BTCY - Earnings call transcript Q4 2024

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Operator

Greetings, and welcome to the Biotricity Fiscal Year 2024 Financial Results and Business Update Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, [ Paul Combs ], Investor Relations. Thank you, Paul.

You may begin.

Unknown Attendee

afternoon, good and you, everyone. Thank

Biotricity's As XXXX and year quarter on a March reminder, ended XX, fiscal fourth XXXX.

its for So can all and release date. issued is end will operational reflect press figures presented of for Earlier this results. A today, the highlighted period, which the period copy that earnings financial release press Biotricity available the on been you have the SEC at full Form EDGAR, Investor and find filed section on the of Relations the sec.gov. financials under Biotricity and posted XX-K website, www. with which

formal results beginning in the statements to required. I'd Before views events. listeners those to differ remind and risks except forward-looking to materially that management's statements these reflect discussion not undertake company's statements. actual projected with Biotricity forward-looking remarks, contain such update like does any to future subject Any as statements to uncertainties may respect that current today's cause are that forward-looking from could

point, I Dr. Waqaas At CEO, the go ahead. to Please and am over turn this Founder Al-Siddiq. Biotricity's pleased to call

Waqaas Al-Siddiq

for a and profitability positive by us strategic you, EBITDA. that and significant everybody, us Biotricity, been joining year to you, Thank has advancements today. Fiscal marked positioned have initiatives clear a transformative path thank on XXXX for and

margins We almost have improved increased revenue, losses and by EBITDA reduced significantly half.

progress Our commitment fronts. multiple across remarkable allowed to make innovation, strategic to partnerships has and operational us efficiency

heartbeats of data. our AWS partnerships over cloud our of of billion AI with year Amazon such most has One cardiac giants TensorFlow and as significant expansion achievements This anonymized leverages the by industry initiative been XXX platform. Google's powered strategic this

patient profitability. is designed to improve outcomes increase and clinic platform Our enhance diagnostic AI-driven accuracy,

new we cardiac our clinical model, standards ensuring patient care. highest quality FDA groundbreaking clearance every for are As the we receives in pursue of care, AI setting

significantly with hospitals These alliances expanding top group strategic U.S. the of in to provide X has all pivotal. us partnerships organizations, reach. been otherwise approximately as XX% the known of GPOs, our recent market access purchasing Our

We the robust advantageous that medical supplies, growing strengthening pipeline sector. and health channels capitalize and technology groups active terms is This around active us country. market a to presence with the major care in secure devices expansive have positions and for pilots at our on

for improved approval Moreover, Health Canadian has our outside aligns revenue device with approval the promote Canada the billion devices avenues patient our U.S. opened perfectly Biocore market. the accessible growth outcomes. new in This cardiology strategy care of $X.XX and high-quality to for

including entered launched and fourth expanding quarter, key several delivering Biocore initiatives at commitment Pro, partnerships, with events. heart These Health innovative the market our Aid to health Africa into monitoring a During a high-profile we screenings underscore to devices our the also collaboration complementary and next-generation solutions. cardiac footprint provide

Looking XXXX, momentum. continue initiatives our beyond fiscal to build recent

program hospitals monitoring to Biocore the breakeven a our major and We network XX customers. by accelerating both and we are of and pilot with Pro cardiac existing rapid of new X have launched clinics, a with our path adoption

market reach. with marks home-based our significant strategic neurology into our the through and Additionally, leading diversification pulmonary diagnostic fields companies a partnerships of entry

more direct-to-consumer our by represents screening extremely posed recent commitment challenge the health the service health we cardiovascular our home global health service. are accessible services Furthermore, of market to excited disease. $X.X HeartSecure, the heart about making launch and targets to This in heart billion response heart

for continue ability value initiatives, remain care confident strategic to solutions We and positioned have Biotricity growth our outcomes shareholders focused and high-quality our our technological sustained In operational in and and driving on cardiac innovative, delivering profitability. summary, globally. for are improving efficiencies advancements patient

detailed Ayanoglou financial provide over more our call John to to With that, I will turn insights. the CFO,

S. Ayanoglou

Thanks, Waqaas.

audited year XXXX. fiscal our the Let's highlights quarter and review of fourth

popularity the the usage-based strong which our Technology-as-a-Service adoption, generated to cellular and revenue particularly driven our cardiac and continue of Biocore demand features devices, our monitoring subscription subscriptions see FDA-cleared model as as recurring well next-generation remains Pro, market Our Bioflux. by from Biocore robust, Both connectivity.

