- Earnings call transcript Q2 2023

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Operator

Good day, and welcome to the Biotricity's Fiscal Second 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 second quarter 2023 earnings conference call.

fiscal on Biotricity's XXth, reminder, a quarter September ended XXXX. As

financial on period figures with our Form that XXXX on A the presented our is all filed section and press will EDGAR. of fiscal press and this copy XX-K for quarter Investor issued So be available we the on this reflect full the release will release. SEC Today, end second posted of Relations results website, date. financials

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

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

Waqaas Al-Siddiq

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

second order During in product and diagnostics our development continue for the disease advance go-to to strategy, cardiac and management. we company solution position commercialization all-in-one our to quarter, as the

the high-precision in transmission device driver continued revenue Bioflux, patient's quarter ambulatory our the of leading Our provides real-time be single-unit to telemetry cardiac and mobile second that monitoring ECG diagnostics.

revenue capabilities device revenue. billions grow or We fee are predictive which atrial heartbeats, to device patient's of sales of respect us and data to allowing earned continue and further other comprised comprised with this our our relative to is arrhythmias. Technology-as-a-Service fibrillation to develop set, technology of Revenues

prior, technology $X.X income combined our ending XX% year-over-year and initiatives. an months of million, our totaling to XX% period device six validating growth $X.X and sales XX, September months year strategic and corresponding three XXXX the the compared recent increase showcasing and representing million our fee and For

continues of hospital to technology patients. model networks a providing on to physician's business growing pool and Our focus our unique

upcoming at monitoring, care making communication quickly. the Emerson according with management Biocare two global at-risk AFib parallel, we over reach XXXX, our them X,XXX nationwide. cardiac October, in the Biocare space solution. XX,XXX We've market solution patient the for pilot designed into to provide assist the In grow physicians decisions engage is tools technology our patients to puts upon to continues to data expected management, and help in to that leading more our recurrent combined. monitoring the Research. in unmet over and patients by lifestyle rollout care population fingertips we patients disease existing continue treatment by address market of manage promote potential diagnostics, Our expand Cardiac launched the This doctors programs management, with Biocare This are need cardiology billion chronic for that to successful combines Cardiac $XX Cardiac in easy-to-use with to two that to to telemedicine, by remote bidirectional today actual rollout better. vision their partnered intend Biocare follows efficiently brought quarters. used facilities and Biotres'

XX This identified new have the quarter, in profitability partnerships distribution towards to drivers leading networks. next months, we key distribution path the with including

on to activity. best personal landscape with also with and access cardiac the month heart intend we launched with out major XXXX. Bioheart, to their relationships we networks directly not monitoring of this the long-term distribution an Earlier the one with major lifestyle manage large technology, and networks Bioheart to physicians This but one-time heart months. a ecosystem, in in monitor Earlier other consumers. data build these just representatives. now monitoring available Our to continuous device sales patients heart leverages leading XXXX, provide coming also our new of we inventions allowing of changes of only partnerships their distribution space, in network expanded executed our agreement pursue a

on our growth to offerings continued continue and new future. forward thrilled are previous We distribution product building look the networks in and to

is prediction were National our demographic. we AI-enabled a NIH focus Heart, due the an of September, and impacts Blood monitoring failure. real-time in predictive of This Institute grow chronic will cause stroke and as individuals patients. for innovative for a Cardiac platform, from continues and on the and Grant AI, grant in and many technology in of disease, Lung, and system analytics broadens that to of kidney quality globally. mortality for to life leading disease awarded real-time Additionally Bioflux achievement CKD often significant stroke episodes is ways it monitoring an chronic space our The

care expect to turn future to growth care now in our John the would differentiated patient life the the approach today. that raise standard We the key issues current a our of like look build with lasting carries I entire Ayanoglou. We and relationship CFO, Biotricity's to to call forward our cardiac cycle. through to over involved alleviate effort

