Biotricity Inc (BTCY) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Biotricity fiscal year 2024 financial results and business update call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Biotricity 2024 財政年度財務表現及業務更新電話會議。（操作員指示）提醒一下，本次會議正在錄音。

And it is now my pleasure to introduce your host, [Paul Comb], Investor Relations. Thank you, [Paul], you may begin.

現在我很高興向大家介紹主持人、投資者關係部 [Paul Comb]。謝謝你，[保羅]，你可以開始了。

Thank you, and good afternoon, everyone. As a reminder, Biotricity is fourth quarter and fiscal year 2024 ended on March 31, 2024. So all figures presented for this period reflect that end date.

謝謝大家，下午好。提醒一下，Biotricity 是第四季度，2024 財年於 2024 年 3 月 31 日結束。因此，此期間的所有數字均反映該結束日期。

Earlier today, Biotricity issued its earnings press release for the period, which highlighted financial and operational results. A copy the press release is available on the Investor Relations section of the Biotricity website and the full financials have been filed with the SEC on Form 10-K and posted on EDGAR, which you can find at www.sec.gov.

今天早些時候，Biotricity 發布了本季收益新聞稿，重點介紹了財務和營運績效。新聞稿副本可在 Biotricity 網站的投資者關係部分查閱，完整財務報表已以 10-K 表格形式提交給美國證券交易委員會 (SEC)，並發佈在 EDGAR 上，您可在 www.sec.gov 上查閱。

Before beginning the company's formal remarks, I'd like to remind listeners that today's discussion may contain forward looking statements reflect management's current views with respect to future events. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. Biotricity does not undertake to update any forward-looking statement statements except as required.

在開始公司正式發言之前，我想提醒聽眾，今天的討論可能包含前瞻性陳述，反映管理層對未來事件的當前看法。任何此類陳述都存在風險和不確定性，可能導致實際結果與這些前瞻性陳述中預測的結果有重大差異。除非有要求，Biotricity 不承擔更新任何前瞻性聲明的責任。

At this point, I am pleased to turn the call over to Biotricity Founder and CEO, Dr. Waqaas Al-Siddiq. Please go ahead.

現在，我很高興將電話轉給 Biotricity 創辦人兼執行長 Waqaas Al-Siddiq 博士。請繼續。

Thank you, and thank you, everybody, for joining us today. Fiscal '24 has been a transformative year for Biotricity, marked by significant advancements and strategic initiatives that positioned us on a clear path to profitability and positive EBITDA. We have increased revenue, significantly improved margins and reduced EBITDA losses by almost half.

謝謝大家，也謝謝大家今天加入我們。24 財年對 Biotricity 來說是變革的一年，我們取得了重大進步並採取了戰略舉措，使我們走上了盈利和正 EBITDA 的明確道路。我們的收入增加了，利潤率大幅提高，EBITDA 損失減少了近一半。

Our commitment to innovation, strategic partnerships and operational efficiency has allowed us to make remarkable progress across multiple fronts. One of our most significant achievements this year has been the expansion of our cardiac AI cloud platform. This initiative powered by strategic partnerships with industry giants such as Amazon, AWS and Google's TensorFlow leverages over 500 billion heartbeats of anonymized data.

我們致力於創新、策略合作夥伴關係和營運效率，這使我們在多個方面取得了顯著進展。我們今年最重要的成就之一是擴展了心臟 AI 雲平台。該計劃由與亞馬遜、AWS 和谷歌的 TensorFlow 等行業巨頭建立戰略合作夥伴關係推動，利用了超過 5000 億次匿名數據。

Our AI-driven platform is designed to enhance diagnostic accuracy, improve patient outcomes and increase clinic profitability as we pursue FDA clearance for our ground-based groundbreaking AI clinical model, we are setting new standards in cardiac care, ensuring every patient receives the highest quality of care.

我們的人工智慧驅動平台旨在提高診斷準確性、改善患者治療結果並提高診所盈利能力，隨著我們基於地面的突破性人工智慧臨床模型獲得 FDA 批准，我們正在為心臟護理設定新標準，確保每位患者都能獲得最高品質的護理。

Our recent strategic alliances with three of the top group purchasing organizations, otherwise known as GPOs, has been pivotal. These partnerships provide us access to approximately 90% of all hospitals in the US, significantly expanding our market reach. We have a robust pipeline that is growing and active with active pilots at major groups around the country.

