BIOTRICITY INC.

Biotricity Inc.

Overview

Biotricity is a medical technology company that provides biometric data monitoring and remote patient monitoring (RPM) solutions focused on diagnostic and post-diagnostic care for lifestyle and chronic illnesses. The company emphasizes an insourced, physician-owned/operated model and a recurring technology service fee approach rather than traditional device-only sales. Its strategy targets reimbursement-enabled diagnostic markets and consumer/self-managed care in post-diagnostic markets.

Core products and platform

• Bioflux: FDA-cleared ambulatory cardiac monitoring device and software for the Cardiac Outpatient Monitoring (COM) market; commercial rollout began in April 2019 after full FDA clearance.
• Biocore Pro: Cellular, three-channel ECG patch for continuous monitoring with built-in cellular connectivity and up to about five days of battery life; flagship device as of late 2024.
• Biocore (formerly Biotres): Three-lead Holter/extended Holter monitoring device with connectivity designed for faster, higher-quality data collection as part of the platform approach.
• Bioheart: Direct-to-consumer continuous heart rhythm monitoring technology evolved from clinical products. Recognized in TIME’s Best Inventions of 2022.
• Biocare: Chronic care management and RPM platform integrated with Bioflux/Biocore to support patients with two or more chronic conditions. Features automated reporting, dashboards, reminders, asynchronous chat, and data summaries.
• Biokit: RPM kit that includes a blood pressure cuff, pulse oximeter, and digital thermometer; data feeds into Biocare.
• Biosphere: End-to-end ecosystem and workflows for cardiology data, remote monitoring, chronic care management, and implantable device management.
• Additional platform capabilities: Virtual clinic, automated biometric reporting, patient dashboards, built-in reminders, and time tracking.
• AI and analytics: Proprietary cardiac AI model built with TensorFlow and AWS for predictive monitoring and disease profiling, with ongoing expansion into AI-driven predictive tools.
• Cloud/IoT: Devices such as Bioflux and Biocore Pro include a cellular chip to enable IoT-style connectivity and expand platform applications.

Market strategy and target customers

• Target markets: Cardiac diagnostics (COM and Holter/extended Holter) and chronic care/RPM.
• U.S. market targets:
  • About 34,000 cardiology physician offices
  • About 780 hospitals with cardiology/heart-system focus
  • About 300 independent diagnostic testing facilities (IDTFs) providing cardiac monitoring
• Reimbursement context:
  • COM: Typical reimbursement around $850 per diagnostic read (1–30 days)
  • Holter/Extended Holter: Average reimbursement around $200 per test (1–21 days)
• Business model: Platform/Technology-as-a-Service (PaaS/TaaS) with insourcing; cross-selling across Bioflux/Biocore Pro, Biocore, Biocare, Bioheart, and Biokit to drive physician adoption and recurring revenue.
• Distribution footprint: Sales efforts expanded to 35 states with plans to broaden U.S. reach through insourcing and partnerships with larger distributors and Group Purchasing Organizations (GPOs).

Regulatory and manufacturing

• FDA regulation governs device design, testing, labeling, manufacturing, and marketing. Bioflux and Biocore have 510(k) clearances; material changes to devices can trigger new clearance requirements.
• Manufacturing: Product manufacturing occurs at a Redwood City, California facility. The company works with an FDA-qualified contract manufacturer (Providence Enterprises) and is pursuing multiple supplier sources to mitigate supply risk.
• International expansion: Foreign regulatory pathways are being pursued for approvals outside the U.S.

Intellectual property

• The company primarily relies on trade secrets, with some patent filings including an industrial design patent in the U.S. and Canada.
• Management continues to consider additional patent protection. IP risks include potential infringement claims and the difficulty of protecting trade secrets.

Financial snapshot (as of and around March 31, 2026)

• Cash: $149,789
• Accumulated deficit: $142,570,243
• Profitability: Historically non-profitable; management reports no profitability to date and uncertainty about achieving profitability
• Cash flow: Cash used in operations of $720,955 for the fiscal year ended March 31, 2026
• Indebtedness: $26.7 million outstanding as of March 31, 2026 (up from $25.2 million in 2025)
• Credit facility: Initial $12.4 million loan in December 2021 with interest at LIBOR + 10.5%; amended in 2025. Outstanding under the amendment noted as $14.45 million. Terms include an interest-only period followed by amortization with a balloon payment and security interests in assets and IP.
• Ownership and capitalization (as of June 20, 2026): 29,402,934 outstanding common shares; 13,940,360 unrestricted shares; 160,672 Exchangeable Shares convertible to common stock. The CEO holds approximately 7.21% of common stock and exchangeable shares, representing a concentrated ownership position.
• Going concern: Auditors issued a going concern opinion for the year ended March 31, 2026. Management has implemented cost-saving measures and is pursuing noncash financing options and equity lines. Additional financing may be required to fund operations and growth.

People and locations

• Employees: 46 full-time employees and about 20 consultants (reporting period)
• Headquarters: Principal executive office at 203 Redwood Shores Parkway, Suite 600, Redwood City, California (approximately 8,300 sq ft leased)
• Corporate status: Incorporated in Nevada; operations in California and Canada (Silicon Valley and Toronto)

Milestones and activity

• Bioflux: Full market release April 2019 after final FDA clearance
• Bioflux Software II: 510(k) clearance in 2021 to improve workflow and review times
• Biocore: FDA 510(k) clearance for the patch solution in January 2022; cellular version (Biocore Pro) launched October 2023
• Biocare, Bioheart, Biokit: Developed as components of the chronic care management ecosystem; pilots covering over 60,000 patients in two facilities during pilot deployments
• Recognition: Bioheart included in TIME’s Best Inventions of 2022
• Research: Awarded an NIH grant to investigate cardiac anomalies in chronic kidney disease patients for predictive and early detection applications

Summary

Biotricity combines cardiac monitoring hardware and a connected software ecosystem to deliver an insourced, recurring-revenue model for cardiology diagnostics and chronic care management. The company holds FDA clearances for core devices, has expanded sales activity across multiple states, and continues product development with AI-enabled analytics. Financial results show a history of losses, a going concern from auditors, limited cash on hand, and outstanding debt. Management is pursuing cost controls and additional financing to support operations and growth.