BTCY - Earnings call 2 2024 | Biotricity, Inc.

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Operator

Good afternoon, and welcome to Biotricity's Second Quarter Fiscal 2024 Financial Results and Business Update Conference Call. Today's conference is being recorded. And at this time, I would like to turn the conference over to Debra Chen with Investor Relations. Please go ahead, ma'am.

Debra Chen

Good afternoon, everyone, and welcome to Biotricity's Second Quarter Fiscal 2024 Earnings Conference Call.

As a reminder, Biotricity's Second Quarter 2024 Fiscal Year ended September 30, 2023.

results. for its will press fiscal highlighted and presented date. Earlier, that release, figures financial issued Biotricity XXXX operational all this reflect period end which So second quarter available A EDGAR on Biotricity's copy at and financials SEC www.sec.gov. with full been the press and on of release Form website the Relations XX-Q, section the Investor of filed the have is posted on

I'm management's listeners current company's in risks formal cause undertake with are over statements call remarks, that to Biotricity's remind to differ today's forward-looking the to turn founder as any forward-looking statements to discussion projected Waqaas Dr. and results ahead. beginning actual future statements. Before that point, Biotricity and except go these to like reflect views respect such to could events. contain those Al-Siddiq. pleased update does may I'd Please not uncertainties Any materially the statements from that to CEO, this forward-looking required. At subject

Waqaas Al-Siddiq

you, you, Thank everybody, us today. Debra. for joining thank And

we quarter, progress, reporting make continue substantial growth. double-digit sales to This

demonstrated technology all and achieve progress our cash our increasing and suite sales the which to fees, monitoring sales profitability. To while distribution interest of control online and sales experience devices, of will growth provides we order enhance new showcase address our gross products, our September, flow device our on to which plan we store operations. a all maintain this margins launched demand our shopping user-friendly and to for positive integrated recurring streamline further in we Our cost positive believe

of in U.S., XX.X% to XX pleased we and customers states in to growth. amplified impressive has force September our over our Additionally, reach, geographic an revenue have we're announce XXXX, as XX, year-over-year the contributing that sales

from the XX%. Our XX% have period year to rising impressive significantly, gross same an last during also improved margins

and our said SG&A previous net XX% reduction trim our to could the continue reduction a share. $X.X structure diligent or a monitor year-over-year board, we we cost and that million, by across to we to $X.X which $X.X achieved quarters. per management was Through growth by from We something also million XX% $X.XXX in loss saw in strong million, of the

for financials, to few As why what it's we we has I been are illnesses. innovate highlight trying think markets, and our to care and solutions care Since products Today, a preventative quarter here deliver takeaways health diagnostic the health transformative in focusing care. consumer we founding important mission second we pioneering chronic remote our lifestyle are medical, and for to achieve. post-diagnostic solutions to on review create and Biotricity, and monitoring

medical-grade improved Although the within to innovating it with the established witnessing therapies. We already an contribute and world, emergence see and biometrics, to incorporate aims from in compliance to enhance health This lower typically journey the structures risks approach empowering with we the This ultimately, mitigates consumers up costs. how are of remote to models monitoring traditional believe, reimbursement have the diagnostic solutions to the shift business sector, post-diagnostics need, revenue. In paradigm that unmet medical development device generating aspect of method, the place. and reactive proactive care care propels we that speeds health technology addressed patient associated remains curative self-manage. we patient by

please www.biotricity.com. For visit of in Biotricity a suite platform, full the products

cardiac downloads a Biocare care. has component to existing has clear customers. become continues app new of thousands Turning tens Biosphere among both and to AI attract Biosphere platform our our It and that what we realm big industry-wide developing of to garnered our of are and is interest in complementary products, remote

disease enhance monitoring predictive and for care prevention. improved to technology revolutionize health patient develop new suite are to management of the disease We a AI leveraging industry proprietary tools profiling,

Amazon and including Additionally, major we strengthened Google. our players, with partnerships

With AI significant a $XXX.X player. anticipated market reach the by care we've positioned XXXX, health as ourselves billion to already

powerful cardiac led continuous Google's our to learning the monitoring of and our and TensorFlow, increasing integrates the service, sales advancements engine, revenue subscription-based Big has quarters. a AWS allowing cardiac Data our remote infrastructure, AI in model our cardiac This recurring over proprietary ramp-up technology. past devices few Our for of increasing rapid

John Our providers to address devices CFO, use sales health over and markets the markets revenue call the to operating our grow the achieve ability place of continue focused in type of and these to will penetration served. With turn we months, our on this is currently sector. that, to care clinically in our the sales to new coming cardiac quality with size Ayanoglou. predicated will In the force team I

S. Ayanoglou

you, Thank Waqaas.

