Revenue Growth
Total revenue for the quarter was $4.0M, up 10.2% year-over-year from $3.6M in the prior-year quarter.
Strong Gross Profit and Margin Expansion
Gross profit rose to $3.3M, up 17.6% year-over-year from $2.8M, and gross margin improved by 516 basis points to 81.5% from 76.4%, driven by a larger recurring technology fee base and efficiencies from AI and cloud/monitoring cost improvements.
Recurring Revenue Mix
Technology fees accounted for 91.2% of the quarter's total revenue, indicating strong market adoption and a recurring Technology-as-a-Service subscription model supported by usage-based subscriptions.
Profitability Momentum (EBITDA and Cash Flow)
Company achieved positive EBITDA of $280K (approximately $0.01 per share) and marked its third consecutive quarter of positive EBITDA; Biotricity has generated positive free cash flow (cash from operations available to pay interest and dividends) for six consecutive quarters.
Reduced Operating Costs
Operating expenses decreased 4.2% to $2.8M from $2.93M year-over-year; selling, general & administrative expenses fell 8.2 (a reduction of over $195K), demonstrating progress on cost management and sales-force transformation.
Product and Commercial Traction
Continued expansion and sales of Biocore Pro (next-generation cardiac monitor with cellular connectivity), multiple large-scale hospital and clinic pilot programs launched, and expectation of continued adoption across existing and new customers.
Digital Ecosystem and Clinical Reach
Digital health app users grew from 4,500 to more than 44,000 over two years (~+878%), the provider network expanded to over 2,500 providers supporting ~400,000 patients annually, and the company maintains contracts with three of the largest GPO networks providing access to >90% of U.S. hospitals.
Regulatory and International Progress
Pursuing FDA clearance for an AI clinical model and continuing regulatory approvals internationally (existing approvals in U.S., Canada, Saudi Arabia, Argentina and other smaller markets) to support future distribution.