John Ayanoglou

Waqaas. you Thank

million. fees cost intended of this a margins and salary of business The During build profit increased special marginal tightening device our as sold sales XX% of base was the XXXX. three This to costs freight decrease certain earned fiscal the of XXXX, months Cellular we ended costs charges, a recurring as this increase Gross September of of margin XX%. accelerate revenues technology with fee Despite lower on revenues. for second to of to the a other the as from and strong result business margin a profit XX% and million, our sales a devices scales. expect $X.X summer to totaled represents the of basis technology company of percentage will promotions $X.X gross quarter expand. including associated improve continue XX, to become revenues yielding the volumes corresponding quarter

to gross expect improve time. about XX% We to margins over

quarter net $X.X loss corresponding the This $X.XXX of During a approximately $X.X of share comprehensive common net of comparative a second incurred expenses the million million a the the million quarter second for loss $XX XXXX. quarter, of to as of as period. for million fiscal in operating per $X.X Total Biotricity million per compared share prior in the compared year. loss were $X.X resulted to well

admin to million general period Our expenses compared as achieve of The for corresponding for G&A and $X.X a year of its the the continuing period. prior to million, efforts part profitability. result was path $X.X the were capital efficiency in expenses decrease to company's

the and $X.X our and as quarter During in development We development as for grow development focused in well of of ecosystem, new existing technologies the in product increase $X.X quarter, research research to we year. to prior is directly and and the ever million second million, $X.X ended of the capture expanding fundamental activity confident than the The fast compared corresponding products. continuous strategy for expenses incurred fiscal the more enhancements development and of share a improvement marketplace with in business to commercialize, to cash. quarter revenues. million our our innovate, remain related Biotricity

disrupting his We cardiac now like and growing our expect for continue back Thank care the to comments. platform with marketplace to Waqaas you. technology. over call closing the to turn I would

Waqaas Al-Siddiq

in you thank terms call our everyone again and strides We John joined significant made today. Thanks expansion. distribution who network of has product and for

in remains monitoring remote care. strategy lifetime, telemedicine to entire superior bring throughout chronic to patients, diagnostic cardiac for solutions integrating their seamless Our devices overall our

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

Operator

question [Operator will ahead. go first Takkinen Capital Instructions] Lake We Street our with take from Frank Please Markets.

Frank Takkinen

great more margin a Maybe taking Great. kind what to questions. my the should little as growth considering understand to came in development of network maybe any would that about just be we Thanks be to color you're it this start then, implications scales. thinking how and the distribution for on expectations be quarter,

Waqaas Al-Siddiq

Frank. question, Great

out So indicated I the I for talking are as relationships. XXXX a the we call And about think successfully in said, seeing last distribution about strategy had that. quarter's I'm building

We are disclosing in coming and not months. We on details the those weeks of the disclosing plan those. publicly

we what implications expect the get details. So in on we color more exactly the you'll as announce

Frank Takkinen

bring pilot months cardiac pivot it I release the Maybe disease helpful. management couple to and ago. press And Okay. to a pilot then on That's a be tape a think whole maybe of go-forward about the Oklahoma and we programs, basis? how over thinking on portfolio? And then, us was those should leverage how patients did How ecosystem programs, the that went. Kentucky into the

Waqaas Al-Siddiq

Absolutely.

and focused really the were patient the the lot. engagement engagement, a workflow patient always we thought that and a features pilot. pilot. very as that's things. were added And pilots for And deployed case in us, but And certain learned was, improved perspective. of when we are three from you those do not were key features improvements purpose One is helpful, right? we adoption And we make to on technology there any So components patient sure wanted usability,

and full-scale launch. and we scale successful, a are that to hence was that So now ready in for the optimizing announcement that