XXXX. a As quarter and some year of and at high fiscal market the matters, level and I key not second the of Waqaas delve the the has and unaudited of details into second quarter fiscal the already industry the will numbers highlights second quarter for operational addressed the

our recurring cardiac Afib, announced monitored Bioflux for X a device to and device, to market fibrillation, previously have our monitoring and billion contributor as FDA-cleared demand atrial Biotricity subscription-based revenue Technology-as-a-Service they heartbeats adoption. from Biotres Our over see strokes. that continue primary

the quarter care few care initiative system. Revenue has The intervention. This positively quality enhances both and traditionally potential million, only for XX.X% a mark periods. year-over-year September August to patient of patients for also and underscores years, of or savings this impacted Afib otherwise slower the months over quarter, been cost individuals with XX, past go but just well preceding holiday ended to vacation for increased the health second that, continues posted hours substantial the XXXX, $X.X patients stable reduce do office as broader diagnosed the under not earnings. and earlier the offering the December doctors on for the over immediately vacation million Over XX,XXX outcomes them medical on $X have and of months level health by and but higher

there on more here. going However, is

to customers to our our Houston-based to up subscription-based This transition service, this. quarter, our efforts ramping we continued do

an benefits us of in in revenues, lays chart result quality and in the profitability. groundwork term clearer it to and revenue form While recurring initial us may increased, quality path earnings the the for a long of predictable while a helping to in dip this shift higher

This to a improvements quarter is efforts. as those in our business result direct the a testament of

fee consistently the quarter. above due in September proportion year XX.X% profit Our as in XX.X% XX, base was gross of expanding in in prior increase XX%. quarter compared to and our XXXX, recurring for corresponding preceding sales quarter ended percentage stayed margin that has which and to gross the XX.X% immediately the component, our mix technology revenue is This

improved line with our AI structure. on This in in efficiencies margins gained processing our improving also is cost We recurring using and monitoring performance our and expectations grows. both business and data as

revenue time. Technology totaled up over revenue from we ahead, improvement the Looking Gross an $X anticipate for prior quarter's total period XX.X% $X.XX overall in comprised September blended the the gross the of XX.X% in million, million, same for XXXX. X-month comparatively profit period continued margin fee year. XX, ended the

sales efforts footprint our to the expanded intention compete broader a the expand in business using and have with geographic broader model. further across an market We in-sourcing U.S.

more. industry technology but as and diagnostic only across chronic But the is include addressable #X that facilities, which the in remind useful the in independent as can the not condition, technology want as IDTF. I a offices cardiac globe. well market, Our large testing U.S. care is to total other there's the physicians' around our world, hospitals, all you known connected clinics has potential and

sales X% from R&D X% $XXX,XXX or by quarter. quarter, our by this we improved reduced decreased decreased loss or Our such expenses by operations improved and that this our

will senior rather been is we've and to expenses, direct growing more on able our less is overall same our customer hunters the managing reducing thereby salespeople, because our improving footprint. our expensive at revenue aligned expense, to while profitability team good thereby our sales story we've to strategic is each that maintaining sales the expensive. This of our drive respect accounts profile that our leading smaller of is With using compensation job with focused and our able and for satisfaction to salespeople their our and a force a cash professional sales terms product enhance sales news this been do professional higher-quality farmers less variable sales sales recurring we've levels, the while retooling a that of time, of our internal external putting than that in the a taken of by force, focusing and more to earn salespeople, through hospital

we've our quarter's of compared from ended cost to dip losses operations such months to was loss year. versus over that Our comparable degraded in an improved preceding term per million, preceding of EBITDA interest immediately to and under on compared the efforts net was these quarter. to quality our quarter our prior versus net reduced by November $X.XX $X.X improved preceding $X.X by the to adjusted of in $XXX,XXX and our costs, million about the When the margins, share common and best share attributable expense. Earnings the sales our improved the from loss $X.XXX shareholders $X.XX increased excellent to $XX,XXX year slight earnings improved cost preceding quality X to our improve by our was costs rates fact shaping reducing operating September perhaps, in for and variable per million due of and in and loan the an ever. structure visible $X.XXX is prior immediately to of month, common be accretion revenues, $XXX,XXX during results. caused corresponding $X.X Adjusted EPS quarter. device XX, the the are the that a the sales in loss quarter, $X.X rising interest compared quarter. Net structure Despite immediately up earnings million operating per month-to-date, shareholders the to that loss is share XXXX, from Underpinning improvements quarter all this month

