Biotricity Inc

Good afternoon, everyone. As a reminder, Biotricity's fourth quarter and fiscal year 2025 ended on March 31st, 2025, so all figures presented for this period will reflect that end date. Earlier, Biotricity issued its earnings press release for the period, which highlighted financial and operational results. A copy of the press release is available on the Investor Relations section of the Biotricity website, and the full financials have been filed with the SEC on Form 10-K, and posted on EDGAR at www.sec.gov. Before beginning the company's formal remarks, I'd like to remind listeners that today's discussion may contain four looking statements that reflect management's current views with respect to future events. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these four looking statements. Biotricity does not undertake to update any four looking statements except as required. At this point, I am pleased to turn the call over to Biotricity's founder and CEO, Dr. Waqas Al-Siddiq. Please go ahead.

Thank you, and thank you, everybody, for joining us today. Fiscal 2025 has been a transformative year for Biotricity, marked by significant advancements and strategic initiatives that have positioned us at the doorstep of profitability and positive EBITDA. Our commitment to innovation, strategic partnerships, and operational efficiency has allowed us to make remarkable progress across multiple fronts. One of our most significant achievements this year has been the expansion of our Cardiac AI Cloud platform. This initiative, powered by strategic partnerships with industry giants such as Amazon AWS and Google's TensorFlow, leverages over a trillion heartbeats of anonymized data. Our AI-driven platform is designed to enhance diagnostic accuracy, improve patient outcomes, and increase clinic profitability. As we pursue FDA clearance for our groundbreaking AI clinical model, we are setting new standards in cardiac care, ensuring every patient receives the highest quality of care. Our recent strategic alliances with three of the top group purchasing organizations, or GPOs, have been pivotal. These partnerships provide us access to approximately 90% of all hospitals in the United States, significantly expanding our market reach. This positions us to capitalize on broader market channels and secure advantageous terms for medical devices and supplies, strengthening our presence in the healthcare technology sector. Though these sales are characterized by long sales cycles and rollout periods, the associated volumes can drive significant growth as these deals are won and are rolled out. Moreover, the Health Canada approval for our BioCore device has opened new avenues for revenue growth in the $1.56 billion Canadian cardiology devices market. In another major move towards expansion, we just received regulatory approval in Saudi Arabia. This approval aligns perfectly with our strategy to promote accessible, high-quality care and improve patient outcomes. During the fourth quarter, we expanded sales of our BioCorp Pro, our next-generation cardiac monitoring device, and entered into several strategic partnerships, including some that will expand our market footprint and allow us to deliver on our commitment of providing innovative healthcare technology solutions. Looking beyond physical 2025, our recent initiatives continue to build momentum. We have launched major cardiac monitoring pilot programs with several hospital networks and clinics, and we are accelerating our path to break even with rapid adoption of our BioCorp Pro by both existing and new customers. We have delivered a best in class solution that achieves accolades for its usability and high patient compliance. Today, we can confidently say our ambulatory cardiac monitoring solution is best in class both clinically and technically with the superior device and software. Additionally, our expansion into the pulmonary and neurology fields through strategic partnerships with leading home-based diagnostic companies marks a diversification of our market reach. Furthermore, we are extremely excited about the recent launch of HeartSecure, our direct-to-consumer heart health screening service. We have received positive feedback on the service and are now building a broader strategy to scale the service. This service targets the $1.1 billion home heart health market and represents our commitment to making heart health services more accessible in response to the global challenge posed by cardiovascular disease. In summary, our strategic initiatives, technological advancements, and operational efficiencies have positioned BioTricy for sustained growth and profitability. We remain focused on delivering innovative, high-quality cardiac care solutions and are confident in our ability to continue driving value for our shareholders and improving patient outcomes globally. With that, I will turn the call over to our CFO, John Iannoglou, to provide more detailed financial insights.