我們最近與三大集團採購組織（也稱為 GPO）建立的策略聯盟至關重要。這些合作關係使我們能夠接觸到美國約 90% 的醫院，大大擴展了我們的市場範圍。我們擁有強大的管道，並且正在不斷成長和活躍，全國各地的主要團體都有活躍的試點。

This positions us to capitalize on expensive market channels and secure advantageous terms for medical devices and supplies, strengthening our presence in the health care healthcare technology sector.

這使我們能夠利用昂貴的市場管道並獲得醫療設備和用品的優惠條件，從而加強我們在醫療保健技術領域的地位。

Moreover, the Health Canada approval for our Biocore device has opened new avenues for revenue growth outside of the US in the $1.56 billion Canadian cardiology devices market. This approval aligns perfectly with our strategy to promote accessible high-quality care and improved patient outcomes.

此外，加拿大衛生部對我們 Biocore 設備的批准，為美國以外 15.6 億美元的加拿大心臟病設備市場的收入成長開闢了新的途徑。此項批准與我們促進可及的高品質照護和改善患者治療效果的策略完全一致。

During the fourth quarter, we also launched the Biocore Pro, a next-generation cardiac monitoring device and entered into several key partnerships, including a collaboration with Health Aid Africa to provide complementary heart health screenings at high-profile events. These initiatives underscore our commitment to expanding our market footprint and delivering innovative solutions.

在第四季度，我們還推出了下一代心臟監測設備 Biocore Pro，並建立了多項重要合作夥伴關係，包括與 Health Aid Africa 合作在高調活動中提供免費的心臟健康檢查。這些措施凸顯了我們擴大市場影響力和提供創新解決方案的決心。

Looking beyond fiscal 2024, our recent initiatives continue to build momentum, and we have launched a major cardiac monitoring pilot program with a network of nine hospitals and 10 clinics, and we are accelerating our path to breakeven with the rapid adoption of our Biocore Pro by both existing and new customers.

展望 2024 財年之後，我們最近的舉措繼續積聚動力，我們已經啟動了一項重要的心臟監測試點計劃，其網絡覆蓋 9 家醫院和 10 家診所，並且隨著現有客戶和新客戶迅速採用我們的 Biocore Pro，我們正在加速實現收支平衡。

Additionally, our strategic entry into the pulmonary and neurology fuels through partnerships with leading home-based diagnostic companies marks a significant diversification of our market reach. Furthermore, we are extremely excited about the recent launch of HeartSecure our direct-to-consumer heart health screening service.

此外，我們透過與領先的家庭診斷公司合作，策略性地進入肺部和神經病學燃料領域，標誌著我們的市場範圍顯著多樣化。此外，我們對最近推出的直接面向消費者的心臟健康篩檢服務 HeartSecure 感到非常興奮。

This service targets the $1.1 billion home heart health market and represents our commitment to making heart health services more accessible in response to the global challenge posed by cardiovascular disease.

這項服務瞄準的是價值 11 億美元的家庭心臟保健市場，體現了我們致力於讓心臟保健服務更容易獲得，以應對心血管疾病帶來的全球挑戰的承諾。

In summary, our strategic initiatives, technological advancements and operational efficiencies have positioned Biotricity for sustained growth and profitability. We remain focused on delivering innovative, high-quality cardiac care solutions and are confident in our ability to continue driving value for our shareholders and improving patient outcomes globally.

總之，我們的策略性舉措、技術進步和營運效率使 Biotricity 實現了持續成長和獲利。我們始終專注於提供創新、高品質的心臟護理解決方案，並有信心我們有能力繼續為股東創造價值並改善全球患者的治療效果。

With that, I'll turn the call over to our CFO, John Ayanoglou, to provide more detailed financial insights.

接下來，我將把電話轉給我們的財務長 John Ayanoglou，以提供更詳細的財務見解。

Thanks, Waqaas. Let's review the audited highlights of our fourth quarter and fiscal year 2024 our recurring revenue generated from our technology as a service subscription model as well as our usage-based subscriptions remains robust, driven by the popularity of our FDA-cleared cardiac monitoring devices, Biocore and Bioflux.

