Good day and welcome to the Biotricity's Fiscal First Quarter 2022 Financial Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mark Forney, MKR Investor Relations. Please go ahead.

Good afternoon everyone and welcome to Biotricity's fiscal 2022 first quarter earnings conference call. As a reminder, Biotricity's quarter ended on June 30th, 2021, so all figures presented for this period will reflect that end date. Earlier today, we issued our fiscal 2022 Q1 results press release which highlighted a number of financial results. A copy of the press release is available on the Investor Relations section of our website the complete financials will be posted on EDGAR. Before beginning our formal remarks I'd like to remind listeners that today's discussion may contain forward-looking statements that 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 statements except as required. At this point, I'm pleased to turn the call over to Biotricity's Founder and CEO Waqaas Al-Siddiq. Please go ahead. Waqaas Al-Siddiq: Thank you, Mark and thank you everybody for joining us today. We are really excited about our start to fiscal 2022 because our results really reflected the continuous growth that we have been talking about over the last few quarters. I will leave most of the details to John for later in the call, but I will spend a little bit of time on highlighting some of the metrics from our Q1 report and provide an update on the momentum in the marketplace. We previously communicated that we were going to have a great fiscal 2022 start. And I think that the results that have come out have really shown that our path and our technology and our approach to the marketplace is continuing as expected. We still believe that we are on track to end 2021 at an $8 million to $10 million annual run rate. We are currently at a $7 million run rate which is a big increase from the previous quarter. We will be also setting some new goals later in the year for 2022. But the main point is that we are going to be continuing this growth trajectory and we see that this growth trajectory of triple-digit growth will be continuing for the foreseeable future. In terms of sequential monthly growth and in terms of our strategic plan as a company, we think that we're at a stage where execution is really -- and replication of what we've already done is the focus for us and for management. And what we mean by that as we mentioned previously, we went from 17 states to 23 states. We are expanding our sales force. We have a product that works, we have reimbursement that's established, and we have a sales process and an execution process that has shown results. And that has continued as we expand from one state to another state. And so really the future of this year and next year is to continue that process and replicate that process. Just as we have successfully gone from one state to five states to 17 states to 23 states, we want to continue that success from 23 states with the goal of going to 50 states. In this portion of the call, I'm going to kind of shift gears a little bit and start talking about the highlights of the quarter and some of the items that we think are the key drivers behind that. I think the most important point to take away is that we beat analyst revenue estimates for Q1. So, Northland's estimate was $1.6 million; Maxim's initiation estimate was $1.375 million and we did $1.76 million. And to remind everyone from the last call, I was talking about this forward estimate of $8 million to $10 million of revenue for this year and we are standing by that statement and we believe that we are going to achieve that. The current trailing 12-month revenue is about $4.7 million, but our current run rate is already at $7 million. So, I think this goes back to some of the points that we've made in previous calls which I think is very interesting and reflective of our business which is that the run rate because we have such high retention and reorder rate our growth -- pending nobody goes on holiday, but our growth is really based on the fact that we retain customers and we continue to execute on the sales side. So, what does that mean? That means if we sell in July and open up five new hospitals then in August, you have 50 new hospitals that are up and running or clinics. And so that is why, when you look at our quarter revenue, we already set up to increase the next quarter. And that is what has really created this momentum of quarter-over-quarter growth and we expect it's going to continue for this year, next year and the year after. I think the third point, which is very important to note is sequential quarterly growth. So from a financial perspective, we had 49% sequential quarter growth compared to 19% last quarter. So, in this particular quarter, our growth actually accelerated. Obviously, now we are into the summer months, but this trajectory is still going to continue the same way. And from a year-over-year, it's 290% quarterly growth from the same quarter of last year. And that marks our ninth consecutive triple-digit year-over-year quarter. And going back to what I was talking about earlier, this is again also about the shift in the importance of real-time monitoring versus passive recording. So, Biotricity was founded, because we believe the future is in smart connected medical devices. Of course, in the pandemic, we saw that the trend and the awareness of the importance of connected medical devices became even more apparent. And we are directly aligned to that trend. Everything that we do at Biotricity is around real-time connectivity real-time monitoring. And I think that that vision and that alignment with where the market is going is another underlying current, which is enabling us to be so successful. We also believe that we will have the most competitive product offering in the market. And