Biotricity Delivers Record Margins and Double Digit Year-Over-Year Sales Growth for Second Quarter of Fiscal Year 2024

• Company reports Q2-FY24 revenue grew by 21.4% YOY to $2.9 million; continuing to advance toward positive cashflow
• Recurring technology fees, customer device sales, remain on an upward trend
• Reduced SG&A to $3.5 million, down 22% compared to same period last year
• Gross margins improve significantly to 69% from 54% compared to the same period last year
• Recurring Technology Fee Revenue - comprised 94.5% of total revenue with a 70% gross margin
• Net loss decreased 21% to $3.9 million
• Management will host its Q2 Fiscal Year 2024 Financial Results Call on Tuesday, November 14^th at 6:00 p.m. ET

REDWOOD CITY, CA / ACCESSWIRE / November 14, 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 the second quarter of fiscal 2024 year and (unaudited) ended September 30, 2023.

Dr. Waqaas Al-Siddiq, Biotricity Founder & CEO, said, "In the second quarter of fiscal 2024, we continued our mission to innovate and create transformative healthcare products, all while maintaining a strong commitment to financial discipline. Our primary focus remains on driving revenue and margins and as such, we are pleased to see continued progress in achieving improvement in these metrics. This quarter we continued to leverage our data intelligently, pushing the boundaries of what's possible in healthcare outcomes through cutting-edge research and development. This dedication has allowed us to redefine medical diagnostics and patient care by introducing innovative AI-driven solutions.

We're proud to share that our Bioflux and Biotres products have monitored billions of heartbeats for atrial fibrillation (afib), a leading cause of strokes. Over the past two years, these efforts have made a significant impact, benefiting tens of thousands of patients diagnosed with afib. Our technology offers them the prospect of earlier medical intervention, producing substantial healthcare savings for both patients and the healthcare system.

Building on this success, we've expanded our AI technology development in remote cardiac care, harnessing proprietary AI technology to develop a suite of predictive monitoring tools that enhance new disease profiling, improve patient management, and revolutionize disease prevention within the healthcare industry. The results for our second quarter demonstrate year-over-year revenue growth and improvements in all key operating metrics- specifically in recurring technology fees, device sales, and gross margins. Throughout this, we've maintained a strong focus on cost control, reducing expenses, and making consistent progress towards our goal of achieving positive cash flow and profitability."