謝謝，Waqaas。讓我們回顧一下我們第四季度和 2024 財年的審計亮點，我們的技術即服務訂閱模式以及基於使用情況的訂閱產生的經常性收入依然強勁，這得益於我們經 FDA 批准的心臟監測設備 Biocore 和 Bioflux 的普及。

Both continue to see strong demand and market adoption, particularly the next-generation Biocore Pro, which features cellular connectivity atrial fibrillation. Our primary contributor to strokes remains a significant focus. To-date, we estimate that that Biotricity has monitored and reported over 500 billion heartbeats, providing early intervention opportunities and improving patient outcomes.

兩種產品均持續保持強勁的需求和市場採用，尤其是具有蜂窩連接心房顫動功能的下一代 Biocore Pro。中風的主要原因仍然是我們關注的重點。迄今為止，我們估計 Biotricity 已監測並報告了超過 5000 億次心跳，提供了早期幹預機會並改善了患者的治療效果。

Over the last two years, we estimate that we have facilitated the diagnosis of over 250,000 patients with atrial fibrillation, providing them the opportunity for earlier marked medical intervention. This not only improves patient outcomes, but also underscores significant healthcare cost savings for both individuals and the broader health care system.

在過去兩年中，我們估計已為超過 25 萬名心房顫動患者提供了診斷，為他們提供了早期醫療幹預的機會。這不僅改善了患者的治療效果，而且還為個人和更廣泛的醫療保健系統節省了大量的醫療成本。

For the fourth quarter ended March 31, 2024, revenue increased by 15.9% year-over-year to $3.2 million for the fiscal year. Revenue rose by 25% to $12.06 million compared to $9.64 million in the prior year. This growth is a testament to the efficacy of our strategic sales initiatives.

截至 2024 年 3 月 31 日的第四季度，本財年營收年增 15.9% 至 320 萬美元。營收從上年的 964 萬美元成長 25% 至 1,206 萬美元。這一增長證明了我們的策略銷售舉措的有效性。

Underlining underlying this, though is a significant improvement in the quality of earnings. Our focus on transitioning our new and existing customer base to a flat-fee subscription based model, which establishes higher quality and a more predictable revenue stream.

然而，這背後的原因卻是獲利品質的顯著改善。我們專注於將新舊客戶群轉變為基於固定費用訂閱的模式，從而建立更高的品質和更可預測的收入來源。

Technology fees accounted for over 93% of the quarter's total revenue, reflecting our strong customer retention and the quality of our support services. Gross profit for the quarter totaled $2.3 million, up 48% from $1.5 million in the prior year period. Our gross profit percentage was 69.3% for the fiscal year ended March 31, 2024, as compared to 56.5% in the prior year.

技術費用佔本季總收入的 93% 以上，反映了我們強大的客戶保留率和支援服務的品質。本季毛利總計 230 萬美元，較去年同期的 150 萬美元成長 48%。截至 2024 年 3 月 31 日的財政年度，我們的毛利率為 69.3%，而前一年為 56.5%。

For the fourth quarter, gross margin was 71.5%, up from 56% in the same quarter last year. These are significant improvements. This increase in gross margin was a result of expansion in recurring technology fee revenue up the revenue base as well as efficiencies gained in using proprietary AI and operational automation and improvement in monitoring cost structure.

第四季毛利率為71.5%，高於去年同期的56%。這些都是重大的改進。毛利率的成長是由於經常性技術費收入擴大了收入基礎，以及使用專有人工智慧和營運自動化提高了效率，並改善了監控成本結構。

Through the continued success of our sales team, we have expanded our geographic footprint to 35 states serving thousands of cardiologists across hundreds of centers. Our insourcing business model allows cardiac medical professionals to have direct control over our services, enhancing efficiencies and enabling broader market penetration.

透過我們銷售團隊的持續成功，我們已將業務範圍擴大到 35 個州，為數百個中心的數千名心臟病專家提供服務。我們的內部採購業務模式使心臟醫療專業人員能夠直接控制我們的服務，從而提高效率並實現更廣泛的市場滲透。

Operating expenses for the fiscal year ended March 31, 2024 were $17.2 million, a decrease from $20.9 million in the prior year. For the fourth quarter, operating expenses were $5.3 million compared to $5 million in the same period last year. Our SG&A expenses decreased by 17%, and we reduced our R&D expenses by 20%.

