Biotricity completed QQ4 2024 with a revenue increase of 15.9% YoY to $3.18 million and a full-year revenue uplift of 25% to $12.06 million. The quarter featured a meaningful shift toward a higher-quality, recurring revenue mix, as technology fees accounted for more than 93% of quarterly revenue and gross margins remained robust at 71.5%, driving a stronger year-to-date gross margin of 69.3%. Management underscored ongoing structural improvements in cost base and a strategic transition to flat-fee subscription models, which support more predictable cash flows and a path to EBITDA neutrality. Despite the stronger operational momentum, the company continues to incur net losses, with Q4 net income of -$4.18 million and FY2024 net loss of -$14.9 million, though Adjusted EBITDA improved to -$7.8 million from -$14.8 million in the prior year, signaling meaningful progress toward profitability.
Management highlighted a multi-front strategy to scale and monetize core cardiac diagnostics through strategic partnerships, regulatory milestones, and product extensions. The expansion via three large GPOs now provides access to approximately 90% of U.S. hospitals, and Health Canada approval for Biocore opens a new $1.56 billion Canadian market opportunity. The year also featured the launch of Biocore Pro and partnerships such as Health Aid Africa, with a pivotal near-term plan to accelerate adoption through a nine-hospital, ten-clinic pilot and a broader pipeline across multiple sites. In addition, Biotricity is expanding into adjacent fields (pulmonary and neurology) and introducing direct-to-consumer HeartSecure services, aiming to diversify revenue and strengthen retention. While the near-term liquidity remains constrained given a cash balance of $0.79 million and a leverage-heavy balance sheet, the combination of higher recurring revenue, margin expansion, and an improving operating framework positions Biotricity to approach breakeven later in the calendar year. Investors should monitor the cadence of profitability progression, the scalability of GPO-driven channels (including U.S. and international markets), CAD/foreign exchange effects, and the monetization pace of Biocore Pro and HeartSecure.