Benzinga | May 6, 2021 12:14PM EDT

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)