BTCY - Earnings call 3 2024 | Biotricity, Inc.

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Operator

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

Debra Chen

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

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

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

Waqaas Al-Siddiq

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

our never metrics. once has us. reduced not to be across for and been financial margins our quite operational successful focus believe news near. seen limited to path quarter also us margins, closer our time revenue proved and record losses. increased but our again, achieved and towards This efforts announcements, improved brings be I can only Despite various This profitability, diligence that and We

We continue of the boundaries operational automation to our and efficiency. pushing leverage data intelligently,

before this as solutions. of to detecting which arise. and of interventions, being designed health contributes monitoring one reinforces objective physicians is readmissions the recognized already care our costs. decreases monitoring, collections advanced AI the lowering This of for cardiac is extensive worldwide, supports most healthcare platform. Biotricity's we further cardiac they commitment and product potential portfolio cloud our remote the to The helping announced likelihood and January, platform predictive late issues development in users in early And for our

set recorded To analytics supporting date, successfully outcomes. we R&D our have to data to improve better over billion efforts help patient drive heartbeats, that is a XXX continuously

to that The announce our monitored diagnose enhance scalability, have we include existing help features improved models. patients. additional and over commercial analytical products proud that operational to were further XXX,XXX recorded improved for results, support we Additionally, date efficiency other and faster

the making cardiac them Our and AI and affordable care with patients accurate first build to cloud for in the overwhelmed data, many are comprehensive scalable. Today, more step efforts a difficult making only patients. service are to too accessible, it but cardiologists not An cardiac much too also cardiac cardiologists cloud focus transform I believe will they a cardiac solution. and into that and relevant and care on that the to necessary most patients ability can pieces provide of the support streamlined care effective service more have more health to data. assistance we so

of record our friendly cardiologist consistent and and positive our services metrics, strong year-over-year retention, control, We've of we've demonstrate sales for key making revenue the achieving emphasize our support use. by goal that upheld customer customers the of ease of track the supported our profitability. diagnostics quality cash flow accuracy and of strong improvements our progress recurring gross this, growth quarter and focus all third maintained device fees, towards managing expenses specifically Results in and Throughout a cost technology on and margins. in operating

and monitoring Our penetrate solutions. looking devices market expenses, managed have upward, the markets. and recurring to continue penetrating and we sales plan leadership all new in cardiac successfully to remote we fees trend to patient And and securing while market margins force forward, technology leverage and gross our expand

our CFO, call turn I'll the over that, to Johnny With Ayanoglou.

S. Ayanoglou

Waqaas. Thanks,

usage-based subscriptions subscription Bioflux, highlights unaudited of Service FDA-cleared model our period. by both as Technology strong. and of driven Recurring XXXX fiscal revenue the generated is as from our popularity remain a Biotres our review Let's cardiac quarter as our third devices, well

for the market seeing and in the Biotres demand and growth next-generation we're Biotres fact, In adoption Pro.

Atrial fibrillation stroke. or AFib is contributor primary a to

are both to them also that This intervention. providing earlier $X.XX patient earlier mentioned underscores that lives December that heartbeats, patients, cost years, but that significant using ended savings XXX,XXX medical have has the over facilitated over patient for healthcare report able health the third quarter broader Biotricity So monitored billion we that the recorded system. Revenue metrics million. outcomes XX, only proud increased XX% for to protected improves be for the of estimate year-over-year and the last individuals we not and very and care XXX the to Waqaas have we we over opportunity XXXX, X diagnosis

flat persistently recurring most term. a higher the revenue We quality in on our transitioning establishes us consistent stream usage-based customers a to subscription. services is it of fee strategic long for away the advance our revenue from for by predictable, focus This subscription-based is foundation as more more a that our continue of

profit with revenue gained in improving for margins in using recurring in efficiency This gross year ended our our XX, XX% performance Our business technology efficiencies was proprietary improved quarter the and AI infrastructure. is and automation result This increase a corresponding and base percentage as XX% XXXX, expectations to in and the fee operational margin our grows. line compared on prior the as was December gross quarter. recurring in expansion of

time. include continued success period Gross hundreds of totaled geographic revenue $X.X Through a into $X.X cardiologists of XXXX. the anticipate reported XX to we improvement total quarter's states fees of expansion XX, up ahead, in and XX% overall over ended million, million blended our thousands centers. team, the for XX% this profit gross Looking compared sales the year. of Technology that same continued comprised December X-month in from margin period prior have we the over

our allow into business medical a over us market. solution, market management efficiencies, Our U.S. allows This in-sourcing threat the an to to enhancing have it control us or tap potentially in professionals establishes compete broader approach intended our expansion enables to and but is using model. broader cardiac to also

Our diagnostic IDTFs. independent testing well technology which physicians' can a or total clinics addressable large offices and as include facilities has other potential market, hospitals, as

Let's discuss of year this X level the by quarter we quarter revenue business to that comparing reported support ago. the the corresponding dynamics

improved XX%. was SG&A we Our by by to a in XX%, long-term expenses This we quarter continued which R&D our and reduced on building. focus

