Biotricity, Inc. reported a net loss per share of USD 0.10 in Q1 FY2023, beating analyst estimates of a loss of USD 0.11. The company’s revenue however grew 17% YoY to USD 2.1 million during the quarter, leading to the company maintaining gross profit margins of 60% from the previous quarter.
The net loss however contracted slightly during the quarter to USD 5.0 million from USD 5.9 million in Q1 FY2022. This was mainly attributable to changes in one-time derivative fair values and debt accretion expenses. This offset a 34% increase in general and administrative expenses and a 40% YoY increase in R&D expenses resulting in narrower net losses for the quarter.
<ul><li>During the quarter the company notes that after receiving its FDA 501(K) clearance it launched Biotres, a wireless wearable holter patch device. Additionally, the company unveiled Biokit, a personal medical device kit, launched a Bioheart, and expanded into 29 states reaching 2,000 physicians.</ul>
The company has not provided guidance for the rest of 2023.
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