information cycle, was, evaluating second the where doesn't presented how kind that details and works where and we features. together The time, last provider an how streamline ensuring verification the seamless from understanding and learned do of at And that. seamlessly how that figured a fits we were portfolio. to and successful. the providers, workflows, and the kind workflows all within again, how the to it the piece and adoption of disrupt perspective in reimbursement out lot are as also system presented we their information piece looking and sure their were add the and of, the how nurse and make And rest reimbursement clinic any was And of of it's we concept reimbursement the part we do but around same of to our we saw practice whole optimize we then, now environment. is And life improve nurses reimbursement then and where thing, was across with same working, product that that great is the from

and So a well -- to at going other key as of on three aspects. rollout product ready all we We it going successful those it's And our our Kentucky moved be added to that, for the And will features. now through few, in Health launch. ecosystem. And full entire sites. be it's it's CB after commercial were as pushed

Frank Takkinen

growth? us bit profitability? required speak then, comments initiative bridge helpful balance breakeven be Thanks. there. a inputs the That's sheet how for pathway happen, in more great in Maybe color some that one give address it. me. the Is could you of to would last cost-cutting just Appreciate And maybe if it the a needs little well to question. on into it more Maybe color. same Got the And XX robust months. as to to to

Waqaas Al-Siddiq

Sure.

grow to we terms are the as able think, and laying the our not technology anymore. landscape So positive. People environment generally biotech that see landscape And people in as of is profitability, today are path off. I to the not

that, very I in Biotricity We're is very think fortunate. a positive position.

products are as we're much And in the growing. John's fact expanding are expenses got direction new we're facilitate will We're for of in costs -- and key and and our we've that opposite terms enhance hiring positions and these We that growth. very we reducing comments. still in per

in to that path. we're expanding together hiring, be reducing or three to growing, to is where what's the and a us So, costs, going position while get

our and in deploy growth In going of very that does cash way that how sheet cash. balance I and forward. as prudent prudent be a at shown how still not we but that, overspend. terms is has company in deploy to are And facilitates users think, looking of itself the we path it our We're

We makes drive capital growth. the relates it as as direct will it to access and sense for business opportunistically

Frank Takkinen

That’s progress. I’ll stop the there. for Thanks taking congrats Okay. and on question helpful. my

Waqaas Al-Siddiq

Thank you.

John Ayanoglou

Thank you, Frank.

Operator

ahead. next Dede from our Kevin take Please, question go with H.C. will We Wainwright.

Michael Donovan

taking actually you calling for is Thank This Michael in Kevin question. Hello. for my Dede. Donovan

current will how question, First with implemented upgrades Bioflux be Bioflux AI versions?

Waqaas Al-Siddiq

up Michael. broke you Sorry, there,

saying Bioflux You being about Bioflux? upgrades implemented were in something AI

Michael Donovan

Yes.

yes, -- So exactly.

bit a about you discussed So Bioflux AI.

AI upgrades current platform? implemented going your with the be are to how Now, Bioflux

Waqaas Al-Siddiq

power don't on device works a -- our So because have those our we really couple don't we on there So of on key And ways device. have algorithms AI. the itself, right? the touch, you two of implementing different processing AI components,

can about things How we that not right? cloud. the at looking the front the or data an the automation the two scale actionable. a more the relevant faster, operational So show data were so make the ability. we're data piece you and to not right? is workflow And at the perspective the is really creating way it's So right? And from other clean then, You talking cloud in in that most do out your efficient, summaries is, up that meaningful

how the do we're data the and exercise thing ecosystem AI As more you looking do it more stream it. in terms of how of you in, devices you the get terms data present to more accurate how is coming that and of And automated? for and and So get Bioflux, then other get it. managing and at operational more more more accuracy the in an of it

in So we're the both grow our data and areas. having to on physicians And clinics up operational more to and and those scale ability handle that side. implementing much essentially more leads without as patient to

Michael Donovan

now this makes have data future sales for That Biotres, responding patch would versus that as to to patch Biotres, how sense. And Holters? the you Okay. with are two expect? three-channel more to translating you is And physicians one lead

Waqaas Siddiq

Absolutely.