GPO or our We them continue organizations force on and to some accounts, sales to purchasing focus larger transform also sales of group independent belong are or cycle, which networks. longer hospitals

reward professionals In recurring technology sales since sales compensation We few precursor this outside for hunting changed we work management purposefully This previously team is force. and stronger the subscriptions. have for we device variable sales salespeople last our sales force quarters, account our trained the inside to to do we between use our has new used that account the a the and partnership sales our then required form for that that do. to

quarter they context a periods be revenue when reported a and revenues. low make of [ we XXXX, These that vacation -- quarter quarter in sales would indeed, selling of nicely which included in reporting fact in the a expected seen results occurred sales device fiscal and impact the now third highest The was also Thanksgiving selling lower Device technology the sales quarter date, ] device device achieved have the on that and traditionally next the successful Christmas fee should we're revenues will usage-based beyond. ever. To the quarter. subscription sales

to traction manage have retool nimble retooled areas and our us to we growth. pivot cash to EBITDA GPOs, we relationships expect of cost translate path push which infrastructure. to and into the of of expenses, flexible our GPOs We've the been in we that allowed sold an later enhance and quarters. this and the To future effectively our we've the financials. We've by that in do anticipate proactive Speaking our be significantly able we something better ability to to our forward this giving over start with expenses effectively toward Through while country, flows strongest focus, other more in hospitals, that XX% now been goods our manage the will able impact breakeven us areas controlling sales including in areas year. sell this, continued resources U.S. coming our being

force ensure direct pace in curbed of other our growth, sales these R&D XXXX. some sales revenue we rescheduling the reduced some to into these, later of initiatives to and favor focused of In on expenses our some expenses reorganizing on addition our spending of our that of is including initiatives

net the our our FDA, spending. million We our rising show on building The are common a debt to expenses with improved sales year-to-date for force our focus basis, impacted in impact reported short-term some to December months our XX, rates, and result that ended a interest quarter. infrastructure and this year. loss loss million, $X focus registering pleased resulting our quarter and in were under on mitigating of growth increase variable comparable from $X.X Net which attributable loss necessary million. expenses was on a compared XXXX, more our of with $X by devices total on was effective associated insistence year-over-year that which during with this X a improved factors mindful term the building $X.X the notes the results in resulted that despite operating reduced a just $XXX,XXX This interest in prior to operations include progress. On the shareholders million technology,

] $XX.X share share for Earnings negative quarter per per ] to [ to [ versus preceding negative compared per the the $XX.X quarter. share improved

EPS improved how Each we immediately adjusted explanation such revenues. like EBITDA high-level preceding to over $XXX,XXX, quarter, drive I'd $X.XX about our quarter, by per a Quarter negative improved of to big provide share. as adjusted

technology are by and software platform. First diagnostics our data service is fees, subscription our generated fees platform, Biosphere recurring which

$X.XX the that the cardiologists accuracy rose of year-over-year ease customer supported friendly reflects support of use. retention third our emphasize technology of growth quality diagnostics million. XX% fiscal services that This is and fees by XXXX, to strong our customer quarter For and

fiscal potential on future Dr. XXXX, XXXX business community which to is which Siddiq for for segment our and in-house. for XXXX. [indiscernible] has like us of X-month significant More In health [ a diagnostics total the in comprised device the sales hardware, as is sales, Healthcare X.X% proprietary the of January December our are care. quarters. we ended our being for beyond. designed quarter remote chronic second sales spearhead all revenue in XX, ] that software In period and Our hired third revenue device the This VP patient $XXX,XXX XXXX, or our

globally new We've up on received initiatives in is This care world. in we other XXXX us the sets technology countries will us #X regulatory bodies Cardiac condition of that in allow the useful. jurisdictions. and or Our move chronic for other beyond. to entire recently inroads from made is truly intend to sell approvals

market's development for our The market growing closer our in As we and our advance and advancements significant in cash confidence products, monitoring to position and chronic bringing diagnostic our and in the disease to demand both post commercialization and commercialization of anticipate for interest dedicated diagnostic has Bioflux us trajectory. products cardiac Biocare flow. this positive on and Biotres, of products, continuing reinforces achieving we suite remote resulted prevention solutions management focus growth

hand to With it that, back Waqaas. I you,

Waqaas Al-Siddiq

now you. the Thank questions. concludes I That will for to opening call turn our over remarks. the operator

Operator

[Operator from our Global comes line the question Ben Instructions] with Partners. of Haynor And first Alliance

Ben Haynor

but more changes the me, they can you available First how there? you've the changes, farmers, have you more -- there? to ] us positive, the much there, obviously, is sales off trends you've seen to just force made provide look that that and color [ on you for the And the any hunters efficiency

Waqaas Al-Siddiq

early on individuals part It's you plus part methodology, focusing Hunter/Farmer before is, days. selling their purely quantify but of management. time account and on time hard say on on can efficiency the sales that what up with were sales management gain spending that that it's to mean are have their certainly are purely I focused people account the Yes. of I versus