Atrial focus. heartbeats we date, fibrillation, monitored that over providing to has recorded XXX Biotricity opportunities billion remains improving a To outcomes. and strokes estimate a early contributor and significant primary intervention patient

individuals Over the we intervention. improves earlier facilitated that care the estimate we broader over system. health cost of underscores last have patient and X care not XXX,XXX significant them opportunity also atrial fibrillation, health for for only but a patients with savings outcomes years, medical diagnosis providing both the This

XX, For the increased revenue March to by fourth quarter year-over-year XXXX, ended million. XX.X% $X.X

of is a million efficacy a and XX% flat improvement of testament this, $X.XX in the compared higher sales our $XX.XX our the to focus stream. by This million customer a year, For is base though, year. initiatives. our strategic revenue model, the prior which earnings to growth a subscription-based fiscal rose existing the quality new establishes and fee more revenue transitioning to in on significant predictable quality to Underlying

reflecting accounted of for $X.X up strong customer and revenue, quarter's our in from profit totaled the of Gross XX% fees million our $X.X prior quality services. the XX% for quarter period. support over total Technology the million, the retention year

the Our prior ended XXXX, in March for XX.X% was compared as percentage fiscal gross the XX, year year. to profit XX.X%

improvements. AI XX% in significant same of cost These was proprietary margin For year. structure. in increase fourth automation revenue, quarter, margin using are base expansion gained well and the gross in XX.X%, the fee quarter improvement gross operational the monitoring technology was This in as in efficiencies revenue result as from recurring in a up last

of hundreds the of Through our serving centers. across expanded team, we success our to footprint sales continued of geographic thousands states have XX cardiologists

and business market direct our over professionals in-sourcing efficiencies control have enabling model penetration. enhancing services broader Our to cardiac medical allows

year a March the decrease XXXX, $XX.X from the million XX, prior fiscal million, Operating $XX.X in expenses ended were for year.

operating For million the year. in last $X.X fourth were $X same million quarter, to compared the period expenses

expense. on by year $X to we or should Our R&D in expenses full by we It onetime reduced our increase noted largely SG&A XX%, XX%. SG&A decreased a that by XX%. million and was SG&A basis, The expenses reduced be quarterly due a

and have strategically networks GPO on transformed sales longer organizations to group sell independent We purchasing and hospitals. including that's focus our cycles into hospitals larger sales force that accounts,

As to Waqaas networks, access approximately the of U.S. in hospitals the mentioned, X now XX% of largest GPO signed providing we've us

within structure Our future calendar device fees. tech and shift cost our dividends, in sales that has paid subscription impact sales a toward management to path approach, increasing neutrality, with rewarding compensation achieving combined proactive later EBITDA us resulting has positively year. our breakeven new on streamlined EBITDA operations device this sales will set This

implementing our were total in a On an nearly an loss improved $X.X reduced measures. million, basis, operating developing FDA We obtaining resulting building from technology, are effective year-to-date by progress with expenses $X.X pleased registrations, our made force the by and million. sales in operations cost-cutting

the stockholders common was million, fiscal XX, compared year ended to the $XX.X attributable prior March a net to fiscal during XXXX million loss Net $XX.X year. loss for of

from growth, net by $X.X million and fiscal million interest 'XX. increased rising loss quarter, variable expenses fourth QX the decreased year rates. For the $X.X Despite with in infrastructure associated

the towards fiscal Adjusted $X.X from of of EBITDA fiscal progress 'XX. $XX.X profitability. million loss and underscores to year a our in improvement improved breakeven for million This loss a

committed Biocore/Bioflux and Looking to our advancing products. of commercialization Biocare ahead, the remain we

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

position. our for The reinforce market growing our dedicated our market products interest in management demand prevention and chronic confidence of to and suite cardiac disease

diagnostic Importantly, post on for in excited about for ability and us to in our sustained focus innovation and closer diagnostic advancements solutions development bringing are products, our deliver to continues the growth and positive to flow. achieving both yield and significant future cash profitability Biotricity. remote monitoring confident We're

that the Operator, our remarks. And questions. please for concludes prepared line open

Operator

is Instructions] with Michael first [Operator Wainright. question Our Donovan from H.C.

Michael Donovan

. me from Waqaas Congratulations

expanding Here, neurology your can comes pulmonary more and discuss with kind pipeline see bit product a you this more liking in especially as product about areas current how across vascular research you cardiac and and of into disease conditions little how these lineup? neurological plays a fields into

Waqaas Al-Siddiq

Yes. Great question.