截至 2024 年 3 月 31 日的財政年度的營運費用為 1,720 萬美元，較上一年的 2,090 萬美元有所減少。第四季營運費用為 530 萬美元，而去年同期為 500 萬美元。我們的銷售、一般及行政開支減少了 17%，研發支出減少了 20%。

The increase in quarterly SG&A was largely largely due to a one-time expense. It should be noted that on a full year basis, we reduced SG&A by $3 million or 17%. We have strategically transformed our sales force to focus on longer sales cycles on larger accounts, including independent hospitals and GPO networks, that's group purchasing organizations that sell into hospitals.

季度銷售、一般及行政費用的增加主要是由於一次性支出。值得注意的是，從全年來看，我們將銷售、一般及行政費用減少了 300 萬美元，即 17%。我們對銷售團隊進行了策略性轉型，將重點放在更大客戶的更長銷售週期上，包括獨立醫院和 GPO 網絡，即向醫院銷售產品的集團採購組織。

As Waqaas mentioned, we've now signed three of the largest GPO networks, providing us access to approximately 90% of hospitals in the US. Our shift to rewarding new device sales within our sales compensation structure has paid dividends, resulting in increasing device sales that will positively impact future subscription tech fees.

正如 Waqaas 所提到的，我們現在已經與三個最大的 GPO 網路簽約，這使我們能夠訪問美國約 90% 的醫院。我們在銷售補償結構中轉向獎勵新設備銷售的做法已經獲得了回報，從而增加了設備銷量，這將對未來的訂閱技術費用產生積極影響。

This approach, combined with our streamlined operations and proactive cost management, has set us on a path toward achieving EBITDA neutrality EBITDA breakeven later this calendar year. We are pleased with the progress made in building our technology, obtaining FDA registrations, developing an effective sales force and implementing cost-cutting measures.

這種方法，加上我們精簡的營運和積極的成本管理，使我們在今年稍後實現 EBITDA 中性 EBITDA 收支平衡。我們對在技術建設、獲得 FDA 註冊、發展有效的銷售團隊和實施成本削減措施方面取得的進展感到滿意。

On a year-to-date basis, our total operating expenses were reduced by $3.7 million, resulting in an improved loss from operations by nearly $6.6 million. Net loss attributable to common stockholders for the fiscal year ended March 31, 2024 was $14.9 million compared to a net loss of $19.5 million during the prior fiscal year.

從年初至今，我們的總營運費用減少了 370 萬美元，導致營運虧損減少了近 660 萬美元。截至 2024 年 3 月 31 日的財政年度，歸屬於普通股股東的淨虧損為 1,490 萬美元，而上一財政年度的淨虧損為 1,950 萬美元。

For the fourth quarter, net loss decreased by $4.4 million from $4.9 million in Q4 fiscal year '23. Despite the expenses associated with employee infrastructure growth and rising variable interest rates.

第四季淨虧損較23財年第四季的490萬美元減少440萬美元。儘管員工基礎設施成長和浮動利率上升會產生相關費用。

Adjusted EBITDA for the fiscal year improved to a loss of $7.8 million from a loss of $14.8 million in fiscal '23. This improvement underscores our progress towards breakeven and profitability. Looking ahead, we remain committed to advancing the commercialization of our Biocore Bioflux and Biocare products.

本財政年度的調整後 EBITDA 從 23 財年的 1,480 萬美元虧損改善為 780 萬美元虧損。這項改善凸顯了我們在實現損益平衡和獲利方面取得的進展。展望未來，我們將繼續致力於推進 Biocore Bioflux 和 Biocare 產品的商業化。

Our tech is truly used for globally. Cardiac is the number one chronic care condition in the entire world. We've recently made inroads or received approvals from the regulatory bodies of other countries that will allow us to sell in other jurisdictions. This set us up for new initiatives that we intend to move on in 2026.

我們的技術確實在全球範圍內得到應用。心臟病是全世界第一大慢性病。我們最近取得了進展或獲得了其他國家監管機構的批准，這將允許我們在其他司法管轄區銷售產品。這為我們計劃在 2026 年推進的新舉措奠定了基礎。

The growing market interest and demand for our suite of products dedicated to chronic cardiac disease prevention and management reinforce our confidence in our market position.