the reason we say that is, because we have taken and started at the top end of the market, which is the high-end acute diagnostics which is the Bioflux. And then, we've got this product portfolio, which many of you have heard about and through our news releases and previous conference calls, but we have a pipeline of products, technology and software and hardware that integrates into this cardiac landscape and is really designed to go deeper into the cardiac diagnostic market, but more importantly, is driving downwards and into our existing clinic network. And so the idea is, okay, horizontal growth we talked about that, that's about replicating doing the same thing that we've done in these 23 states in the next 20 states that we want to expand into. But what happens with the existing network? What happened with the existing clinics and hospitals? Well, we want to sell deeper into them. And so that's all about vertical growth. And that's about going deeper into those accounts. And that is another aspect of growth that we will be focusing on over the next year, as we announce FDA clearances and product launches. Another item that I want to highlight and I spoke a little bit about was this idea of going from 17 states to 23 states, but also the fact that we've got a number of increasing in cardiology. We went from 450 cardiologists to 1,100 cardiologists that use our product. That's a 146% increase in cardiologists -- cardiology customers in just seven months. 30 million Americans that have received a diagnosis in cardiac disease, but there's also another 70 million at risk. And in terms of our population access and this goes again directly back to what I was talking about going deeper into the -- deeper into our existing network so that we can increase our total addressable market. In 2020, we had -- 2020 year-end, we had about 900,000 patient access to the hospitals and clinics that use our technology. Today, we have 2.2 million patient access. So that's a 144% increase in the patient population again in just seven months. And I think this is an important moment that I just want to kind of pause on and talk about, because it connects directly to that other point that I was speaking to just earlier, which was how do we -- horizontal growth, we execute and replicate this idea of vertical growth, which is take the product portfolio that we have, launch that, execute that can go deeper this access of patient population. This is what is going to give us that opportunity. And every product that we have or that we are imagining at Biotricity, drives revenue back to the Bioflux, which is our core offering, drives more usage of the Bioflux, which again is our core offering. So they're all complementary. And it's also increasing our total addressable market. So that's the unique thing, right? Today, Bioflux is the core offering and Biotricity has a $1 billion market opportunity. But as we execute on those product – that product portfolio that market opportunity is also increasing. So that is I think an important item to kind of take away as well that the products that we are thinking about are complementary to the Bioflux and help drive Bioflux revenue, but simultaneously increase the total addressable market for the company. And with that I'd like to turn the call over to our CFO, and let him speak to the details on the financial side.

Thank you, Waqaas, and thank you to everyone who has joined us this afternoon. Another strong quarter for Biotricity. I want to begin by highlighting our revenue, which increased from $452,000 in fiscal Q1 2021 to a little under $1.8 million in this last fiscal quarter Q1 of 2022. Remember, we're a March 31 year-end company. This increase represents a 290% quarterly year-over-year increase. But just as importantly, marks a sequential 49% increase, over the $1.2 million we posted just last quarter in Q4 of fiscal 2021. At this point in these young companies life cycle, in this company's growth trajectory, we feel that we have clearly demonstrated that we have a winning combination. We have a winning product and a near hand R&D pipeline, as well as a winning model a business strategy. Our technology is some of the newest in the market and we are one of the only companies with the technology as-a-service, we call it a task revenue model, a share program that significantly enhances the clinical business of the cardiologist. As for our accelerating growth rate, we included these figures in our press release but they'd be repeating. Our revenue growth in successive quarters was 115% increase in Q2 of 2021, a 162% in Q3 of 2021, 227% in Q4 of 2021, followed by the 290%, we just posted in Q1 2022. So when you look at year-over-year, quarter-over-quarter, Q1 to Q1, Q2 to Q2 and so on and so forth, we have an increasing trend. And I've called that a hockey stick in the past. What is really encouraging about this growth is that it is primarily organic. We come pretty close to our goal of 300% growth this quarter and we don't know where that growth will top out but we do continue to see triple-digit growth in our futures – in our future in the continuing quarters – many quarters. During the three months ended June 30, 2021, Biotricity incurred a net loss of $5.9 million versus $3.4 million in the comparable period of fiscal 2021. We continue to be in an R&D and infrastructure development phase as we prep our BioTrade holder product launch and design our move into chronic care. Our R&D pipeline has a very specific goal to create a sustainable set of products, an ecosystem if you will that will take our addressable market from just over $1 billion with our first device to $3 billion and then to $30 billion, as we continue to put out that R&D pipeline during the next two phases of our growth cycle, really large total addressable market. What makes this product road