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Biotricity, beats analyst estimates in Q1 FY2023 earnings, maintains gross profit margins of 60%
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Aug 15, 2022

Biotricity, beats analyst estimates in Q1 FY2023 earnings, maintains gross profit margins of 60%

Earnings/results

  • 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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