市場對我們用於預防和管理慢性心臟病的產品套件的興趣和需求日益增長，增強了我們對市場地位的信心。

Importantly, our focus on innovation and development continues to yield significant advancements in remote monitoring solutions for both diagnostic and post diagnostic products, bringing us closer to achieving positive cash flow. We're excited about the future and are confident in our ability to deliver sustained growth and profitability for Biotricity.

重要的是，我們對創新和發展的關注繼續在診斷和診斷後產品的遠端監控解決方案方面取得重大進展，使我們更接近實現正現金流。我們對未來充滿期待，並有信心為 Biotricity 帶來持續的成長和利潤。

And that concludes our prepared remarks. Operator, please open the line for questions.

我們的準備好的演講到此結束。接線員，請打開熱線以回答問題。

(Operator Instructions) Michael Donovan, H.C. Wainwright.

（操作員指示）Michael Donovan，H.C.溫賴特。

Thank you, operator, and congratulations Waqaas from me. The year to discuss a little bit more about expanding into pulmonary and neurology fields and and how you see kind of a product pipeline in these areas as more research comes across, linking cardiac vascular disease with both specialty neurological conditions and and how this plays into your current product lineup? Thank you..

謝謝您，接線員，我代表 Waqaas 向您表示祝賀。今年，我們將進一步討論如何擴展到肺部和神經病學領域，以及隨著越來越多的研究出現，您如何看待這些領域的產品線，將心血管疾病與特殊神經系統疾病聯繫起來，以及這如何影響您當前的產品陣容？謝謝..

Yes, great question. So basically, what we were seeing was that we've obviously have a pretty good footprint now. So we understand where the model is going. A lot of our referrals were coming from pulmonologists, neurologists. So and those patients are going in they have a higher risk for cardiac issue.

是的，很好的問題。所以基本上，我們看到的是，我們現在顯然已經取得了相當不錯的成績。因此我們了解該模型的發展方向。我們的轉診很多都來自肺病專家和神經病專家。因此，這些患者罹患心臟病的風險更高。

And similarly, if a patient referred to a cardiologist, they don't have cardiac issue, they'll end up at a neurologist or pulmonologist to rule that out or if they have a cardiac issue, they have a higher risk for a neurologically, sure, pulmonology or a pulmonology issue.

同樣，如果患者被轉診給心臟科醫生，但他們沒有心臟問題，他們最終會去找神經科醫生或肺科醫生來排除這種可能性，或者如果他們有心臟問題，那麼他們患神經病學、肺病學或肺病學問題的風險更高。

And so what we did was we partnered with organizations that are providing that sleep diagnostics to pulmonologists optical, I home-based neurological tests to neurologists and partner with them to deliver cardiac cardiac diagnostics through them into what that has done as an initial initial Phase 1 for us is to test the market and really deploy this combination and doing a cardiac and sleep diagnosis at the same time as well as doing a higher neurological study at the same time.

因此，我們所做的就是與為肺科醫生提供睡眠診斷的組織合作，為神經科醫生提供家庭神經系統測試，並與他們合作通過他們提供心臟心臟診斷，這對我們來說是初始第一階段，目的是測試市場並真正部署這種組合，同時進行心臟和睡眠診斷，並同時進行更高級的神經系統研究。

Now we see that opportunity and we see that growing and these organizations are across 50 states, it's early days, but our idea is to look at that over the next 9 to 12 months. And as we see that rollout and if it's effective in their network, we expect it to be net effective in our networks, our cardiac network and begin offering sleep and neurological tests to the cardiac patients that are already doing diagnostics.

現在我們看到了這個機會，我們看到它正在成長，這些組織遍布 50 個州，雖然還處於早期階段，但我們的想法是在未來 9 到 12 個月內研究這個問題。當我們看到這項推廣活動時，如果它在他們的網路中有效，我們預計它也會在我們的網路、我們的心臟網路中產生淨效果，並開始為已經進行診斷的心臟病患者提供睡眠和神經系統測試。

Our goal is not to develop new technology in that space. And there are people that have already developed fantastic home-based neurological testing equipment and people that have built a great sleep test out there. And so our idea is to really bring that into our ecosystem, but first tested within within our partners' ecosystem.

