Biotricity (OTCMKTS:BTCY) reported fiscal third-quarter 2026 results for the period ended Dec. 31, 2025, highlighting year-over-year revenue growth, margin expansion, and a third consecutive quarter of positive EBITDA and operating income as the company continues to scale its remote cardiac monitoring and chronic care platform.
Management emphasizes recurring revenue model and chronic care demand
Founder and CEO Dr. Waqaas Al-Siddiq said the quarter marked “another important step” in executing Biotricity’s strategy, pointing to three consecutive quarters of positive net operating income and EBITDA. He attributed demand to broader trends including an aging population and “persistent resource and staffing shortages,” positioning remote patient management as a shift from reactive care to proactive management.
Cardiac AI Cloud expansion and regulatory efforts
Al-Siddiq highlighted progress in expanding the company’s Cardiac AI Cloud platform, describing it as an AI-driven system intended to enhance diagnostic accuracy, improve outcomes, and increase clinical profitability. He said the company is pursuing FDA clearance for its AI clinical model and expects “additional improvements” in operating expenses and margins with the next clearance.
He also said Biotricity continues to pursue international regulatory approvals to support future distribution, in addition to approvals already in place in the U.S., Canada, Saudi Arabia, Argentina, and “some other smaller markets.” While management said the primary focus remains U.S. expansion, it described international growth as opportunistic and driven through distribution partnerships.
Product momentum: BioCore Pro and pilots in larger networks
On the commercial front, management said it continued to expand sales of BioCore Pro, described as a next-generation cardiac monitoring device, with deeper penetration among current customers and a broader footprint. Al-Siddiq also said the company launched multiple “large-scale cardiac monitoring pilot programs” within hospital networks and clinic groups. He said these initiatives are contributing to improved utilization and “accelerating” the company’s path toward breakeven.
In closing remarks, Al-Siddiq reiterated expectations for calendar 2026, including continued top-line growth and an anticipated shift to profitability, adding that management expects to become net income positive during the year.
Quarterly financial results: revenue up 10% and margin expansion
CFO John Ayanoglou said recurring revenue performance reflected adoption of Biotricity’s subscription-based technology-as-a-service model, with an additional usage-based subscription component. He said the company’s FDA-cleared cardiac monitoring devices continue to drive adoption, “especially” the next-generation Biotres Pro, which he noted includes cellular connectivity.
For the fiscal third quarter, the company reported:
- Revenue: $4.0 million, up 10.2% from $3.6 million in the prior-year quarter.
- Technology fees: 91.2% of total revenue for the quarter, which management attributed to customer retention and support services.
- Gross profit: $3.2 million, up 17.6% from $2.8 million a year ago.
- Gross margin: 81.5%, up 516 basis points from 76.4% in the prior-year quarter.
Ayanoglou attributed the margin improvement to an expanding base of recurring technology fee revenue and efficiencies tied to proprietary AI, as well as changes in monitoring and cloud cost structures.
Expenses, cash flow, and profitability metrics
Operating expenses were $2.8 million compared with $2.93 million in the same period last year, a 4.2% decrease. The CFO said selling, general and administrative expenses fell 8.2%—a reduction of more than $195,000—while research and development spending increased by $72,000.
Ayanoglou also described changes to the company’s sales approach, saying Biotricity has transformed its sales force to increase efficiency. He said the external sales team is focused on longer sales cycles and larger accounts, including independent hospitals and group purchasing organization (GPO) networks. He added that Biotricity is contracted under three of the largest GPO networks, which he said provides access to sell into more than 90% of hospitals in the U.S.
On cash generation and profitability indicators, management said Biotricity has delivered positive free cash flows—defined on the call as cash from operations available to pay interest and dividends—for the last six consecutive quarters. The CFO said those trends supported a path toward profitability “in the next quarter.”
Biotricity reported EBITDA of $280,000 for the quarter, which the CFO said corresponded to $0.01 per share, marking the third consecutive quarter of positive EBITDA. The company also posted operating income from operations of $441,000 for the quarter, which management described as the third consecutive profitable quarter from operations.
Net loss attributable to common stockholders was $1.1 million, compared with $1.3 million in the prior-year period. Loss per share was $0.042 versus $0.054 a year ago.
No analyst questions were asked during the Q&A portion of the call.
About Biotricity (OTCMKTS:BTCY)
Biotricity (OTCMKTS:BTCY) is a medical device and digital health company specializing in remote cardiovascular monitoring and chronic disease management. The company’s flagship offering, the Bioflux system, integrates a wearable ECG patch with a cloud-based analytics platform to deliver real-time heart rhythm data and diagnostic insights. By combining wireless biosensors, mobile applications, and secure data transmission, Biotricity aims to simplify patient monitoring for healthcare providers and enhance early detection of arrhythmias and other cardiac events.
In addition to its core ambulatory ECG solution, Biotricity provides a suite of digital health products designed for broader chronic care management.