remote sales that groundbreaking lot of Biocare achieving turn flow. I and diagnostic bringing commercialization going and management dedicated Biotres prevention commercialization growth and disease comments. Waqaas for reinforces and and the our post-diagnostic both we just our force Bioflux, to advance will the we've advancements cardiac our a to for products, interest launched in we Pro, have now confidence of Biotres focus trajectory. has to back suite on our demand. The position a of continuing will us our is As products a closing solutions for monitoring our to And anticipate his closer in market product development market's cash demand positive which be call tells in us products, resulted significant growing chronic and

Waqaas Al-Siddiq

patents. Thank Biotricity, is IP of part is In our our at a excited We prospects there lot groundbreaking expanding our near-term application the patent strategy and This recently announced broader and looking to filing with about. for John. a trade be device. for long-term you, Biotres secrets portfolio of

consistently FDA expand and we IP, are market share increasing only barriers the not and innovate our protecting portfolios, As winning continuously IP and to we our XXX(k) but entry.

by for XXXX. a monitoring our heart best We which also recognized inventions filed Bioheart, device is Magazine as application Time one wearable of of patent the innovative

Finally, for our significant preventative leading automated and Pro's and we our cellular product innovative of current storage comprehensive cardiac low no due just leap expanded capability may are care. Previously, is connectivity. that solution we days critical a the addition data Pro with the with as our monitoring. as Biotres there actually This to a But marks delays This release longer our connectivity. data with Biotres, up offered wirelessly. our to is cardiac it recording previously connectivity, offloading in established forward of to Biotres while offline occurred X-channel game-changing product of data of retrieval for have which connected Biotres the product, portfolio current for Pro, the XX backup off-line technology cellular

over of the will Biotricity the remote the With portfolio most for addition turn market. That Biotres to concludes operator opening the Thank monitoring now remarks. you. questions. call has the in comprehensive our now Pro, cardiac I

Operator

And Instructions] the line the question Wainwright. [Operator with from Kevin first comes Dede H.C. of

Michael Davin

that connectivity is helps but feature? you, you more And the it cellular little discuss patients, Kevin -- Davin, that can for thank provide bit also Michael clinics? bit more Congrats, Well, Just how And on This a little see how backup a how calling operator. help I Pro, it Dede. about Waqaas. Biotres color on aspect. it for of behalf

Waqaas Al-Siddiq

Yes, sure.

or backup, your to Biotres So sometimes a mean, is you device. forget interrupted cellphone Bluetooth end the is based cellular having connectivity these might when the I charge because patients the up

the time so fully that may not device And the case, be by in data returned. is uploaded

data. the may device returned, while charge to when have the is it's it and taking XX in plug might it So it the and upload charging, and upload clinic minutes will

interrupted, is that even if so remove cellular to having that will continue in connectivity it upload background. So the backup to

Michael Davin

Appreciate Okay. Great. that.

segment seeing now? you seeing? labs, where producing most Is you Now of what right more are you is independent there clinics, guys? demand one are demand for hospitals, guys mentioned You that

Waqaas Al-Siddiq

across the Demand for much us board. is pretty

about look the focusing think to we way I time. about our where is more are

spending -- we center we been previously, groups, XX% as build of revenue the a and on of blended our XX% at as looking are a like to hospital independent we market, So drive of the we've creating time specialty business were what time XX% now, lot cardiac able on more and the mix. our market. And about to our is the

system, longer you time the focused our but long-term much multiple hospital hospital. a understand markets. We long market, independent the still time you bigger as cycles So have as in the the a the run. is spent relationship XX% with on XX% on order once well orders our now and generally of But sales that the are of close is

but -- so a to blended now, have close basis this and doing as before. we continue to basis, business so to mix we quarterly what were a monthly So on want we on opposed

taken our after hospital. the and commercial we've of towards chunk going Now have it focused a team

Michael Davin

force And in to clinics expand beyond our sales expansion? time those to states are and terms prior kind efforts further those Great. these is hospitals, Or those XX Understood. XX planning on you and states? of focusing focus of your

