Biotricity Inc

Good day and welcome to Biotricity's fiscal fourth quarter 2022 financial results conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Walter Pinto, Managing Director at KCSA Strategic Communications. Please go ahead, sir.

Good afternoon, everyone, and welcome to the Biotricity fiscal 2022 fourth quarter and full year earnings conference call. As a reminder, Biotricity's fiscal fourth quarter ended on March 31st, 2022. All figures presented for this period will reflect that end date. This morning, we issued our fiscal fourth quarter and full year 2022 financial results press release and filed our form 10-K with the SEC and posted on Edgar. A copy of this press release and access to the 10-K is available in the investor relations section of our website. Before we begin our formal remarks, I'd like to remind listeners that today's discussion may contain forward-looking statements that reflect management's current views with respect to future events. As such, statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. Biotricity does not undertake any update to update any forward-looking statements except as required. I'd now like to turn the call over to Biotricity's founder and CEO, Dr. Waqas Al-Sadiq. Please go ahead.

Thank you, Walter, and thank you, everyone, for joining today. Welcome to our fiscal fourth quarter and full year 2022 earnings conference call. Fiscal 2022 was a pivotal year for our company as we made significant strides in our product development and commercialization strategy, positioning our company well on its way to becoming the all-in-one go-to solution for cardiac diagnostics and disease management. In fiscal 2022, the majority of our revenue was derived from BioFlux, our high-precision, single-unit mobile cardiac telemetry device that provides real-time monitoring and transmission of the patient's ambulatory ECG diagnostics. We are pleased not only with our revenue growth year-over-year and quarter-over-quarter, but the margin expansion we are seeing due to our model and economies of scale. Revenue year-over-year grew 126% from 3.4 million in fiscal year 2021 to 7.7 million in fiscal year 2022. Revenue for the fiscal 2022 fourth quarter grew 81% from $1.19 million for the 2021 fiscal fourth quarter to $2.15 million for the 2022 fiscal fourth quarter. Furthermore, gross profit margins increased to 60% for the full year and 67% for the fourth quarter. Our recurring revenue model provides technology to doctors and providers who can prescribe and hook up patients with our device. This creates a more streamlined process for the patient and doctor while also creating an additional revenue stream for the doctor. Despite COVID restrictions and more recently macroeconomic challenges, as of today, we have over 300 centers across 27 states with over 1,500 cardiologists using our BioFlux product, which is a significant amount of growth in a short period of time. For moderate to severe cases, remote real-time monitoring is a life-saving tool. However, it is critical we capture the life cycle of the patient and follow them through their cardiac care journey, Through our internal innovation capabilities, we set out to build a complete ecosystem that fills the current gaps in cardiac care. We have recently launched two new products as a part of this comprehensive ecosystem, BioTray and BioHeart. First, after receiving FDA 510 clearance in January 2022, in April, we commercially launched BioTray, our FDA approved wireless wearable cardiac monitoring device. BioTray is a revolutionary holter technology that represents the future of remote patient monitoring and the delivery of real-time diagnostic data. It serves as a three-lead device designed to continuously record ECG data. This provides a significant advantage over a conventional one-lead patch holter monitor, which requires longer analysis and diagnosis time. We began taking pre-orders for BioTray in February and are currently experiencing strong demand from new and existing customers. As important, we also launched BioHeart, a cardiac monitor now directly available to consumers. This device offers the same continuous heart monitoring technology used by physicians, allowing patients to manage heart conditions with retrospective snapshots and long-term data collection in a true state-of-the-art manner. BioHeart is currently available for purchase by consumers at www.bioheart.com for $199. We are excited to roll out our ecosystem. For the first time, cardiologists will have a suite of products available for their patients, all within one portal. We have purposefully designed our ecosystem in a way that when we bring on new customers, they have full access to the portal, allowing seamless data collection as they adopt new devices during their cardiac care journey. With three products in the market today, we have successfully increased our total addressable market from $1 billion to approximately $25 billion. More importantly, we have designed scalability with minimal cost to our business model as we can now offer additional products and services to current clients for little to no increase in marketing spend. During the second half of 2022, we look forward to introducing BioCare, our virtual clinic and disease management platform, enabling clinicians to provide outstanding patient care remotely, ensuring at-risk patients and those needing remote cardiac monitoring do not have to leave the safety of their home. This user-friendly platform ensures seamless integration to the clinic's current workflow, saving time and reducing costs. Monthly care is a large market opportunity, roughly $35 billion. We have seen other industries, such as diabetes, be very successful with this model, but no one has attempted to execute this model in the cardiac space. We are the first. We are at the beginning of this journey. Our newly expanded product portfolio, combined with the upcoming BioCare clinic platform, will enable us to enter this market in the near future. Integrating our BioKit with BioCare will provide us with the opportunity to capture this market. BioKit and BioCare capitalize on BioTricity's focus on a technology-as-a-service business model, creating a profitable revenue stream for cardiac care providers and ultimately driving revenue for the company. Cardiac disease often afflicts patients for the rest of their lives and is the leading cause of mortality across the globe. The current approach to care is often disjointed and unintegrated. Biatricity's technology assists the patient throughout their cardiac care journey, beginning with diagnostics, monitoring, and lifestyle management. This comprehensive and integrated approach could help solve some of the major issues in cardiac care today, in an efficient and cost-effective manner. The significant progress we have made in the last year is a testament to our technological innovation. By combining AI with data and predictive capabilities, we are creating better and faster analytics for preventative patient monitoring and lifestyle management, driving the company towards its goal of becoming the largest and most comprehensive cardiac cloud platform in the world. I would now like to turn the call over to our CFO, John Ayanoglu.