that and happened very uptake are so that On the has with we we in sales sales side, the seeing far. are launch happy

device the In three so the the three-channel are areas. there's receiving how terms of and physicians

the it a cardiologists. of And and vascular available. that device. two surgeons the waiting you device the them it huge connected on the they're big on intervene. opinion data. actually deal if that or an who's had for it's different weeks. app, moreover data anybody can patient summary from feature foremost, cardiologists Nobody surgical slightly need able the EPs, So valuable data days, because they taken first a connected is we side a change We've has interventionalist for uses them. most three heart pull and a comparison. a an which and and within because because really a pull the to but interventional is We've is use a what is it's That's get have did But to surgeons, head-to-head Each device,

The they world that of in the finding having EP appreciating piece second seeing activity we're – standard can the side really last they're that live that are on That important. not the three that electrical the the electrode. very we device piece then more available. we fact side, The use that is on using a the cardiology robustness is And because is liking they're are and the data custom channels, electrode. EPs

of on type the the switch the patient. can electrode they sensitivity So based of skin

patient an somebody and electrode you providing. with or that of allergy skin sensor a patch or can they older whereas who's kind patient, in use some that service So sort in still whatever it skin has are the got solutions, different other sensitive Holter that stuck of you're

Michael Donovan

one Thanks, Waqaas. question. last And

– monitors? being So how is against like heart Bioheart positioned terms in other retail

Waqaas Siddiq

So Bioheart categories, it who look we heart runs people with diagnosed people, whole right: lifestyle. right is position span two approach have right a to people life that the have really versus then, knowledgeable, engaged are for managing very and to we a device. are quantified who way they the to that personal self may health want very health space disease proactive in and issues take family, they at are cardiac And their to who the span

have you're big kidney a diabetic, blood a you if weight you're as a if – pressure got right, impact. you cover issues, makes have scale, right, just weight -- So if hear you've or or

monitor using constantly to blood they're pressure a pretty weight sophisticated they're where a So using cuffs. scale

is issues So positioned self-management. people that the really are diagnosed for cardiac for those Bioheart with

of So, a monitor away staying been of exercise, really we're from focus cardiac the personal on and in the kind context with and okay, fitness diagnosed you've condition. heart

you that feedback. want to unsure You're have

positioned. how positioned of yourself And piece our track cardiac to want the Biocare not into lifestyle – management see, it's what's is working. see That's what's approach. Bioheart working You also our

want for as week the cuff well. can and exercise for can say, patients a provide times your blood scale and the they – lifestyle management three provide will whereas also a see and you the Bioheart So physician a I to weight give that hey, pressure

our the that's positioning product. So of

So, fitness than traditional the market. it's different slightly

Michael Donovan

one Perfect. last is And Okay. actual This actually one. question. the final

in little but So head I so want on of not partnerships, a much bit clarity but on more distribution the the count. angle, that terms

So in well? will force be you increasing addition the sales to partnerships your as

Waqaas Al-Siddiq

and it driving way, we as the have reps a So facilitates them opportunity market. sales and strategic in increased always our in really adding

but distribution particular the in on do to case very, we're will focused partnering right? closely side. We very this on So we add that, continuing are reps,

a can talking we work those that that And for that closely publicly So create of very distribution again, very, so a will that help a revenue drive lot the with us couple about people actually we those. in will from will and for strategic networks, hiring weeks of coming be months.

Michael Donovan

Perfect. Thank quarter. the you, and on congrats

Waqaas Al-Siddiq

Thank you.

Operator

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

Waqaas Al-Siddiq

joining the our always. that answered, We reach Thank us to that appreciate If you up questions or other out were to free feel to guys taking directly investors@biotricity.com. please there for coming you, time Thank to come as everybody, you. in are call. and story listen not any the through

Operator

That your conference. Thank may you does you disconnect. and now participation for thank you. conclude today's We

Biotricity (BTCY) 15 Nov 222023 Q2 Earnings call transcript