REDWOOD CITY, CA – Biotricity Inc. (NASDAQ:BTCY), a medical technology company, announced the launch of a pilot program with a major hospital network that includes over 50 hospitals in various states. The program is designed to showcase the effectiveness of Biotricity’s cardiac monitoring solutions and could lead to a broader commercial deployment.
The company’s CEO, Dr. Waqaas Al-Siddiq, highlighted the significance of the pilot, which stems from the company’s partnerships with Group Purchasing Organizations (GPOs). These partnerships have expanded Biotricity’s access to a vast majority of hospitals, enhancing its market presence and potentially accelerating its path to profitability.
During the pilot, Biotricity will work closely with the hospital network to refine its technology and patient interaction protocols. This collaboration aims to optimize the utility of Biotricity’s technology suite and contribute to the development of predictive monitoring tools for disease prevention and management.
Biotricity’s approach, which leverages a Technology-as-a-Service (TaaS) model, seeks to make advanced medical technologies more accessible and affordable. The company’s remote diagnostic and patient monitoring solutions are part of a market valued at approximately $35 billion.
The company has cautioned that the forward-looking statements in the press release, such as projections and plans, are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially.
This announcement is based on a press release statement from Biotricity Inc. and contains no endorsements or subjective claims. Biotricity’s stock is traded on the NASDAQ under the ticker BTCY.
InvestingPro Insights
Biotricity Inc. (NASDAQ:BTCY) has recently initiated a promising pilot program with a major hospital network, which could signal a pivotal moment for the company’s growth and market penetration. Despite these positive developments, the financial health and stock performance of Biotricity present a complex picture that prospective investors should consider.
According to the latest metrics from InvestingPro, Biotricity has a market capitalization of approximately $12.69 million. The company’s revenue has shown a strong growth trajectory over the last twelve months as of Q3 2024, with a notable increase of 28.55%. This growth is reflected in the company’s gross profit margin, which stands at an impressive 65.52% for the same period. However, it’s important to note that Biotricity is not yet profitable, with an operating income margin of -79.45% and analysts do not expect the company to be profitable within this year.
InvestingPro Tips highlight that Biotricity’s stock price movements have been quite volatile, and the company’s short-term obligations currently exceed its liquid assets. Furthermore, while the stock has had a strong return over the last three months, with a 21.21% price total return, it’s also worth noting that the company does not pay dividends to shareholders.
For those interested in a deeper dive into Biotricity’s financials and stock performance, InvestingPro offers additional tips and insights. In fact, there are 5 more InvestingPro Tips available, which can be accessed by visiting the dedicated page for Biotricity at InvestingPro: https://www.investing.com/pro/BTCY. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing even more value to those looking to make informed investment decisions.
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