Executive Summary
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.
Key Performance Indicators
QoQ: -137.51% | YoY:-36.66%
QoQ: -48.94% | YoY:10.48%
QoQ: -41.94% | YoY:18.52%
Key Insights
Revenue: Q4 2024 $3.18M, YoY +15.89%, QoQ +6.91%; FY2024 revenue $12.06M, YoY +25%
Gross profit: Q4 2024 $2.27M, Gross margin 71.5%; FY2024 gross margin 69.3%
EBITDA: Q4 2024 EBITDA -$2.95M; FY2024 Adjusted EBITDA -$7.8M (vs -$14.8M prior year)
Operating income: Q4 2024 operating income -$3.04M; FY2024 operating income (loss) trend improving but still negative
Net income: Q4 2024 net income -$4.18M; FY2024 net loss -$14.92M
Earnings per share (diluted): Q4 -$0.44; FY2024 -$0.44
Cash flow: Net ca...
Financial Highlights
Revenue: Q4 2024 $3.18M, YoY +15.89%, QoQ +6.91%; FY2024 revenue $12.06M, YoY +25%
Gross profit: Q4 2024 $2.27M, Gross margin 71.5%; FY2024 gross margin 69.3%
EBITDA: Q4 2024 EBITDA -$2.95M; FY2024 Adjusted EBITDA -$7.8M (vs -$14.8M prior year)
Operating income: Q4 2024 operating income -$3.04M; FY2024 operating income (loss) trend improving but still negative
Net income: Q4 2024 net income -$4.18M; FY2024 net loss -$14.92M
Earnings per share (diluted): Q4 -$0.44; FY2024 -$0.44
Cash flow: Net cash from operating activities -$1.17M; Net cash provided by financing activities +$1.79M; Net change in cash +$0.70M; Cash at end of period $0.786M
Liquidity and balance sheet: Cash & equivalents $0.786M; Total liabilities $35.92M; Total assets $5.94M; Stockholders’ equity -$29.98M; Long-term debt $11.78M; Short-term debt $12.09M; Recurring revenue >93% of quarterly revenue; Net debt approximately $23.09M
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
3.18M |
15.89% |
6.91% |
| Gross Profit |
2.27M |
48.06% |
4.81% |
| Operating Income |
-3.04M |
-36.66% |
-137.51% |
| Net Income |
-4.18M |
10.48% |
-48.94% |
| EPS |
-0.44 |
18.52% |
-41.94% |
Key Financial Ratios
operatingProfitMargin
-95.8%
operatingCashFlowPerShare
$-0.12
freeCashFlowPerShare
$-0.12
Management Commentary
Strategic execution and profitability trajectory: Management emphasizes a transformative FY2024 with revenue growth, margin expansion, and a shift toward EBITDA neutrality. Key themes include: (1) Cardiac AI Cloud expansion, leveraging partnerships with AWS and Google TensorFlow to enhance diagnostic accuracy and patient outcomes; (2) Scale through GPO partnerships that offer broad hospital access (≈90% of U.S. hospitals); (3) Regulatory and geographic expansion, notably Health Canada approval for Biocore and a Canada-focused distribution strategy; (4) Product expansion with Biocore Pro and HeartSecure DTC service to broaden margins and address growth opportunities; (5) Pipeline growth via multiple pilots, including a nine-hospital, ten-clinic cardiac monitoring program; (6) Financial discipline and a deliberate transition to higher recurring revenue to stabilize cash flows and approach profitability. Supporting quotes: “Fiscal '24 has been a transformative year... positioned us on a clear path to profitability and positive EBITDA,” (CEO Waqaas Al-Siddiq) and “Technology fees accounted for over 93% of the quarter's total revenue, reflecting our strong customer retention and the quality of our support services” (CFO John Ayanoglou).
"Fiscal '24 has been a transformative year for Biotricity, marked by significant advancements and strategic initiatives that have positioned us on a clear path to profitability and positive EBITDA."
— Waqaas Al-Siddiq
"Technology fees accounted for over 93% of the quarter's total revenue, reflecting our strong customer retention and the quality of our support services."
— John Ayanoglou
Forward Guidance
Outlook and milestones: Management targets EBITDA neutrality later in the calendar year, driven by sustained growth in the subscription-based Tech-as-a-Service model and higher-margin Biocore Pro deployments. The GPO network expansion (~90% of U.S. hospitals) de-risks market access while Health Canada approvals open international growth in the $1.56B Canadian market. The company expects continued gross margin expansion as recurring revenue dominates and device-related revenue becomes a smaller portion of total sales. Key factors investors should monitor include: cadence of profitability (EBITDA breakeven timing), integration and monetization of Biocore Pro within subscription ecosystems, advancement of the AI Cloud for regulatory clearance, progression of international deployments (Canada, potential other jurisdictions), and the development and uptake of HeartSecure as a scalable DTC offering. While the near-term liquidity remains a challenge, the combination of revenue growth, margin improvement, and strategic partnerships provides a plausible pathway to break-even and sustainable cash flow generation over the next 12-24 months.