using right, they for purchased. so a some like were also cases legacy they of using provider,

economic the for up them, making Bioflux, so the I got where Biotres receiving, like in system, same came our or to that but clinic portal, of and all using now the and in MCD. have were they're one, play just up reimbursement Bioflux complementary approach device already familiar rotation think ecosystem, cost customers second then same that that they And environment, so right, a device, already first they're lining of started is the the they do ended that that very the became they plus terms with with all a that

complimentary us example for that their early all without business even that's But in gave So not was something all possible. a of like some of be on cardiac that now that examples holter having that. day of product mile, holter. specific And course customer mobile Bioflux telemetry was an cases last using it is. And won't

Operator

are further for I'll additional no this closing the any remarks. back at turn there As conference questions over time, or

Waqaas Siddiq

Thank everybody the you, call. for joining

As and I you available are always John questions. for all aware are

that not to we If questions the not up come to you please have reach on free out company. feel any did this address call, or did

happy We you to Thank up set get will back a and to you. call.

Operator

That does thank you. Thank conclude today's you We your conference. participation. for

now may disconnect. You

Biotricity (BTCY) 16 Aug 222023 Q1 Earnings call transcript