we've basically, we So have -- good was pretty what that, footprint and we're obviously now. seeing a

market neurologists. from the coming where is A going. were of and referrals understand our we pulmonologists So lot

for So or to if when higher if issue, a and risk a end up they'll a they at cardiologist referred issue to going a or a a they they are And for a higher similarly, patient cardiac issue. neurologist is out issue. a have cardiac neurological in, or pulmonologist those risk they that cardiac pulmonology issue, patients have don't have rule have

a organizations And test was to pulmonologists, cardiac did through with home-based so them we are test to and partner neurologists sleep that what them. partnered deliver neurological -- to we with neurological diagnostics diagnostics providing

doing time I well Phase and initial sleep so deploy the that cardiac a really has is combination study this time. an same as doing as done to neurological And us at diagnosis of test the a at same the market [indiscernible] what and as for

effective over and months. our see we to but if idea early at that is network, states. are Now that X see we next see these XX It's days, we growing and to roll patients it are and that to doing neurological offering and network cardiac effective networks, we in in if test expect in that their begin it's cardiac to be our already the and diagnostics. the opportunity, across XX look And organizations out that sleep as our

that to And have new tests equipment. that developed there. in develop not Our that people already goal out fantastic home-based built technology people testing are space. have There great sleep neurological is

so our test it ecosystems. partners' bring really idea is within first but to our And ecosystem, our into that

Michael Donovan

on studies X my that you a you guys accurate? recap ongoing Can shows sense. pilot Is studies? ongoing bit I a makes That now. pilot or have you the account that quick just Okay. have little -- right

Waqaas Al-Siddiq

the pipeline every time. few now, ones quite got ever growing yes, our -- growing have is GPOs. that on and have is to adding pipeline active in then we're we right we the X pipeline, all the and a we since So month But

pilots pilots so take there these multisite are to few these Biotricity. for and but opportunities are months, a usually significant And systems

Michael Donovan

for lead good That's GPOs. next Okay. my the in to a question

markets new an guys expansion this will Canada, additional how For does translate you type at-home I -- you your of your does of GPOs to are such know in that there, test, do the seeing help that within help or as a partners also U.S. more markets? Canada but within it's you current new

Waqaas Al-Siddiq

is There's focused. there support that very of have GPO did customers world, the Canadian the U.S. So their some that anchor There's that the here. In we for have much not Canadian were market, over Canadian most guy. we specialty in relationships.

am there network So I out U.S. so Canadian, do there. is good myself relationship. we a just a Canadian general have very a

equipment which showcase and to Health sites on in some distribution in Canada Canadian we focus distributors. out anchor did, go market sold get diagnostic relationship. actually then the of Our a our through is Canada was A and lot focus the find approval building

be pure model, it relationship GPO it's a So style different because public private public a model. is wouldn't model. a payer not It's right? a It

cardiac approach side there distribution at the diagnostic for works so And least better of the things.

actively a we're Canada. on So working distributor network out in building

Michael Donovan

A in final the expansion seeing your XX% Okay. Do as then similar And of you market, margins question. U.S. see gross north are Canadian still expect in margin? for to you market? your proceeds the

Waqaas Al-Siddiq

Yes.

think that that -- I margins So there's edge margins. of

well and spoke percentage again you when I revenue a we especially markets have device see may device sales. is And unpack quarter, Canada, really about like of on think revenue. new going about into recurring the a you're that that heavier if blip I'll sale is John

and couple look ago, stand of company here impact a points you the you I that which, when following looking I guys a mix, for while. of But and at said mean, what So may I have margin years been a there. the your us at by here, revenue couple

every are single growing We year.

And seen see when hardware quarter improving, are a you'll a you've right? couple points. margins have do Our sales, of heavier we that on

a in will as recurring marketplace improvement occur. becomes But generally the speaking, the and the margin revenue [indiscernible] XX%

the XXs upper we our subscription as will X% there's overall whether steady-state and shows will put not they probably XXs. that where our from up then we another see. are, that margin, is subscription devices, go more into blended X% trending margin. X%, on to or going immediately And X% mid-XXs the we So going margin -- And become our essentially out it's margin or

here aberrations we So some there. margin do with expect improvement continue to and

Operator

Waqaas are over floor Thank questions further this the closing to time. any There would for like hand at you. no back comments. to Al-Siddiq I

Waqaas Al-Siddiq

very is that joining everybody, think highlight conference year-end And you, you, just trending a fiscal same organizations excited. at thank that call. as making want the of benefit experiencing revenue for Thank the margin I lot XXXX time, can efficiency. organization. from those to of and Biotricity with our operational well and all X improvement is growth the which us is happening as I

existing launch that which our having higher a our we a product both same Biocore months higher which is product great Pro, customers interested ASP new and market a access as very point scale. is really and foundationally the that And just the which that in. is of product, result and a having of on time, up reception, of expansion we to ago, GPOs new top those few a are also very At X of have now us at that, is a set be have has margin

at And for get And of ability set point. to an the lot that's inflection to to revenue. A ourselves a big for companies their maturity that $XX goalpost see struggle of up organization a million we for scale.

some we announcing occur. major as of will So thank again putting to continue for news and you these and us, stay milestones tuned, out and be joining please

Operator

today's concludes conference. This

You your you disconnect lines time. your this participation. at for may Thank

Biotricity (BTCY) 27 Jun 242024 Q4 Earnings call transcript