Biotricity Provides Fiscal Fourth Quarter Update: Sales Force Expansion to Fuel Growth
REDWOOD CITY, Calif., May 07, 2019 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB: BTCY ), a medical diagnostic and consumer healthcare technology company, today provided a progress report for its fiscal 2018 fourth quarter, which ended March 31, 2019. The company continues to execute its plans to grow its sales force, expand its geographic footprint, and reach more Americans with its life-saving technology. The company’s flagship product, Bioflux, was met with a high adoption rate in the clinical community throughout the soft launch of the past year, leading to positive customer feedback and steady re-order rates. Unaudited results for its fiscal 2018 fourth quarter indicate a 49 percent quarter over quarter increase in recurring technology revenues.
“Our sales force is now comprised of 10 seasoned professionals, each with a proven track record of introducing disruptive cardiovascular technologies to the marketplace,” said Mr. Waqaas Al-Siddiq, Biotricity Founder and CEO. “Our recurring technology revenue stream reflects a strong trajectory of quarter over quarter growth, and we continue to execute well on our strategic objectives, including driving the commercialization of Bioflux. Our anchor customers are now recommending Bioflux to their colleagues, allowing for our expansion into new and high-growth markets.”
Biotricity will continue to facilitate the development of future medical devices that are easy to utilize in either the physician’s office or the patient’s home, and in acute-care settings. These medical-grade devices are comfortable, small, and can offer precise remote data collection and more responsive care. In the coming year, the company will continue to evolve and adapt its technology for a wide range of medical applications.
“In recent months we have expanded our market penetration from 7 to 11 states, leaving us plenty of room for growth,” said Mr. Casey Shattuck, Global VP of Sales. “The growing connected-health market continues to fuel the demand for real-time, remote patient monitoring (RPM) devices, and offers our company tremendous opportunities to grow. Our focus now is to direct that growth into avenues where we can combine the greatest revenue opportunities with the greatest human capital. We have cutting-edge technology, a team of experts in place, and the increasing bandwidth to expand our geographic reach.”
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About Biotricity Inc.Biotricity is a modern medical technology company focused on delivering innovative, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. Biotricity’s R&D continues to focus on the preventative healthcare market, with a vision of putting health management into the hands of the individual. The company aims to support the self-management of critical and chronic conditions with the use of innovative solutions to ease the growing burden on the healthcare system. To learn more, visit www.biotricity.com.
Important Cautions Regarding Forward-Looking StatementsAny statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek,” “project,” or “goal” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans, objectives and goals of management for future operations, including plans, objectives or goals relating to the design, development and commercialization of Bioflux or any of the Company’s other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company’s future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company’s current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company’s inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company’s inability to expand the Company’s business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company’s failure to implement the Company’s business plans or strategies. These and other factors are identified and described in more detail in the Company’s filings with the SEC. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
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