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Biotricity Inc. (BTCY+0.16%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that Biotricity's revenue for the six months ended September 30, 2024, was $6,468,589, representing a 9.4% increase from $5,912,062 in the same period of the previous year. The increase is attributed to the growth in technology fee revenue.
Biotricity reported a gross profit of $4,822,342 for the six months ended September 30, 2024, up from $3,915,982 in the previous year. The gross margin improved to 74.6% from 66.2% due to better margins on technology fee revenue.
Operating expenses decreased to $6,246,860 from $8,418,141, mainly due to a reduction in selling, general, and administrative expenses, which fell to $5,214,983 from $7,007,546.
The company incurred a net loss before dividends of $5,256,288 for the six months ended September 30, 2024, compared to $7,103,722 in the previous year.
Biotricity's cash used in operating activities was $1,891,299, a decrease from $4,222,154 in the prior year, reflecting management's efforts to contain costs while increasing revenues.
The company raised $1,732,532 from the issuance of Series B preferred shares and $650,000 from convertible notes during the six months ended September 30, 2024.
Biotricity's working capital deficit was $17,424,814 as of September 30, 2024, with cash deposits totaling $173,270.
The filing outlines Biotricity's focus on expanding its sales force and geographic footprint, actively selling in 35 U.S. states, and emphasizes the importance of its Bioflux, Biocore, and Biocare products in driving revenue growth.
Biotricity highlights its ongoing efforts to improve operating efficiency and achieve positive cash flow and profitability, with adjusted EBITDA showing significant improvement compared to the prior year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Biotricity Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.