Thank you, Akash. Let's review the audited highlights of our fourth quarter and fiscal 2025. Our recurring revenue generated from our technology as a service subscription model, as well as our usage-based subscriptions, remains robust. driven by the popularity of our FDA-cleared cardiac monitoring devices, BioCore and BioFlux. Both continue to see strong market adoption and demand, particularly the next-generation BioCore Pro, which features cellular connectivity. Atrial fibrillation, a primary contributor to strokes, remains a significant focus for us. To date, Biotricity has monitored and recorded over a trillion heartbeats, providing early intervention opportunities and improving patient outcomes. This not only improves patient outcomes, but also underscores significant healthcare cost savings for both individuals and the broader healthcare system. For the fourth quarter ended March 31, 2025, revenue increased by 16.5% year over year to $3.7 million. For the fiscal year, revenue rose by 14.3% to $13.8 million compared to $12.1 million in the prior year. This growth is a testament to the efficacy of our strategic initiatives and our focus on transitioning customers to a flat fee subscription-based model, which establishes a higher quality and more predictable revenue stream. We anticipate further revenue growth in coming quarters as a result of our latest flagship device being a best-in-class device that is geared towards use in hospitals and large clinics where we are continuing to penetrate effectively. Technology fees accounted for 84.4% of the quarter's total revenue, reflecting our strong customer retention and the quality of our support services. Gross profit for the quarter totaled $3 million, up 31% from $2.3 million of the prior year period. A gross profit percentage improved over 730 basis points to 76.6% for the fiscal year, up from 69.3% in the prior year. For the fourth quarter, gross margin was 80.4%, an improvement of over 890 basis points compared to 71.5% in the same quarter of the prior year. This increase is attributed to the expansion of our recurring technology fee revenue base, efficiencies gained through proprietary AI, and improvements in our monitoring cost structure. Through the success of our sales team, we continue to look for opportunities to expand our geographic footprint. We are serving thousands of cardiologists across hundreds of centers. Our insourcing business model allows cardiac medical professionals to to have direct control over our services, enhancing efficiencies and enabling broader market penetration. Our business development initiatives also mean that we are expanding into other verticals that are ancillary to our core business, something we will be discussing with you in future quarters. Operating expenses for the fiscal year ended March 31, 2025 were $13 million, a 24.5% decrease from $17.2 million in the prior year. For the fourth quarter, operating expenses were $3.8 million compared to $5.3 million in the same period last year. Our SG&A expenses decreased by 30.2%, and we reduced our R&D expenses by 19.2%. We have strategically transformed our sales force to increase efficiency. Our external sales team is focused on longer sales cycles and larger accounts, including independent hospitals and GPO networks. As mentioned previously, we've signed three of the largest GPO networks with access to sell into more than 90% of hospitals in the US. All of these positive improvements in revenue growth and operating efficiencies through the use of AI and other automation, as well as proactive cost management, have allowed us to continue to achieve positive operating cash flows for the third consecutive quarter and have set us up on a path to achieving profitability in the next few quarters. In fact, we're pleased that the last quarter of fiscal 2025 was one in which we achieved positive adjusted EBITDA of $438,000 when adjusting EBITDA for non-cash items like share-based compensation and fair value changes in derivatives. On a per share basis, that corresponds to 1.7 cents per share. We're pleased with the progress made in building our technology, in obtaining FDA registrations, developing effective sales strategies, and implementing cost-cutting measures. On a fiscal year basis, our total operating expenses were reduced by $6.4 million. This resulted in an improvement in our loss from operations of $5.7 million. Net loss attributable to common stockholders for the fiscal year ended March 31, 2025 was $11.9 million compared to a net loss of 14.9 million during the prior fiscal year. On a per share basis, we reported a loss per share of 55.5 cents compared to $1.66 for the prior fiscal year. For the fourth quarter, net loss decreased to $2 million, despite the expenses associated with growth and rising variable interest rates. On a per share basis, this translates to a loss per share of $0.08 compared to $0.46 for the corresponding period of the prior fiscal year. Again, adjusted EBITDA for the fiscal year improved to a loss of just under $1 million from a loss of $7.8 million in fiscal 24. This improvement underscores our progress towards breakeven and profitability. A reconciliation of our adjusted EBITDA numbers, both for the fiscal year and the quarter, is available in our 10-K. Looking ahead, we remain committed to advancing the commercialization of BioCorp, BioFlux, and BioCare products. Our tech is truly useful globally, since cardiac is the number one chronic care condition in the entire world, We have recently made inroads or received approvals from regulatory bodies of other countries that will allow us to sell into other jurisdictions. These set us up for new initiatives we intend to move forward on in 2026 and beyond. The growing market interest and demand for our suite of products dedicated to chronic cardiac disease prevention and management reinforce our confidence in our market position. Importantly, our focus on innovation and development continues to yield significant advancements in remote monitoring solutions for both diagnostic and post-diagnostic products, bringing us closer to achieving positive cash flow. We are excited about the future and confident in our ability to deliver sustained growth and profitability for Biotricity. That concludes our prepared remarks. Operator, please open the line for questions.