Biotricity Inc

Greetings and welcome to the Biotricity's fiscal third quarter 2023 conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I will now turn the call over to Deborah Chen, Investor Relations.

Good afternoon, everyone, and welcome to Biotricity's fiscal 2023 third quarter earnings call. As a reminder, Biotricity's third fiscal 2023 quarter ended on December 31st, 2022. So all figures presented for this period will reflect that end date. Today, Biotricity issued its fiscal 2023 third quarter results press release, which highlighted financial results. A copy of the press release is available on the Investor Relations section of Biotricity's website, and full financials will be filed with the SEC on Form 10Q posted on EDGAR at SEC.gov. Before we begin the company's 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. Any such statements are subject to risk and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. Biotricity does not undertake to update any forward-looking statements except as required. At this point, I'm pleased to turn the call over to Biotricity's founder and CEO, Dr. Waqas Al-Siddiq. Please go ahead.

Thank you, Deborah, and thank you, everybody, for joining us today. I welcome you to our third quarter fiscal 2023 teleconference. As I prepared for this call, I reviewed my teleconference notes from our fiscal year 2022 third quarter a year ago and reminds me how incredibly far we've come in just 12 months. It's easy natural that we momentarily lose sight of this when focusing on the day-to-day driving marketing initiatives and monitoring ROIs, building sales, interviewing for team expansion, evaluating distributors, and negotiating contracts, all while closely watching our cash flow. Just a year ago, we were still finishing and introducing our new products building out our cloud-based biosphere, raising capital, and training fresh team members. A year ago, we operated in 26 states. Today, we operate in 32 states. Over the past year, with our product launches and service introductions and upgrades, we have increased our total addressable market 35 times from $1 billion to $35 billion. Just our BioFlux and BioTrace solutions alone address a market valued at $6 billion. We believe we are in the right place at the right time. Today, we are recognized as a leader in providing state-of-the-art remote cardiac monitoring devices combined with the sophisticated cloud ecosystem for data aggregation and AI capabilities that meet the needs of customers ranging from cardiologists to consumers, all of whom desire less expensive, more convenient, and deeper data on heart health and wellness. Today, our focus is largely on sales and marketing. We have achieved an enviable customer retention of about 98%, which reflects the excellence of our proprietary hardware and cloud-based services, as well as our customer service support, which is an often overlooked component of our success compared with other players in our space. That high retention rate directly and geometrically increases our growing, reoccurring technology as a service revenue. As heart disease is typically chronic and ultimately progressive, our customer retention rate is a valuable leading indicator for raising our customer's lifetime value. We believe it succinctly summarizes our strong competitive advantages. What has not changed in the past year, nor since founding Biotricity, is the passion I and everyone at Biotricity has for this business, to win, to disrupt, to succeed, and to positively transform cardiac care efficacy and outcomes. Strategically, our long-term goal remains unchanged from that stated a year ago, to collapse cardiac services within clinics and hospitals into one ecosystem, our biosphere, so that doctors are using our ecosystem not just to deliver diagnostics, but also for disease management remote management, and telemedicine all in one place. This is the future of medicine and the future of biotricity. In short, biotricity has grown by huge leaps and bounds in the past 12 months, setting us up for increasing growth ahead. I'll now spend a few minutes covering our recent operational progress and our near and long-term operational strategies. As before, we only pursue markets where we are confident reimbursement exists. Upselling our growing suite of services remains an important component of our sales strategy. Technologically, we are increasingly leaning into AI with its data and predictive capabilities to create better and faster analytics and data delivery targeting more pervasive forms of patient monitoring and lifestyle management. Over the past three months, our most important strategic development has been the signing of three distribution agreements with two leading U.S. marketing and distribution partners and one group purchasing organization, otherwise known as a GPO. All three are prominent leaders with high visibility and market coverage in our sector. In total, just in the U.S. alone, they cover over $20 billion in yearly purchasing. While I regret not being able to name them at this time, I can tell you they are names everyone in the industry knows. We are not naming them strictly for competitive reasons at this early launch stage of our distribution strategy. We are also actively evaluating and in some cases negotiating with other medical device distributors that have geographic or vertical coverage that complements our existing distribution networks to further expand our distribution strategy. Additionally, to drive sales, we are actively engaged in marketing initiatives that include highly targeted advertising, both in social and conventional media, in trade shows and industry conferences, and in direct marketing with our current engaged and prospective physicians, clinics, and hospitals. Further, we are selectively adding sales professionals from the top of their field into our team to increase our market coverage and penetration. Our biosphere products and services are best sold with an in-person demonstration. So with COVID concerns largely faded, I now expect an increase in our sales team's number of in-person demonstration appointments with physicians and clinic and hospital purchasing managers that will help drive continued growth. In fact, past sequentially flat sales in part reflects a reluctance by clinicians to schedule in-person sales demonstrations. To our advantage, this is now opening up. Further, I should add that our name recognition is infinitely higher than it was just one quarter ago, with Time Magazine naming our BioHeart device to its list of the best inventions of 2022, and with the prestigious NIH grant awarded to BioElectricity to further expand our technology. With that, I'm going to turn it over to our CFO, John Iannoglou.