Skip to main content

Market Overview

Maxim Group Is Bullish About Biotricity Generating Over 100% Revenue Growth

Share:
Maxim Group Is Bullish About Biotricity Generating Over 100% Revenue Growth

Biotricity Inc (OTC: BTCY) has a multi-billion dollar target addressable market, which should expand as an ecosystem is created for solutions to chronic conditions, according to Maxim Group.

The Biotricity Analyst: Allen Klee initiated coverage of Biotricity with a Buy rating and a price target of $6.

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 $1 billion for Bioflux and at $2 billion 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.

BTCY Price Action: Shares were down 6.25% to $2.45 on Thursday morning.

(Photo by bruce mars on Unsplash)

 

Related Articles (BTCY)

View Comments and Join the Discussion!

Posted-In: Allen KleeAnalyst Color Biotech Penny Stocks Health Care Initiation Analyst Ratings General

Latest Ratings

StockFirmActionPT
SVLake StreetInitiates Coverage On20.0
CLSDJMP SecuritiesMaintains9.0
WPCJP MorganUpgrades88.0
BRKRCleveland ResearchUpgrades
NTRRaymond JamesDowngrades82.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com