Biotricity Inc. (NASDAQ: BTCY) is a medical technology company that develops and commercializes remote cardiac monitoring devices and software for the ambulatory diagnostic outpatient market. Revenue is generated through a service-based model where physicians use Biotricity's FDA-cleared hardware and software to conduct cardiac studies, with reimbursement flowing through established insurance billing codes rather than requiring physicians to purchase equipment outright. The company operates in the Mobile Cardiac Outpatient Monitoring segment, competing against a mix of private and public medical device firms. Total revenue for the fiscal year ended March 31, 2025 was $13.8 million, up from $12.1 million in the prior fiscal year, at a gross margin of 76.6%. The company reported a net loss of $8.4 million for fiscal year ended March 31, 2025 and carries material interest expense of $3.3 million, reflecting a debt-heavy capital structure. Operations are headquartered in Redwood City, California, with commercial sales expanded to 31 U.S. states as of the 10-K filed July 15, 2025.

Revenue model

Service-based model in which Biotricity provides FDA-cleared cardiac monitoring devices and supporting software to physician offices, clinics, hospitals, and independent diagnostic testing facilities. Revenue is tied to cardiac study volume conducted on the Bioflux and Biocore Pro platforms, with reimbursement established through existing insurance billing pathways. Physicians are not required to purchase devices outright, reducing adoption friction compared to insourced competitor models.

Products and services

Bioflux: FDA-cleared Mobile Cardiac Outpatient Monitoring device and software, commercially launched April 2019. Bioflux Software II System: received 510(k) clearance in 2021, engineered to reduce physician review time from approximately 5 minutes to 30 seconds. Biocore Pro: cellular three-lead ECG and arrhythmia monitoring device for lower-risk patients, described as the company's flagship technology as of the 10-K filed July 15, 2025. Bioheart: direct-to-consumer continuous heart monitor launched commercially in 2021 and 2022, named by TIME magazine as one of the Best Inventions of the World in 2022.

Customers and end markets

Target market includes approximately 34,000 cardiologist physician offices, approximately 780 cardiology-focused hospitals, and approximately 300 independent diagnostic testing facilities in the United States, per the 10-K filed July 15, 2025. Primary end market is the ambulatory cardiac outpatient monitoring segment. The company also targets a direct-to-consumer segment through Bioheart.

Value-chain role

Biotricity sits between FDA-approved third-party device manufacturers and clinical end users, providing an integrated hardware-software-service solution. Devices are sourced from an FDA-approved contract manufacturer. The company maintains its own captive sales force with cardiac technology sales experience and has also partnered with distributors and group purchasing organizations to extend market reach.

Geographic exposure

United States only, with commercial sales operations expanded to 31 states as of the 10-K filed July 15, 2025. Principal executive office located in Redwood City, California.

Competitors

ScottCare (subsidiary of Scott Fetzer Company, a Berkshire Hathaway division), Infobionic (private, Waltham, Massachusetts)

Source: SEC 10-K, filed 2025-07-15

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