Biotricity

Biotricity is a remote patient monitoring company and telemedicine operator offering diagnostic solutions aimed at preventing and managing chronic diseases. In 2018, the company launched its flagship monitoring device, called Bioflux, catering to the Mobile Cardiac Telemetry market. The wearable device monitors and collects data from a patient’s ECG in real-time for up to 30 days, providing enhanced results to detect cardiac arrhythmia. In March 2020, it launched a pain management app called Biocare PM, marking its entry into chronic disease management. The company also enhanced its service offering by introducing a virtual platform called Biocare Telemed in November 2020, enabling clinics to book and manage appointments, connect diagnostic tools, and remotely monitor patients via Bioflux.

Other products in Biotricity’s pipeline include a holter patch called Biotres, and a personal wearable device, Biocentrix, that allows individuals to track their ECG and physical activity daily. In January 2022, it received FDA clearance for Biotres, claiming Biotres is the first device to provide continuous 3 channel recording of ECG data. The device is expected to expand Biotricity’s product portfolio and market reach from USD 1 billion to USD 5.7 billion. The company went public on the Nasdaq in August 2021.

The company’s B2B business model incentivizes physicians, whereby the device is sold to the physicians and the company earns a technology service fee through its software usage.

Fundings and financials

In December 2021, Biotricity raised USD 12 million in a non-dilutive debt financing round to invest in inventory and annual recurring revenue subscriptions as well as debt refinancing. The company planned to commercialize its remote cardiac monitoring devices in 2022.

In August 2022, the company reported a net loss of USD 5.0 million for Q1 FY 2023, a YoY contraction compared to USD 5.9 million in Q1 FY2022. This was mainly attributable to changes in one-time derivative fair values and debt accretion expenses which offset increases in general and administrative expenses and R&D expenses. The company was  able to maintain a gross margin of 60% for the period.