UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): June 15, 2021

 

BIOTRICITY INC.

 

(Exact name of registrant as specified in its charter)

 

Nevada   000-56074   30-0983531
(State or Other Jurisdiction of
Incorporation or Organization)
  (Commission
File Number)
  (IRS Employer
Identification No.)

 

275 Shoreline Drive, Suite 150
Redwood City, California 94065

 

(Address of Principal Executive Offices)

 

(650) 832-1626
(
Registrant’s Telephone Number, Including Area Code)

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
  Securities registered pursuant to Section 12(b) of the Act: note
   
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
   
  Securities registered pursuant to Section 12(b): None
   
 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company [X]

   
  If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [X]

 

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition

 

On June 15, 2021, Biotricity, Inc. (the “Company”) issued a press release reporting certain unaudited financial results for the 2021 fourth quarter and fiscal year ended March 31, 2021 and gave certain guidance. The full text of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

Pursuant to General Instruction B.2. to Form 8-K, the information set forth in this Item 2.02 and Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall any of them be incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as expressly set forth by specific reference in such a filing.

    

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits. The exhibit listed in the following Exhibit Index is furnished as part of this Current Report on Form 8-K:

 

Exhibit

Number

  Description
99.1   Press Release dated June 15, 2021

 

2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Date: June 17, 2021

 

  BIOTRICITY INC.
     
  By: /s/ John Ayanoglou
   

John Ayanoglou

Chief Financial Officer

 

 

 

 

 

Exhibit 99.1

 

Biotricity Reports Record Quarterly and Annual Revenue for Fiscal 2021

 

REDWOOD CITY, CA / ACCESSWIRE / June 15, 2021 / Biotricity, Inc. (OTCQB:BTCY), a medical diagnostic and consumer healthcare technology company, is pleased to provide unaudited, preliminary financial results for its fiscal 2021 fourth quarter and fiscal year, which ended March 31, 2021. Full financial results will be posted on EDGAR by June 31, 2021. Biotricity’s Q4 and annual results continued a trend of both sequential and year over year (YoY) revenue growth, with revenue setting a new quarterly record in the fiscal fourth quarter.

 

For fiscal 2021, management is noting the following highlights:

 

Q4 revenue of $1.2 million represented the 8th consecutive quarter of triple digit YoY growth
   
Quarterly revenue increased 227%, showing significant acceleration over the 162% increase posted in the prior quarter
   
Quarterly sequential revenue increased 19%, bolstered by a long-term trend of month-over-month sequential growth
   
Net loss attributable to common stockholders amounted to $16.2 million, or 43.1 cents per share
   
Annual revenue reached $3.4 million, a 139% increase over fiscal 2020

 

“Our growth this quarter was even stronger than last quarter, which is exciting to see, as this is purely organic and the impact of our new products has not yet begun,” stated Waqaas Al-Siddiq, CEO of Biotricity. “We are in that sweet spot of our revenue cycle where we are posting strong monthly, quarterly and annual growth, with visibility out several years. As we enter a period of expected revenue acceleration, our model is proving to be highly predictable based on our consistent ability to win accounts throughout the U.S. We expect to easily beat Q4 revenue in our current quarter ending June 30, 2021 and are targeting triple digit revenue growth for fiscal 2022.”

 

 

 

 

“Our gross operating expenses grew at a slower pace than our revenue in Q4, and in net terms were significantly offset by the forgiveness of the Company’s PPP loan. This outcome is also reflective of what will happen as our business scales,” said Biotricity’s CFO, John Ayanoglou. “Similar to last quarter, we continue to have upfront costs related to expanding our sales force and putting new equipment into the field, so there is a delayed positive impact from those expenses that will be seen in the form of revenue in future quarters. With multiple new products on the horizon, R&D spending continues to be necessarily high, currently at 46% of revenue, but down from the 68% figure from last quarter. Based on our sales pipeline and high customer retention rate, we have high confidence in our sources of future revenue growth.”

 

Dr. Waqaas Al-Siddiq added, “In the second half of calendar 2021, we plan to have a potent combination of an expanding sales force and new product offerings, which will continue our growth rate. As a result, we expect to increase our revenue projections by year-end, depending on the timing of future product launches. Our technology as a service (TaaS) model and best in class product line are now time tested and brings us a clear advantage, as we continue to win in the marketplace against competitors. We made the decision to build both our technology and salesforce in-house, which took considerable time and effort, but has resulted in a faster adoption track than our peers at this stage of the growth cycle. Today, we have some of the newest, most advanced products in our addressable market, which will expand from $1 billion up to $3 billion as we enter the Holter space. With a planned listing to a national stock exchange on the horizon, provided that the Company meets applicable listing requirements, and some major milestones pending, we have never been more excited about our potential to gain a meaningful share of the cardiac market.”

 

Conference Call Information

 

Biotricity management will host a conference call and live webcast for analysts and investors on June 15, 2021 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the company’s financial results.

 

To access the live call, dial +1 334-777-6978 (local) or 800-367-2403 (toll free) and give the participant passcode 3169700.

 

 

 

 

A live webcast of the conference call can be accessed by clicking on the following link: Webcast. Audio will stream through your selected device. A full replay of the presentation will be available at the same link shortly after the conclusion of the live presentation.

 

The live and archived webcast of the conference call will also be accessible on the Investor Relations section of the company’s website at www.biotricity.com. The phone replay will be available approximately two hours following the end of the call, and will remain available for one week. To access the call replay dial-in information, please use the following link: Click Here

 

About Biotricity Inc.

 

Biotricity is reforming the healthcare market by bridging the gap in remote monitoring and chronic care management. Doctors and patients trust Biotricity’s unparalleled standard for preventive & personal care, including diagnostic and post-diagnostic products for chronic conditions. The company develops comprehensive remote health monitoring solutions for the medical and consumer markets. To learn more, visit www.biotricity.com.

 

Important Cautions Regarding Forward-Looking Statements

 

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek,” “project,” or “goal” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans, objectives and goals of management for future operations, including plans, objectives or goals relating to the design, development and commercialization of Bioflux or any of the Company’s other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company’s future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company’s current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company’s inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company’s inability to expand the Company’s business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company’s failure to implement the Company’s business plans or strategies. These and other factors are identified and described in more detail in the Company’s filings with the SEC. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.

 

 

 

 

Media Contact:
Bospar
prforbiotricity@bospar.com
 
Investor Relations:
Biotricity Inc.
1-800-590-4155
investors@biotricity.com
 
Todd Kehrli or Mark Forney
MKR Investor Relations, Inc.
btcy@mkr-group.com
 
SOURCE: Biotricity, Inc.
 
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