Biotricity Reports Business Update, Financial Results for Q4 and Full Year FY23; Company Posts Robust Revenue Growth, Overall Higher Margins, with Lower SG&A Driving Clear Path to Positive Cash Flow

• Company advancing toward positive cashflow likely by end of CY 2024
• Accelerating product sales, and customer re-order revenue,
• FY23 revenue rose 26% YOY to $9.64 million on 5% lower SG&A of $17.6 million
• Improving gross margins currently at 57% despite reduced, loss-leader device pricing to boost recurring ‘Technology Fees,' lower customers' cost of entry, and capture market share
• Recurring Technology Fee revenue - over 90% of total revenue with a 71% gross margin -- rose a robust 49% YOY
• Net loss decreased 35.4% to $19.5 million
• Company will host its FY23 Financial Results Call Friday, June 30 at 4:30 p.m. ET

REDWOOD CITY, CA / ACCESSWIRE / June 30, 2023 / Biotricity Inc. (NASDAQ:BTCY) ("Biotricity" or the "Company"), a Technology-as-a-Service (TaaS) company operating in the remote cardiac monitor sector of consumer healthcare, today announced its financial results for its fiscal 2023 year and (unaudited) fourth quarter ended March 31, 2023.

Dr. Waqaas Al-Siddiq, Biotricity Founder & CEO, commented, "Fiscal 2023 was another year of excellent progress as we are scaling the business to plan, putting us solidly on our path to positive cash flow which we plan to reach by the end of CY24. To do so, we are generating strong revenue growth at a healthy gross margin. To gain efficiency and ensure our industry leadership, we have a dedicated team working with our proprietary AI programs companywide to improve automation and big data analytics, optimize operations and strengthen our state-of-the-art predictive cardiac diagnostics.

"This enables us to rapidly build revenue while we reduce or hold our operating expenses stable. As we continue to scale the business, we expect to raise blended gross margins into the 60% range as the bulk of our revenues are generated from Technology Fees, which had a gross margin of approximately 70%.

"Given the small size of our operations and staff relative to our footprint, we hold a robust market share with about 2,500 physicians, mostly cardiologists, integrated into our cloud-based Biosphere ecosystem.

"In the past year, we have transitioned from just one cardiac device in the market, to a platform company selling and serving four products that are integrated into our secure, cloud-based Biosphere portal. We are upselling to a repeat, loyal customer base who have used our first product to deliver better diagnostics to their patients and can now deliver better long term and holistic care through our latest products," Dr. Al-Siddiq added.