Waqaas Al-Siddiq

from opportunities We to lot different customers are they've at colleagues, went always of always they to looking school stage. that expand. friends with A or have moved medical our and looking a

after customer for And look referrals. into network network go states, in arise and and go So other as absolutely opportunities existing our them. we we existing

about, it's not into is footprint not are have go we saying, So we specifically by that that it's -- want more a driven we primarily states." don't something to "Hey, It's other and are the of where we secondary that reps coming reps referral really our network. aspect in from based based. opportunities geography And we are are is have the on where where then our

to we chasing is goal be in state. but a XX states, the So particular are not

We are focusing on that commercial we building and team chasing most the powerful can.

right reps goes then finding and we the think ourselves to And and about commercial will really team footprint types so national as commercial see And all our time our a it's on, of and XX across going I capability. have states. full expand

Michael Davin

Okay. Great.

at terms of in quantify patient there stage? your compliance. to Now aim to this enhance that Is a way

Waqaas Al-Siddiq

patient compliance, So tough. it's

the implemented percent app downloading that. are We've patients to on that. a the seen look lot how rules. good at perspective, patients seen percentage We've into from looking a of We've impact are We an app. many of and following a significant a download

looking looking be patient to analyzing looking that be going report, and compliance. out are data and part will of that We put and to are impact at an

Michael Davin

Okay.

or infrastructure? well proven and your And any that of terms Amazon's what further Okay. see you with means question. Amazon you TensorFlow as opportunities with Google partnership Google? overall you Can record, potential in between Amazon upon expand do last as operations to this has for And and Biotricity given track

Waqaas Al-Siddiq

Yes.

using AI proprietary our deep built Google's we've is and automation Amazon's analytics and done systems. the we've and within scaling and what infrastructure technologies So data data cloud

So we've build ecosystem this of becoming able most elements less. own are category mean, think big a are being right? in Our powerful with in our -- financials, improvements us do applicable to product case and in deal those are expenses becoming part smarter, driven. I that is of allowing I more down. our our how to data and with A going can automated, proprietary been more efficient systems proprietary data margins taken improving, more and see way that that's measurable our to and and our and cloud use terms you the

more is we our the come and through get economies it's that margins going see and and essentially to doing, what down, through as that's come of I more of quarters come continue to will we've we servicing couple costs improvement, think data, data there's to over through data. next going that, that of So maintaining and been that cost will coming scale

proactively to and not right? efficient, automate of next make how We get go also at we can thinking that these into fact there can prediction more to our and But expenses the information, collect very but is scale. And devices at you're rise develop we these we're out if actually quite more move economies looking really not something that, to have looking and as systems, quite the more we again, and get only predictive, quickly of about So bit. were time that mindful it is costs us even because save a going as efficient.

Michael Davin

Great. One final question.

for For with What pros store this devices? online devices of does Biotricity's of Amazon? for your the your are versus other give And avenues store, online Biotricity versus this? kind of having on could Biotricity help reasoning some reimbursements you the launching acquiring

Waqaas Al-Siddiq

Yes.

very is a So our model. model -- a is subscription-based

expense. mean Amazon subscription that is onetime it, a set for really you up really complicated. but not do as purchase you So something is I incredibly it's Amazon models. can

right the anyone operations all, not the be of platform in reason for the But first main we buy that. And get being interest store, utilizing that's technology. simplifies on more and our occasion. importantly, purchase built us So we it of to for to able inbound terms

And ordering the technology, to ability the sales streamlines to purchase operationally it process. manage allowing so and whole our people

Operator

Thank we'll turn over questions you conference back for time. or any remarks. are additional further this you. at There the to Gentlemen, no closing

Waqaas Al-Siddiq

really And focus we're improvement. And expense we top is we the but couple be margin the improvement were quarter, was coming that I We for going to how talking managing the last growth, where And joining line for quarter. about growth so we quarterly parting one that, that optimizing on about new enhanced to also think of result is the the this I showed last and going as quarters talking everybody. We quarters, management and been our while execution to that margin we've of would like for how made I see as changes. Thank going in us key that takeaway and revenue well AI to think was you, technology. optimizations. and this that the business Thank something you, everybody, remark, what implemented leave this on call. just quarter on to we're continue this continue but focus to working.

Operator

you Thank sir. today's We does your conclude you, thank participation. teleconference. That for

disconnect. You now may

Biotricity (BTCY) 14 Nov 232024 Q2 Earnings call transcript