我們的目標不是在那個領域開發新技術。有些人已經開發出出色的家用神經測試設備，並建立了出色的睡眠測試。因此，我們的想法是將其真正納入我們的生態系統，但首先在我們合作夥伴的生態系統中進行測試。

Okay. That makes sense up and kick a little bit or just a quick recap on that pilot studies that you have ongoing right now. My count shows you guys have two ongoing pilot studies. Is that accurate?

好的。這很有道理，稍微回顧一下您目前正在進行的試點研究。我的統計顯示你們有兩項正在進行的試驗研究。這樣準確嗎？

So we're adding we are in our pipeline is growing all the time. But yes, we have we have two active ones right now. And then we have quite a few in the pipeline and that pipeline is growing every month ever since we got onto the GPOs.

因此，我們補充說，我們的管道一直在不斷增長。但是是的，我們現在有兩個活躍的。我們有相當多的產品正在籌備中，自從我們加入 GPO 以來，這些產品每個月都在成長。

And so these pilots in these systems are using multi-site pilots to take a few months harm, but there has been of significant significant opportunities for the company.

因此，這些系統中的飛行員正在使用多站點飛行員來承受幾個月的傷害，但對公司來說卻意味著重大的機會。

That's that's a good lead-in to my next question for the GPOs. What for GPOs, are you seeing this also help you guys with the with within in new markets such as Canada. I know it's for more of an at home type about tests, but follow how does do your current partners within the US and does that translate to additional expansion that will help you ramp in Canada or your new markets?

這是我針對 GPO 的下一個問題的一個很好的引子。對於 GPO 來說，您是否認為這也有助於您在加拿大等新市場中發展。我知道這更多的是針對家庭測試的類型，但請關注您目前在美國的合作夥伴情況如何，這是否意味著額外的擴張將有助於您在加拿大或新市場的發展？

So in some in the GPO world, most of that is very US-focused and there's not much support there for the kidney in the Canadian market. We have some in core relationships. There should be no customers that we have that and more Canadian specialty over here. So there is a very good Canadian US, just a general relationship, I myself, I'm Canadian. So we do have a network out there.

因此，在 GPO 領域的某些領域，大多數都以美國為中心，而加拿大市場對腎臟的支持並不多。我們有一些核心關係。我們這裡應該沒有這樣的顧客，而且還有更多加拿大特色菜。因此，加拿大和美國之間有非常好的關係，只是一般的關係，我自己，我是加拿大人。所以我們確實有一個網路。

Our focus in the Canadian market was and we'll get our Health Canada approval which we did go and find some anchor sites to showcase and then focus on building out a distribution relationship. A lot of the diagnostic equipment in the United States in Canada, is actually sold through distributors.

我們的重點是加拿大市場，我們將獲得加拿大衛生部的批准，我們確實找到了一些主力網站來展示，然後專注於建立分銷關係。美國在加拿大的許多診斷設備實際上是透過經銷商銷售的。

So it wouldn't be GPO-style really should because the different payers payer model, right? It's not a as a public model, and so the distribution approach works better there for at least the cardiac diagnostic side of things. So we're actively working on and building out a distributor network in Canada.

所以它不應該是 GPO 風格，因為付款人付款模式不同，對嗎？它不是一種公共模式，因此至少在心臟診斷方面，分銷方式效果更好。因此，我們正在積極致力於建立加拿大的經銷商網絡。

Okay. And final question, do you expect to see similar margins in the Canadian market? And then as far as your expansion of proceeds in the US market, are you still seeing north of 70% for our gross margin?

好的。最後一個問題，您預期加拿大市場的利潤率會相似嗎？那麼就您在美國市場的收益擴張而言，您是否仍認為我們的毛利率能達到 70% 以上？

Yes. So I think that margins unit, there's that edge of margins. I think John spoke really well about, and I'll unpack that again is about the percentage of revenue. That is our recurring revenue. And if we have a heavier device sale our quarter, especially when you mean going into newer markets like Canada, you may see a blip on and device sales.

