Biotricity Inc (OTCMKTS:BTCY) has bottomed out from two years lows, having felt the wrath of short sellers. After shedding more than 80% in market value, the stock has bounced back on investors reacting to positive developments about the company’s remote heart monitoring device Bioflux.Biotricity Price ActionThe stock is already up by more than 40% in August alone. Price action points to further movement on the upside on growing momentum at the back of high turnover in traded shares. BTCY Daily ChartBiotricity faces immediate resistance at the $3.60 mark, a rally above which could reaffirm the emerging uptrend. Above the $3.60 mark, the stock should be on its way to the $4.60 mark, seen as the next substantial resistance level. On the downside, any sell-offs should experience support at the $2.50 mark, below which the stock remains susceptible to further decline on its way to all-time lows.About BiotricityBiotricity casts itself as a modern technology company focused on the delivery of innovative remote biometric monitoring solutions, for the medical and consumer markets. The company focuses its research and development efforts on preventive healthcare market with a view of coming up with solutions that people can use to manage their health remotely.Why is Biotricity Climbing High?Investor confidence in the stock which had plunged to all-time lows received a boost on the company announcing its premier product Bioflux is now available in five states as part of an aggressive marketing strategy.Bioflux is the company’s flagship device that patients use to detect cardiac abnormalities by essentially measuring electrical activity generated by the heart. The device collects and analyzes data and then periodically uploads to the cloud allowing medical practitioners to see how their patients are doing in real time.The device has already started generating revenue for the company as the company embarks on an aggressive marketing campaign.
“Our recent Bioflux sales activity reflects better than anticipated progress for our Company. Our anchor clients have been immeasurably supportive of our technology and are placing additional orders, and we look forward to the prospect of working with them,” said Mr. Waqaas Al-Siddiq, Founder, and CEO of Biotricity.
The sales drive comes just days after Biotricity announced it had completed an alpha version of the cardiovascular diagnostic device in accordance with FDA arrhythmia diagnostics standards. Following the milestone, the company now intends to integrate Artificial Intelligence and deep data technology into the device with a view of enhancing its accuracy for faster diagnostics as well as improved call center efficiency.Deep data integration should lead to near instantaneous diagnostics which should enhance bioflux edge over current arrhythmia monitors. Completion of the software and hardware prototyping should also pave the way for the company to pursue a 501(K) clearance with the US FDA early next year.Given the milestones achieved in the development of the cardiovascular diagnostic devices, Biotricity has expanded its sales forces as it looks to target multiple markets all in pursuit of sales. The expanded sales force is to cover two additional geographic centers in the U.S in a bid to accelerate adoption.Biotricity admits to experiencing great traction with the Bioflux device and believes now is the right time to capitalize on the strong demand. Enhancing marketing efforts in high growth sectors should help the company accelerate sales which should lead to higher revenues heading into year-end.
“Our Bioflux has proven to be a formidable technology as we continue to gain significant clinical approval and adoption in emerging markets of outpatient monitoring, which also coincides with CMS’s ongoing strategies and efforts to transition many surgical and endovascular procedures to Ambulatory Surgery Centers,” said Casey Shattuck, VP of Sales.
Biotricity has also identified three new markets that it intends to pursue over the next three quarters as part of the accelerated marketing drive.What Next For BiotricityBioflux development and marketing is the catalyst strengthening Biotricity sentiments in the market and among investors. Recent price action activity has shown that investors believe cardiovascular diagnosis device is a medical device that the company can rely on for long-term value.With remote patient monitoring becoming a big deal, Biotricity might as well have clinched a substantial amount of market share with the development and marketing of the device. Improving fundamentals explains why investors are slowly falling in love with the company, triggering the recent buy spree.A sell-off to all-time lows essentially means the stock has a lot of room to run on the upside as investors move to buy the stock on the dip. That said the stock looks set to continue powering high on the news about the remote monitoring device.We will be updating our subscribers as soon as we know more. For the latest updates on BTCY, sign up below!Disclosure: We have no position in BTCY and have not been compensated for this article.
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