Good day everyone,
We are initiating coverage on Biotricity, Inc. (NASDAQ: BTCY), a medical diagnostic and consumer healthcare technology company.
Current price $3.19/share (at market close 9-10-21)
BTCY presents us with high revenue growth, a very recent NASDAQ up-list, a modest share structure, solid med tech products, and a share price that is 25% off its June high. I believe the combination of these factors positions BTCY for a near term gain in value.
On August 26, 2021, BTCY up-listed from the OTCQB Market to the NASDAQ. This brand new up-list to the NASDAQ could broaden awareness amongst investors as well as opening the door to institutional investors precluded from investing in OTC equities. In conjunction with the move to the NASDAQ the company raised $15M in a public offering of 5,000,000 shares at $3.00 per share. No warrants are indicated.
BTCY has a FYE of March 31st, so they have just completed their Q1. Let’s look at their revenue growth:
FYE 3-31-19 $398K
FYE 3-31-20 $1.4M (+260% YoY)
FYE 3-31-21 $3.3M (+240% YoY)
Revenues for Q1 ended 6-30-21 were $1.7M indicating a pro forma revenue level for FYE 3-31-22 of $7M (+ 215% YoY). These are remarkable revenue growth figures.
A look at the company stock chart indicates a June high of $4.25/share followed by a sharp drop to $2.80 in August. We believe the drop can be attributed to the public offering of shares at $3.00 at the same time. Shares can often go directly to the offering price which seems to have happened here. In the case of BTCY I believe the public offering was a good move as it creates a significant cash runway for the company as they develop new products (see below).
With the cash raise now in the rear-view mirror, the company still has a modest share structure with an estimated 45.6M shares outstanding and an estimated float of 31.3M shares. The company also indicates 8,045 preferred shares outstanding.
Analysts are bullish on BTCY performance as well:
7/1/2021 Northland Securities Initiated Coverage Outperform $7.00
7/1/2021 Noble Financial Initiated Coverage Outperform $7.00
I believe BTCY is in its infancy and is developing a trend in how we care for those patients with chronic illnesses. The concept of wearable monitoring devices that feed data to doctors in real time, without a trip to the office may change patient care. Not only is BTCY developing remarkable devices, but they are also developing devices that are easily billable to Medicare and Medicaid.
The BTCY pipeline:
Bioflux is currently the company’s flagship product. Bioflux®, is a single, integrated mobile cardiac telemetry solution that consists of a proprietary mobile ECG monitoring device and an ECG viewer software package. Bioflux® enables physicians to remotely monitor and diagnose patients with cardiovascular coronary heart disease by detecting and transmitting probable arrhythmias, along with other diagnostic heart information. Together with our proprietary software and 24/7 monitoring center, the Bioflux® system is a complete solution for remote cardiac monitoring. Bioflux is FDA approved and over 1,100 cardiologists currently use the device, monitoring 2.2 million patients.
Here is a short video that gives a look at the Bioflux device.
Biotres is a new BTCY product submitted for FDA approval on December 31, 2020. The Biotres device is a simplified version of the Bioflux device. It is designed to just continuously record the patient’s data as opposed to recording and analyzing followed by transmission in case of anomaly detection. The Biotres device is a compact version that is designed for comfort and long-term wear for lower risk patients. In this case, physicians do not expect patients to have an anomaly that would require intervention so they can use a simpler, more compact device that optimizes usability. As such the Biotres device records data continuously and uploads at the completion of the prescribed monitoring time. Biotres is expected to be available by the end of 2021.
Bioheart is a new product, and the company is now taking (pre)orders on its website for this $149 device. Bioheart is a wearable device that syncs to your smartphone for real-time data you can view on the Bioheart app. View summaries on important metrics like heart rate during rest and activity, live heart rhythm, heart rate variability, and more for advanced health tracking and performance optimization.
The company holds multiple patents for these products and two more products and services in development for future release. The combination of BTCY wearable devices and IoT allows doctors to monitor patients in real time without the need to send them to outside sources for monitoring. Current standards of collecting data on patients from outside sources allows for lag times that can render the data useless. BTCY aims to eliminate that lag time while providing alerts to immediate anomalies.
We want to offer this link to a video of Dr. Waqaas Al Siddiq, PhD discussing the company and more importantly giving his vision of the future of the BTCY platform and its potential to apply to other indication like, diabetes, COPD, and others.
Stay tuned for more information on BTCY and their products.
The Traders News Group
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