Biotricity Inc

Good afternoon, and welcome to BioElectricity's first quarter fiscal 2024 financial results and business update conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Deborah Chen, Investor Relations. Please go ahead, ma'am.

Good afternoon, everyone, and welcome to BioElectricity's first quarter fiscal 2024 earnings call. As a reminder, Biotricity's first quarter fiscal 2024 ended on June 30, 2023, so all figures presented for this period will reflect that end date. Earlier, the company issued its earnings press release, which highlighted financial and operational results. A copy of the press release is available on the Investor Relations section of Biotricity's website, and the full financials have been filed with the SEC on Form 10-Q, and posted on EGGR at www.sec.gov. Before beginning 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 uncertainty that can 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 first quarter fiscal 2024 teleconference. As reported in our earnings press release, we experienced a very solid quarter with a year-over-year revenue growth and improvements in key operating metrics. Specifically, our recurring technology fees, device sales, and gross margins all demonstrated positive growth while maintaining a firm grasp on cost reduction and expense management. I can confidently assert that we are making strides towards positive cash flow given the consistent results we observe from quarter to quarter. From a market perspective, The increasing interest and demand continue to drive the adoption of our suite of products focused on chronic cardiac disease prevention and management. Our efforts in commercialization and development have yielded tremendous progress in remote monitoring solutions for diagnostic and post-diagnostic products. The expansion of our sales force has expanded our geographic reach, and I'm pleased to announce that as of June 30, 2023, our sales have launched in over 35 states in the U.S., contributing to a remarkable 46.9% year-over-year revenue growth. Notably, our gross margins have also seen significant improvement, rising from 59.6% during the same period last year to an impressive 63.5%. We accomplished all of this while also announcing that we reduced our SG&A by 22% to 3.5 million. Through diligent cost structure management, automation, and utilization of our proprietary AI technology, and strong growth across the board, we achieved a reduction of our net loss by 33% year over year to 3.6 million or 6.9 cents per share from a net loss of 5 million or 9.8 cents per share. At BioTricity, our responsibility as a management team and my role as CEO is to innovate and create transformative healthcare products while ensuring financial discipline, driving margin and revenue growth to deliver value creation for our investors. This approach has been consistently demonstrated on a quarter-by-quarter basis. The results we've achieved this quarter serve as a testament to the successful execution, hard work, and dedication of our exceptional team. Turning to our BioSphere platform model and complementary products, we're thrilled to observe continued growth. Our BioCare app has garnered thousands of downloads, and BioTrade continues to attract industry-wide interest among both new and existing customers. Earlier in the quarter, we announced a significant milestone between Bioflux and Biotrade products. Biotricity has monitored over 2 billion heartbeats for atrial fibrillation, a leading cause of stroke. Over the past two years, our efforts have benefited over 14,000 patients diagnosed with AFib, providing early intervention and resulting in cost savings exceeding $330 million. By preventing late diagnosis and subsequent strokes, Biotricity has also facilitated savings exceeding $1.3 billion. Our commitment to innovation remains unwavering as we harness data intelligently to explore novel avenues for enhancing healthcare outcomes. Through cutting-edge research and development, we're not only redefining medical diagnostics in patient care, but also pushing the boundaries of what AI-driven solutions can achieve. Just last month, we announced that we are expanding our AI technology development in remote cardiac care. We are leveraging our proprietary AI technology to provide a suite of predictive monitoring tools to enhance new disease profiling improve patient management, and revolutionize the healthcare industry for disease prevention. This comes at the heels of us also announcing that we've strengthened relationships with both Amazon and Google. The healthcare AI market opportunity is projected to grow to $208.2 billion by 2030, according to Grandview Research. Our company has already established a strong foothold, having already built a powerful proprietary cardiac AI model that combines Google's TensorFlow, AWS infrastructure, big data, and a continuous learning engine. This combination allows us to rapidly improve our cardiac technology. In the near future, we believe the capabilities of our cardiac AI model will allow us to support healthcare professionals in handling exponentially more patients while identifying the most critical data. This will enable healthcare workers to elevate the quality of care while serving a larger number of patients. As growing patient numbers further stress the shortage of healthcare professionals, our technology could help alleviate this pressing issue. We have engineered our technology to not only improve patient care and outcomes, but to do so in a manner that supports more patients. This has led to increasing sales of our remote cardiac monitoring devices and the ramp-up of our subscription-based service, increasing our recurring revenue over the past few quarters, and charting a clear path to profitability. With that, I'll turn the call over to our CFO, John Iannoglou.