Biotricity Inc. (NASDAQ:BTCY) (“Biotricity” or the “Company”), a Technology-as-a-Service (TaaS) company operating in the remote cardiac monitoring sector of consumer healthcare, has recently announced its strengthened relationships with Amazon and Google. The Company is expanding its AI technology development in remote cardiac care, leveraging its proprietary AI technology to provide a suite of predictive monitoring tools to enhance new disease profiling, improve patient management, and revolutionize the healthcare industry for disease prevention.
According to Grand View Research, the healthcare AI market is valued at $22.4 billion in 2023 and is projected to grow to $208.2 billion by 2030.
Biotricity has successfully constructed a complex neural network that focuses on the specific characteristics of ECG signals within an ambulatory setting. Additionally, the Company employs Amazon Web Services (AWS Lake) to manage the substantial and growing ECG data volume while facilitating continuous and distributed AI model training. Recently, Biotricity expanded its Amazon SageMaker capabilities to foster continuous learning, incorporating real-time feedback from healthcare professionals who can contribute to further optimizing its current AI model.
Dr. Waqaas Al-Siddiq, Biotricity Founder & CEO, commented, “We are proud to announce that we have built a powerful proprietary cardiac AI model that combines Google’s TensorFlow, AWS infrastructure, big data and a continuous learning engine. This combination allows us to rapidly improve our cardiac monitoring technology. In the near future, we believe the capabilities of our cardiac AI model will allow us to support healthcare professionals in handling exponentially more patients while identifying the most critical data. This will enable healthcare workers to elevate the quality of care while serving a larger number of patients. As growing patient numbers further stress the shortage of healthcare professionals, our technology could help alleviate this pressing issue. We have engineered our technology to not only improve patient care and outcomes, but also to do so in a manner that supports more patients. This has led to increasing sales of our remote cardiac monitoring devices and the ramp-up of our subscription-based service, accelerating our recurring revenue over the past few quarters. This has led us to achieve a $13 million revenue run rate in April 2023 and has charted a clear path to profitability.”
Dr. Al-Siddiq, continued, “Biotricity has been diligently working on AI models for several years, with a dedicated team focusing on data models, automation, and advanced analytics. Our R&D team’s focus is on improving patient outcomes through innovative solutions, placing us at the forefront of AI-driven healthcare advancements within the cardiac market. Drawing upon vast datasets and research, we are driving the next generation of diagnostics and making significant contributions to healthcare’s advancement in the AI era.”
The Company’s flagship product, Bioflux® is an advanced remote cardiac monitoring system with built-in algorithms to deliver more accurate and earlier diagnoses leading to enhanced patient care, helping to bridge the gap between effective remote diagnostics, remote patient monitoring (RPM) and chronic care management. The Bioflux system is a turn-key solution designed to provide physicians with 24/7 access to patient data, enabling them to monitor patient health more closely and make informed decisions sooner. AI improves automation, big data analytics, and helps optimize operations while strengthening the Company’s state-of-the-art cardiac diagnostics solution. Its Biotres™, a revolutionary holter technology also supports patient monitoring for detecting atrial fibrillation and preemptively avoiding stroke risks.
Remote patient monitoring (RPM) is one of the key areas for self-management and evidence-based practice. The market for RPM is projected to reach $96.67 billion by 2030 at a CAGR of 17.6%. Today, 20% of large healthcare facilities in the United States are already using remote monitoring with a projected 30 million patients in the United States utilizing remote monitoring by 2024. RPM growth is expected to exponentially increase data, requiring AI to ensure that important data isn’t lost and care quality is maintained. Biotricity’s technology and suite of products addresses this key concern.
Today, Biotricity is a recognized leader in providing a suite of state-of-the-art remote cardiac monitoring devices, complemented by a sophisticated cloud ecosystem for data aggregation and big data. and future AI capabilities. These solutions cater to a wide range of customers, from cardiologists to consumers, all seeking affordable, convenient, and in-depth insights into heart health and wellness.
- Improved Patient Monitoring and Lifestyle Management: Biotricity’s AI-driven analytics and data delivery innovations enhance patient and lifestyle management.
- Deeper Insights into Heart Health Data: The Company’s state-of-the-art remote cardiac monitoring devices provide healthcare professionals and individuals with detailed and tailored insights into heart health and wellness.
- Cost Reduction and Improved Healthcare Efficiency: By leveraging AI technology and personalized patient engagement, Biotricity aims to address healthcare’s costliest challenges, optimize resources, service more patients, improve patient care and streamline administrative tasks.
About Biotricity Inc.
Biotricity is reforming the healthcare market by bridging the gap in remote monitoring and chronic care management. Doctors and patients trust Biotricity’s unparalleled standard for preventive & personal care, including diagnostic and post-diagnostic solutions for chronic conditions. The Company develops comprehensive remote health monitoring solutions for the medical and consumer markets. To learn more, visit www.biotricity.com.
Important Cautions Regarding Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek,” “project,” or “goal” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans, objectives and goals of management for future operations, including plans, objectives or goals relating to the design, development and commercialization of Bioflux or any of the Company’s other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company’s future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events, or circumstances and may not be realized because they are based upon the Company’s current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company’s inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company’s inability to expand the Company’s business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company’s failure to implement the Company’s business plans or strategies. These and other factors are identified and described in more detail in the Company’s filings with the SEC. There cannot be any assurance that the Company will ever become profitable. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.