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Biotricity Inc (BTCY)
OTHER OTC:BTCY
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Biotricity
(OTC:BTCY)
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Rating:43Neutral
Price Target:
$0.26
▼(-13.00% Downside)
Action:ReiteratedDate:02/12/26
The score is held down primarily by weak financial quality (negative equity, ongoing losses, and negative TTM cash flow) and a bearish longer-term technical setup (price below key moving averages). These are partially offset by constructive earnings-call momentum (margin expansion, positive EBITDA trend, and profitability guidance), though valuation support is limited due to negative earnings and no dividend data.
Positive Factors
High and improving gross margins
Sustained gross margins above 80% signal a highly scalable, software-centric monitoring model that converts additional revenue into profit efficiently. This margin leverage supports durable operating improvement as sales scale, enabling reinvestment in product and sales while insulating core profitability.
Recurring Technology-as-a-Service revenue mix
A revenue base concentrated in recurring technology fees creates predictable, repeatable cash inflows and higher retention potential versus one-time device sales. This subscription orientation improves margin stability, reduces revenue volatility, and supports longer-term customer lifetime value.
Profitability momentum and cost control
Consecutive positive EBITDA quarters plus year-over-year SG&A cuts show the company is operationally tightening while scaling. Management's guidance toward net-income positive 2026 makes current margin improvements a durable trend if revenue growth and incremental operating leverage continue as planned.
Negative Factors
Weak balance sheet and elevated financing risk
Deeply negative equity and meaningful debt versus small asset base constrain financial flexibility and increase reliance on external capital. Over a multi-quarter horizon this raises refinancing risk, could dilute shareholders, and limits ability to absorb shocks or accelerate commercialization.
Net losses and limited absolute profitability
A persistent negative net margin indicates the business has yet to convert operational improvements into sustained bottom-line profits. Over the coming quarters, sustained net losses could pressure cash reserves, constrain strategic investments, and delay genuine self-funded growth.
Modest revenue scale and regulatory/commercial execution risk
Small absolute revenue increases sensitivity to single large-account wins and lengthens the runway to scale. Dependence on upcoming FDA clearances and long enterprise/GPO sales cycles creates durable execution risk: delayed approvals or slow large-account adoption can meaningfully impede revenue momentum.
Biotricity (BTCY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.47M
Dividend YieldN/A
Average Volume (3M)43.96K
Price to Earnings (P/E)―
Beta (1Y)-0.11
Revenue Growth19.51%
EPS Growth86.16%
CountryUS
Employees55
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.04
Shares Outstanding28,436,644
10 Day Avg. Volume84,984
30 Day Avg. Volume43,962
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)-0.24
Price to Sales (P/S)0.53
P/FCF Ratio-3.07
Enterprise Value/Market Cap4.59
Enterprise Value/Revenue2.22
Enterprise Value/Gross Profit2.73
Enterprise Value/Ebitda128.08
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Biotricity Business Overview & Revenue Model
Company DescriptionBiotricity, Inc., a medical technology company, provides biometric data monitoring solutions primarily in the United States. The company focuses on delivery of remote monitoring solutions to medical, healthcare, and consumer markets, including diagnostic and post-diagnostic solutions for lifestyle and chronic illnesses. It offers Bioflux mobile cardiac telemetry solution, an integrated ECG device; and ECG analysis software that analyzes and synthesizes patient ECG monitoring data, as well as software components. The company is based in Redwood City, California.
How the Company Makes MoneyBiotricity makes money through the sale and leasing of its medical devices, primarily the Bioflux device, to healthcare providers, including hospitals and clinics. Revenue is generated from both the initial sale/lease of the device and ongoing service fees for data monitoring and analysis. The company may also engage in partnerships with healthcare organizations to expand its reach and enhance service offerings. Additionally, Biotricity may explore revenue opportunities through research and development collaborations in the medical technology sector.
Biotricity Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jun 26, 2026
Earnings Call Sentiment Positive
The call conveyed clear operational momentum: double-digit revenue growth, meaningful gross margin expansion (+516 bps), consecutive positive EBITDA quarters (3) and six consecutive quarters of positive free cash flow, plus strong digital user and provider network expansion. Remaining challenges include a continued net loss ($1.1M), modest absolute revenue scale ($4.0M quarterly), concentration of revenue in technology fees (91.2%), and dependence on future FDA/regulatory clearances and large-account sales cycles. Overall, the positives (margin improvement, recurring revenue, cash-flow and EBITDA momentum, product traction and distribution reach) outweigh the remaining execution and scale risks.Q3-2026 Updates
Positive Updates
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.
Negative Updates
Net Loss Remains
Net loss attributable to common stockholders was $1.1M for the quarter (loss per share $0.042), improved from $1.3M (loss per share $0.054) year-over-year but still reflecting overall quarterly net losses.
Modest Absolute Scale of Revenue
While growing double digits year-over-year, total quarterly revenue remains relatively small at $4.0M, indicating early-stage commercial scale and sensitivity to variability in adoption.
EBITDA and Profit Levels are Small
EBITDA was positive but modest at $280K; while a meaningful milestone, absolute profitability remains limited and the company is still working toward net income positive status.
Dependence on Technology Fee Revenue
Technology fees comprised 91.2% of revenue, indicating revenue concentration in the subscription technology model which could pose risk if adoption or retention weakens.
R&D Spend Increased
R&D expenses increased by $72K year-over-year, reflecting continued investment (and near-term expense) to pursue product enhancements and regulatory clearances.
