Biotricity Inc

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

Good afternoon, everyone, and welcome to Biotricity's second quarter fiscal 2024 earnings conference call. As a reminder, Biotricity's second quarter 2024 fiscal year ended September 30th, 2023. So all figures presented for this period will reflect that end date. Earlier, Biotricity issued its fiscal 2024 second quarter 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 Egger 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 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. This quarter, we continue to make substantial progress, reporting double-digit sales growth. Our recurring technology fees, device sales, and gross margins all demonstrated positive growth while we maintained cost control in order to progress on our plan to achieve positive cash flow and profitability. To address the increasing interest and demand for our suite of products, we launched our new online store in September, which provides a user-friendly integrated shopping experience to showcase all of our monitoring devices, which we believe will further enhance our distribution sales and streamline our sales operations. Additionally, our Salesforce has amplified our geographic reach, and we're pleased to announce that as of September 30th, 2023, we have customers in over 32 states in the US, contributing to an impressive 21.4% year-over-year revenue growth. Our gross margins have also improved significantly, rising from 54% during the same period last year to an impressive 69%. We also saw a reduction in our SG&A by 22% to 3.5 million. which was something that we said we could continue to monitor and trim in the previous quarters. Through diligent cost structure management and strong growth across the board, we achieved a reduction of our net loss by 20% year-over-year from $4.9 million to $3.9 million, or $0.446 per share. As we review our second quarter financials, I think it's important to highlight a few takeaways for why we are here and what we are trying to achieve. Since founding Vioptricity, Our mission has been to innovate and create transformative healthcare products in preventative care. Today, we deliver pioneering remote monitoring solutions to the medical, healthcare, and consumer markets, focusing on diagnostic and post-diagnostic solutions for lifestyle and chronic illnesses. Although it remains an unmet need, we are witnessing the paradigm shift within the healthcare world, from reactive to proactive, and seeing how technology propels the emergence of solutions that contribute to improve curative therapies. We address the diagnostic aspect of remote patient monitoring by innovating within established business models that already have reimbursement structures in place. This method, we believe, mitigates the risks typically associated with traditional medical device development and speeds up the journey to generating revenue. In the post-diagnostic sector, we incorporate medical-grade biometrics, empowering consumers to self-manage. This approach aims to enhance patient compliance and ultimately lower healthcare costs. For a full suite of products in the Biotricity platform, please visit www.biotricity.com. Turning to our Biosphere platform and complementary products, our BioCare app has garnered tens of thousands of downloads, and Biotricity continues to attract industry-wide interest among both new and existing customers. It is clear that AI has become a big component to what we are developing in our realm of remote cardiac care. We are leveraging proprietary AI technology to develop a suite of predictive monitoring tools to enhance new disease profiling, improve patient management, and revolutionize the healthcare industry for disease prevention. Additionally, we've strengthened our partnerships with major players, including Amazon and Google. With the healthcare AI market anticipated to reach 208.2 billion by 2030, we've already positioned ourselves as a significant player. Our powerful proprietary cardiac AI model integrates Google's TensorFlow, AWS infrastructure, big data, and a continuous learning engine, allowing for rapid advancements in our cardiac technology. 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. Our ability to grow this type of revenue is predicated on the size and quality of our sales force to place these devices with clinically focused healthcare providers operating in the cardiac sector. In the coming months, we will continue to use our team to address new markets and achieve sales penetration in the markets currently served. With that, I will turn the call over to our CFO, John Iannoglou.