是的。所以我認為邊距單位，就是邊距的邊緣。我認為約翰講得非常好，我將再次闡述有關收入百分比的問題。這是我們的經常性收入。如果我們本季的設備銷售量較大，特別是當你進入加拿大等新興市場時，你可能會看到設備銷售量出現下滑。

So that may impact your margin here a couple of points here and there. But when you look at the revenue mix, I stand by what I said a couple of years ago, which I mean, you guys have been looking at the company and following us for a while.

因此這可能會對您的利潤產生一些影響。但是當你查看收入組合時，我堅持我幾年前說的話，我的意思是，你們已經關注這家公司並跟踪我們有一段時間了。

We are growing every single year our margins are improving, right? And you've seen that when we do have a heavier quarter on hardware shows, you'll see a couple of points. But generally speaking as the marketplace and the recurring revenue becomes 99% and margin improvement will occur. So we'll go from where they are, and there's probably another 5%, 6% that we immediately see.

我們每年都在成長，利潤率也在提高，對嗎？而且你已經看到，當我們在硬體展會上度過更繁忙的季度時，你會看到幾點。但一般來說，隨著市場和經常性收入達到 99%，利潤率就會提高。因此，我們將從他們現在的位置出發，可能會立即看到另外 5% 或 6% 的成長。

And then whether or not that five or six per it shows up on the blended overall margin. It's going to as we put on more devices, essentially our steady-state margin will become our our subscription margin and our subscription margin is trending, 70%s going into the mid-70%s and upper 70%s. So we do expect margin improvement to continue with some aberrations here and there.

然後，無論這五或六是否出現在混合總體利潤中。隨著我們投入更多設備，我們的穩定狀態利潤率基本上將成為我們的訂閱利潤率，並且我們的訂閱利潤率趨勢為 70% 至 70% 中段和 70% 上段。因此，我們確實預期利潤率將繼續改善，儘管會有一些異常。

Great, great. That's very helpful. I'll hop back into queue and thank you, Waqaas. Thank you, John. Congrats on the year.

太好了，太好了。這非常有幫助。我會重新回到隊列並謝謝你，Waqaas。謝謝你，約翰。恭喜你度過這一年。

Thank you.

謝謝。

Thank you. There are no further questions at this time, I would like to hand the floor back over to Waqaas Al-Siddiq for any closing comments.

謝謝。現在沒有其他問題了，我想將發言權交還給 Waqaas Al-Siddiq，請他發表最後評論。

Thank you, and thank you, everybody, for joining our fiscal 2024 year end conference call. I just wanted to highlight the trending that is happening with the organization. And I think that a lot of organizations can benefit from revenue growth, margin improvement as well as operational efficiency.

謝謝大家，也謝謝大家參加我們的 2024 財政年度年終電話會議。我只是想強調該組織正在發生的趨勢。我認為許多組織都可以從收入成長、利潤率提高以及營運效率中受益。

Biotricity is expressing all three of those at the same time, which is making us very exciting at the same time we have and launch of very new product. Just a few months ago, we did our Biocore Pro, which is having a great reception, which is also a product that is a higher margin and higher AFP product that both our existing customers and used car and very interested.

Biotricity 同時表達了這三種特性，這讓我們在推出全新產品時感到非常興奮。就在幾個月前，我們推出了 Biocore Pro，該產品受到了熱烈歡迎，它也是一種利潤率更高、AFP 更高的產品，我們的現有客戶和二手車客戶都非常感興趣。

And on top of that, the market expansion and access that we now have as a result of having those three GPOs has really set us up foundationally to be at that point of scale. A lot of companies struggle to get to a $10 million revenue, and that's a big a goalpost for the maturity of an organization for their ability to set up for scale, and we see ourselves at that inflection point.

除此之外，透過擁有這三個 GPO，我們現在擁有的市場擴張和准入確實為我們達到這一規模奠定了基礎。許多公司都在努力實現 1000 萬美元的收入，這是衡量組織成熟度和擴大規模能力的重要目標，而我們認為自己正處於這個轉折點。

So thank you again for joining us and please stay tuned and we will be announcing and putting out and news as some of these major milestones continue to occur.

再次感謝您的加入我們，請繼續關注，我們將在一些重大里程碑不斷發生時宣布和發布新聞。

And this concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。