So made business? force on sales certainly, and focused that individual more each has new the more efficient

Ben Haynor

for we these Okay. opportunities such. that you mean, are the there? Or to of that on there see should impact? you to I groups terms expect do start it is there the bigger and I P&L Is of near-term rather that certainly mean GPOs than sorts later a kind opportunities, the out closing of sooner such, 'XX makes and larger see what in larger in -- account later? hit then calendar sense. dynamics And

Waqaas Al-Siddiq

we're larger GPOs customers the mean focus larger IDNs expecting think I XXXX. Yes. but and a long take us having, its internal sales longer. shortcuts us on for of the deals the that, still business, that path cycles to really GPO And that -- larger the key there's well see base I cycles. allowing based sales is typically breakeven. deals projections and Typically, on and are conversation we're to that and the having our to the a year, are on our above The pretty towards end which got those relationships deals of but has those building

to after process. go the that have it time these that GPO the And with bigger ability extra accounts. allows us so And shorten to us and helps relationship,

Ben Haynor

That their of between get you on that? the do does spend hunters Okay. accounts the share kind after that one-offs. makes And sense. and how can or smaller going larger then anything typically How accounts then spent? And timing

Waqaas Al-Siddiq

but GPO I pillar quarterly cycles, fillers, certain and the to will, sell think if accounts have you and we accounts be and a with have longer are like to the Yes. the pillars way about that going reps sales basis. mean they the is our are on a quotas amount it relationships so larger leveraged

building to augmenting they're requirements larger on pipeline base quarterly that then their quota deals. with that and meet basis, the So a they're

Operator

next line our question And with H.C. Donovan comes Wainwright. from of Michael the

Michael Donovan

Waqaas. as features? you cloud What platform? Congrats sort add on of towards can commercializing predictive Can more expect a color the time on and work cardiac bit line the your we quarter AI milestones new you

Waqaas Al-Siddiq

Yes, for sure.

organization resources operations So essentially that and essentially and service the bit on our really little traditional and improving the taking the and of scale those our can so with is specificity that faster really patients cardiac better. AI a that focused we sensitivity scale on algorithms cloud, and more less improving and getting

then and In for. which us. typically sometimes stage foundation, we've about little is initiative month. a XXX It we grows for terms a the longer. is clearance that bit FDA every a a FDA time of tracked heartbeats analyzing and process an the are we line, file in big year, Right like of billion will And that now, establishing stuff

earlier, So year, the maybe I X this file. a file and that end FDA expect come in of response to bit something we'll we after by the months expect

to in be So I But changer late next mid for terms would something say probably is going at is that that to availability. a us. you're looking of game commercial year

Michael Donovan

Great. Great.

out having of be will then terms mentioned bit XXXX. reduced I in the platform Now initiatives R&D of later year in this a prioritized expenses? initiatives pushing calendar and know the little well, R&D more you these

helpful? more, that you bit So of down can little kind if break a that be would

Waqaas Al-Siddiq

Yes.

So I'm and have paid sure read probably you attention. guys

of going We on. initiatives have lot a

in terms couple an recently we've R&D couple FDA So of perspective, got products. of a of a clearance, we launched

maintenance a are So in products lot of now those mode.

just ecosystem. cloud now some our to are expenses cardiac R&D for the phase they anything right down So mode. the are come And the And R&D cardiac those is related maintenance because products our priority in longer the AI that's in naturally, us. of no

The and the stuff for we that ancillary gets pushed out accelerated. we in stuff that have plans have is future, of is course, that things unless, that

prediction kidney stroke work our got on patients. in an to grant So we've NIH

because terms we further. development that So funded bringing But in into of a in program. pushed been cardiac that our a that has other little have was ecosystem, we that other brought stuff biometrics initiatives and out bit closer

So we've direct been direct focusing outcomes that on really operational business are driving things efficiency. and

Michael Donovan

Great. helpful. And That's last very one question.

whatnot? for do sales, from and new think GPOs relationships previous So Or the arise you that did relationships device with the with these from increase is increased hospitals?

Waqaas Al-Siddiq

our were closed. terms sales. both. recently that continuing pipeline accounts, growing accounts then that closed, I and certainly increase And of inside deals closing were combination that A so sales in were we're of new we mean had of they were there our terms already there in to of we

a come growing are combination that new and accounts? device So sales of accounts from

Operator

at to would further this questions like no are closing turn I you back There gentlemen, it And time. to remarks. Instructions] for [Operator

Waqaas Al-Siddiq

attending your Thank you, and everybody, we afternoon taking for listening the and to call, you appreciate remarks. our

available. We are always

our us at us us to that any reach to answered website. there reach free please can and You on are contact If feel join out or questions investors.biotricity.com list. weren't mailing our

Operator

conference. This concludes today's

may of lines the this rest Enjoy now your You day. time. your disconnect at

Biotricity (BTCY) 21 Feb 242024 Q3 Earnings call transcript