Regulatory and Commercial Execution Risks
Key future improvements are contingent on obtaining FDA clearance for the AI clinical model and further regulatory approvals/partnerships for international expansion; long sales cycles for large hospital/GPO accounts may slow near-term revenue acceleration.
Company Guidance
In the Q3 FY2026 call (period ended Dec. 31, 2025) management guided to continued top-line growth and a shift to profitability in calendar 2026—expecting to turn net‑income positive this year—citing Q3 revenue of $4.0M (up 10.2% vs. $3.6M), technology fees at 91.2% of revenue, gross profit $3.3M (+17.6% YoY) and gross margin 81.5% (up 516 bps from 76.4%), operating expenses $2.8M (down 4.2% YoY) with SG&A down 8.2% (~$195K) and R&D up $72K, EBITDA of $280K ($0.01/share) marking three consecutive quarters of positive EBITDA and six consecutive quarters of positive free cash flow, a net loss of $1.1M (vs. $1.3M) and loss per share $0.042 (vs. $0.054); they also highlighted user growth from 4,500 to >44,000 in two years, >2,500 providers supporting ~400,000 patients annually, expanded Biocore Pro pilots, GPO access to >90% of U.S. hospitals, and stated additional margin and expense improvements are expected with upcoming FDA clearances and international approvals.Biotricity Financial Statement Overview
Summary
Strong TTM revenue growth and higher gross margin (~81%) show improving operations, but the financial profile remains weak due to continued net losses (~-29% net margin), negative operating/free cash flow in TTM, and a structurally risky balance sheet with deeply negative equity (~-$32.5M).Income Statement
Top-line momentum is strong, with revenue up sharply in TTM (Trailing-Twelve-Months) (growth rate ~2.45) and gross margin improving to ~81% versus ~77% in FY2025. Profitability, however, remains the key issue: net margin is still meaningfully negative (~-29% TTM), and while operating results improved substantially (near break-even EBIT/EBITDA in TTM), the company has not yet demonstrated consistent earnings power.38
Negative
Balance Sheet
The balance sheet is weak, characterized by negative stockholders’ equity across all periods provided (about -$32.5M in TTM), which limits financial flexibility and increases financing risk. Debt remains sizable (about $14.1M TTM), and leverage metrics are difficult to interpret cleanly due to the negative equity position, but the overall takeaway is elevated balance-sheet risk despite relatively modest total assets (~$5.7M TTM).18
Very Negative
Cash Flow
Cash generation remains a concern: operating cash flow is still negative in TTM (about -$1.1M), and free cash flow is also negative at roughly the same level, indicating the business is not yet self-funding. The positive sign is a major improvement in cash burn versus prior years (e.g., operating cash flow improved from roughly -$2.4M in FY2025 and much worse in FY2024–FY2022), but the company still relies on external capital until cash flow turns sustainably positive.25
Negative
| Breakdown | TTM | Jun 2025 | Mar 2024 | Jun 2023 | Jun 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.45M | 13.79M | 12.06M | 9.64M | 7.65M | 3.38M |
| Gross Profit | 12.53M | 10.56M | 8.36M | 5.44M | 4.57M | 1.27M |
| EBITDA | 267.47K | -3.21M | -8.90M | -16.07M | -18.56M | -12.51M |
| Net Income | -4.02M | -8.42M | -14.09M | -18.66M | -29.13M | -15.49M |
Balance Sheet | ||||||
| Total Assets | 5.69M | 5.64M | 5.94M | 6.51M | 16.68M | 4.44M |
| Cash, Cash Equivalents and Short-Term Investments | 256.36K | 365.14K | 786.06K | 570.46K | 12.07M | 2.20M |
| Total Debt | 27.09M | 26.09M | 23.88M | 19.55M | 15.35M | 4.71M |
| Total Liabilities | 38.21M | 35.66M | 35.92M | 26.36M | 18.82M | 11.27M |
| Stockholders Equity | -32.52M | -30.01M | -29.98M | -19.85M | -2.14M | -6.83M |
Cash Flow | ||||||
| Free Cash Flow | -1.10M | -2.38M | -6.69M | -13.55M | -15.19M | -11.08M |
| Operating Cash Flow | -1.10M | -2.38M | -6.69M | -13.55M | -15.16M | -11.08M |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | -29.77K | 0.00 |
| Financing Cash Flow | 814.30K | 1.93M | 6.74M | 2.00M | 25.17M | 12.20M |
Biotricity Technical Analysis
Negative
0.30
Price Trends
0.29
Negative
0.41
Negative
0.46
Negative
Market Momentum
-0.01
Negative
45.70
Neutral
58.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BTCY, the sentiment is Negative. The current price of 0.3 is above the 20-day moving average (MA) of 0.26, above the 50-day MA of 0.29, and below the 200-day MA of 0.46, indicating a bearish trend. The MACD of -0.01 indicates Negative momentum. The RSI at 45.70 is Neutral, neither overbought nor oversold. The STOCH value of 58.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BTCY.
Biotricity Risk Analysis
Biotricity disclosed 50 risk factors in its most recent earnings report. Biotricity reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Biotricity Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $8.85M | -0.41 | -220.42% | ― | -41.03% | 35.71% | |
45 Neutral | $2.08M | -0.09 | -178.18% | ― | -49.63% | 82.22% | |
43 Neutral | $7.47M | -1.48 | ― | ― | 19.51% | 86.16% | |
43 Neutral | $14.65M | -0.71 | -335.47% | ― | 18.76% | 60.09% | |
43 Neutral | $21.18M | -0.19 | -210.36% | ― | -70.54% | 70.03% | |
42 Neutral | $25.09M | -1.26 | ― | ― | ― | ― |
* Healthcare Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.