Biotricity, Inc.

What they do

Biotricity develops and markets FDA-cleared cardiac monitoring devices, including the Bioflux, Bioheart, Biocore, and the cellular Biocore Pro, along with related software. It operates an insourcing model, placing devices with physicians and charging utilization-based technology service fees. Sales have expanded to 35 states, targeting hospitals, clinics, and independent diagnostic testing facilities.

Revenue drivers

• Recurring Technology Fees (TaaS) — Utilization-based recurring fees from device placements; Q3 FY26 fees were $3.6 million, representing 91.2% of total revenue.
• Device Sales — One-time sales of monitoring devices and related hardware; accounted for the remaining 8.8% of Q3 FY26 revenue.
• International Regulatory Approvals — Approvals in Canada, Saudi Arabia, and Argentina set the stage for future distribution partnerships and overseas revenue.

Recent performance

For the quarter ended December 31, 2025, revenue increased 10.2% year-over-year to $4.0 million, with gross margin expanding to 81.5% from 76.4%. Net loss narrowed to $1.1 million ($0.042 per share) from $1.3 million ($0.054 per share) in the prior year quarter. Fiscal 2026 annual revenue reached $16.0 million with a net loss of $2.4 million, improving from a net loss of $8.4 million in fiscal 2025. Operating cash flow was negative but improved to -$718,955 in fiscal 2026 from -$2.4 million in fiscal 2025. Cash and equivalents were $149,789 as of March 31, 2026.

Strategy

Biotricity is focused on growing its utilization-based recurring technology fee revenue by expanding its sales force and market penetration across 35 states. It plans to leverage its insourcing model, which charges physicians technology service fees and reduces the company's operating overhead. Management highlights customer retention above 90% and a growing app user base from 4,500 to over 44,000 users in two years as evidence of model strength. The company is also pursuing FDA clearance for an AI clinical model on its Cardiac AI Cloud platform, which uses over two trillion anonymized heartbeats to improve diagnostic accuracy and operational efficiency.

Risks

• Limited operating history — The company has a limited operating history, making it difficult to evaluate its business plan and future prospects.
• Near-zero cash position — As of March 31, 2026, cash and equivalents were only $149,789 against a balance sheet with negative shareholder equity of -$34.7 million.
• Delisting risk — The company received delisting notices and listing-rule failures in August 2024, indicating potential non-compliance with exchange requirements.
• Dependence on reimbursement and regulatory approvals — Revenue growth depends on established reimbursement models and obtaining and maintaining regulatory clearances, including the upcoming AI model clearance.

Outlook

Management expects to obtain FDA clearance for its AI clinical model in the coming months, which it believes will enhance diagnostic accuracy and support scalable growth. The company projects continued revenue momentum and expanding EBITDA, with a focus on increasing recurring technology fee revenue and growing its network of providers. International regulatory approvals in Canada, Saudi Arabia, and Argentina are expected to facilitate distribution partnerships and future growth.