On top of those 2, Maxim Group analyst, Allen Klee, tagged BTCY with a $6.00 target over the summer.
Here's some quick notes from a Benzinga article regarding Klee's report:
- The Biotricity Thesis: The company has been generating triple-digit year-over-year revenue growth and could continue doing so through fiscal 2024, Klee said in the initiation note.
- Biotricity’s first product, Bioflux, is a “best-in-class offering in terms of data quality, built-in connectivity, and upgraded software to improve automation and results,” the analyst noted.
- He added that the company plans to launch a new product every 12 to 18 months, in order to expand the ecosystem for cardiologists.
- “In June, Bioheart will go live with a direct-to-consumer, best-in-class heart monitoring product” and its next product with the FDA is Biotres, focused on monitoring less risky patients, Klee wrote.
- He estimates the total addressable market at $1Bn for Bioflux and at $2Bn for Biotres.
- “We project annual revenue growth of over 100% through FY24, and gross margin to improve from close to 50% today, to 75%+ when at scale,” the analyst said.
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Your No. 3 Potential BTCY Breakout Catalyst - Bullish Technicals + Trading From Potential Support
At close on Tuesday, Barchart was reporting BTCY to have multiple bullish technical indicators.
Here's a quick list of the triggered technicals:
Short Term Indicators
- 20 - 100 Day MACD Oscillator
- 20 - 200 Day MACD Oscillator
Medium Term Indicators
- 50 - 100 Day MACD Oscillator
- 50 - 150 Day MACD Oscillator
- 50 - 200 Day MACD Oscillator
Long Term Indicators
- 100 Day Moving Average
- 150 Day Moving Average
- 200 Day Moving Average
- 100 - 200 Day MACD Oscillator
On top of that, BTCY is trading above multiple lines of potential support according to Barchart. Here they are:
- 5-Day Exponential Moving Average (EMA)
- 13-Day EMA
- 100-Day Simple Moving Average (SMA)
- 200-Day SMA
Could all this potential support and bullish technicals fuel a potential vertical shot up the charts?
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Your No. 4 Potential BTCY Breakout Catalyst - Completing Recent Nasdaq Listing
Biotricity Completes Nasdaq Listing
REDWOOD CITY, CA / ACCESSWIRE / August 30, 2021 / Biotricity, Inc.(NASDAQ:BTCY), a medical diagnostic and consumer healthcare technology company, today announced the closing of an underwritten public offering of 5Mn shares of common stock of the Company for total gross proceeds to the Company of approximately $15Mn. The offering was priced at $3.00 per share. In addition, the Company has granted the underwriter of the offering a 30-day option to purchase an additional 750k shares of common stock at the public offering price, less underwriting discounts and commissions. The Company intends to use the net proceeds from this offering for general corporate purposes, including, but not limited to, working capital, potential acquisitions, and other business opportunities. In connection with the offering the Company's common stock, on August 26, 2021 the Company common st-ock was listed on the Nasdaq Capital Market under the symbol "BTCY."
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Read the full article here.
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Your No. 5 Potential BTCY Breakout Catalyst - Annual Revenue Reporting Through The Roof
Biotricity Reports Record Quarterly and Annual Revenue for Fiscal 2021
REDWOOD CITY, CA / ACCESSWIRE / June 15, 2021 / Biotricity, Inc. (OTCQB:BTCY), a medical diagnostic and consumer healthcare technology company, is pleased to provide unaudited, preliminary financial results for its fiscal 2021 fourth quarter and fiscal year, which ended March 31, 2021. Full financial results will be posted on EDGAR by June 31, 2021. Biotricity's Q4 and annual results continued a trend of both sequential and year over year (YoY) revenue growth, with revenue setting a new quarterly record in the fiscal fourth quarter.
For fiscal 2021, management is noting the following highlights:
- Q4 revenue of $1.2Mn represented the 8th consecutive quarter of triple digit YoY growth
- Quarterly revenue increased 227%, showing significant acceleration over the 162% increase posted in the prior quarter
- Quarterly sequential revenue increased 19%, bolstered by a long-term trend of month-over-month sequential growth
- Net loss attributable to common stockholders amounted to $16.2Mn, or 43.1 cents per share
- Annual revenue reached $3.4Mn, a 139% increase over fiscal 2020
"Our growth this quarter was even stronger than last quarter, which is exciting to see, as this is purely organic and the impact of our new products has not yet begun," stated Waqaas Al-Siddiq, CEO of Biotricity. "We are in that sweet spot of our revenue cycle where we are posting strong monthly, quarterly and annual growth, with visibility out several years. As we enter a period of expected revenue acceleration, our model is proving to be highly predictable based on our consistent ability to win accounts throughout the U.S. We expect to easily beat Q4 revenue in our current quarter ending June 30, 2021 and are targeting triple digit revenue growth for fiscal 2022."
"Our gross operating expenses grew at a slower pace than our revenue in Q4, and in net terms were significantly offset by the forgiveness of the Company's PPP loan. This outcome is also reflective of what will happen as our business scales," said Biotricity's CFO, John Ayanoglou. "Similar to last quarter, we continue to have upfront costs related to expanding our sales force and putting new equipment into the field, so there is a delayed positive impact from those expenses that will be seen in the form of revenue in future quarters. With multiple new products on the horizon, R&D spending continues to be necessarily high, currently at 46% of revenue, but down from the 68% figure from last quarter. Based on our sales pipeline and high customer retention rate, we have high confidence in our sources of future revenue growth."
Dr. Waqaas Al-Siddiq added, "In the second half of calendar 2021, we plan to have a potent combination of an expanding sales force and new product offerings, which will continue our growth rate. As a result, we expect to increase our revenue projections by year-end, depending on the timing of future product launches. Our technology as a service (TaaS) model and best in class product line are now time tested and brings us a clear advantage, as we continue to win in the marketplace against competitors. We made the decision to build both our technology and salesforce in-house, which took considerable time and effort, but has resulted in a faster adoption track than our peers at this stage of the growth cycle. Today, we have some of the newest, most advanced products in our addressable market, which will expand from $1Bn up to $3Bn as we enter the Holter space. With a planned listing to a national stock exchange on the horizon, provided that the Company meets applicable listing requirements, and some major milestones pending, we have never been more excited about our potential to gain a meaningful share of the cardiac market."
Read the full article here.
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BTCY Recap: 5 Potential Breakout Catalysts For This Nasdaq MedTech Profile
No. 1 - Huge Revenue Growth YoY
No. 2 - Analysts Provide Major Price Targets
No. 3 - Bullish Technicals + Trading From Potential Support
No. 4 - Completing Recent Nasdaq Listing
No. 5 - Annual Revenue Reporting Through The Roof
Coverage is officially initiated on BTCY. When you have time later, do this:
