Biotricity Releases Fiscal 2022 Second Quarter Financial Results

• Company reports tenth consecutive quarter of triple-digit year-over-year revenue growth
• Strongest balance sheet since inception

REDWOOD CITY, CA / ACCESSWIRE / November 4, 2021 / Biotricity Inc. (NASDAQ:BTCY), a medical diagnostic and consumer healthcare technology company, today announced financial results for its 2022 fiscal year's second quarter ended September 30, 2021.

In its fiscal second quarter, Biotricity reported its tenth consecutive quarter of triple-digit year-over-year revenue growth despite COVID-related headwinds.

Q2-FY22 financial and operating highlights include:

• Revenue of $1.81 million, an increase of 143% year-over-year and sequentially slightly above the $1.76 million reported in the immediately preceding quarter reflecting the Company's seasonally soft quarters ended September 30.
• Net loss of $11 million or $0.256 per share. Net loss was negatively impacted by $5.46 million in one-time expenses related to its up-listing onto Nasdaq; consisting of listing transactional costs of $516,503, conversion-related expenses on convertible notes of $4.6 million as well as IR and legal expenses of $351,370. Absent that $5.46 million in one-time expenses, the net loss would have been $5.2 million, or $0.128 per share, which compares favorably sequentially with the $5.6 million loss, or $0.156 loss per share, in the preceding quarter ended March 31, 2021.
• Ended the September 30, 2021 quarter with the Company's strongest balance sheet ever with $11.7 million in cash.
• Gross margin of 62%, as the business continues to scale well with revenue growth accelerating relative to operating expenses.
• Introduction of the Company's personal medical device kit, Biokit, a bundled home-use set comprised of three FDA cleared, remote wireless devices for integration into the Biotricity ecosystem platform. It is the next step in the evolution of the Bioflux solution as a complete solution for remote cardiac monitoring.

"This was a historic quarter with our recent listing on the Nasdaq, in which we strengthened our balance sheet, and introduced our plans for Biokit and its commercial launch in the first quarter of calendar 2022," stated Dr. Waqaas Al-Siddiq, CEO and founder of Biotricity. "We have disclosed several other state-of-the-art remote cardiac monitoring devices and software apps in our development pipeline - all of which are planned for commercialization in 2022, pending FDA clearance where required.