map, particularly relevant is that we tackle the most technologically challenging part of the market first, the high-risk part of the market with our mobile cardiac telemetry device and now again with our BioTrade product but are going downstream to less technologically demanding product lines, each of which has a much larger market in the next phase of our R&D pipeline. This R&D spend will create the future vertical penetration that will bring on additional revenue streams coming directly from our current customer base and future target list. So this is very directed R&D that is geared toward existing product categories in existing markets, creating instant demand from day one of release. It takes quite a few quarters before any early revenue company can be judged on the efficiency of their spending. But we think this quarter sure again that we're getting superior revenue growth with minimal growth in our expenses. Why do I say that? Well, despite continued R&D and sales team expansion, our operating expenses came in at just $4.2 million, only 17% higher than the same period last year. So we are layering on extensive growth without a large increase in these expense items. Our G&A of $3.7 million was only 14% higher than the $3.2 million we posted last year. So this is another key category, where our leverage is apparent. We have multiple products in development. So R&D was one category that rose totaling 588 -- $589,000 about 39% higher than Q1 of fiscal 2021. As previously noted, we're seeing a lot of leverage in most parts of our business but the R&D line will fluctuate depending upon the launch cycles of upcoming products. At the end of the day, we're not a clinical company. We're a technology company and we will be spending significant dollars in our R&D pipeline. We had one large item in the quarter that secured our results in the form of an accretion expense including day one derivative loss, totaling $2.3 million, which accounted for about 40% of our net loss. Now that is a non-cash item that is in our P&L and it makes our results a little funny this quarter but it really relates to the convertible notes previously issued. So overall, because of that debt discount accretion of debt discount and amortization of the issuance costs, our total comprehensive loss was $5.9 million a 68% increase over Q1 of fiscal year 2021. There was a bit of noise in this quarter in that regard. So utilizing our total operating expenses as a major of our consistency is a better metric, to track in terms of the leverage and efficiency of our model. Like other early revenue technology companies, we currently operate at a loss but we are also putting the bulk of our capital directly to revenue-enhancing projects and sales territory expansion. One of the key features of our model, is that we carry very little inventory as we deploy our devices quickly to our customers where those devices remain during the useful life of the device. As a result, our Q1 fiscal 2022 inventory was only $180,000 to 66% of what we held in inventory in the prior year quarter despite much higher sales. This is a key feature of a model where we have little or no inventory risk. One of the differentiators in a task model, is that the upfront cost for each new revenue-generating device is relatively fixed but results in thousands of different revenue streams depending upon the usage of each device as defined by office volume at each cardiologist. With a useful life of about three years and high visibility following each sales win, we've got excellent visibility into our equipment capital costs. One differentiator is scale. So as we grow, our device cost has the opportunity to improve to lower. This is a simple measure of how our forward strategy will really benefit from scale. In that regard, looking at our gross margins in the most recently completed quarter, we had a gross margin of 70% compared to 69% in the prior quarter. We anticipate we can continue to see cost rationalization as we grow. A key focus for us through the remainder of 2021, is to continue to expand our sales force. We made the decision during our affirmative years as a company to build an in-house sales force a strategy pursued by many other successful med tech firms. This is a process that takes time, so our geographic expansion has been strategic as we have layered on new categories in part determined by the quality of talent we can find as we enter those new markets. As today's numbers show, we have the right formula for success. So we expect similar results as we enter some very high-profile markets in the future including California, Illinois and a number of key states in New England the South, Upper Midwest and other parts of the country. Given the success of some of our more seasoned salespeople, we're attracting some excellent new salespeople to fuel our entry into our next targets. We continue to monitor trends in billing the effect of COVID and other industry headwinds that have affected some other med tech companies. We believe that our model and technology helped insulate us from many of these headwinds. So we are maintaining our current forecast for both near-term and long-term growth. We are in a marketplace where the patient population is growing and the conditions tend to be chronic. So there is a real stickiness to each new doctor we sign. As we further penetrate this industry, we'll need more resources, our people we will conduct more R&D, but we're following a well-won path that can lead to our long-term goal of $1 billion plus valuation. Based on our recent results, we're more encouraged than ever that we are on the right track toward continued success. At this point, I want to turn the call back to Waqaas for his closing comments. Waqaas Al-Siddiq: Thank you, John. And so off the back of what John just spoke about and in terms of the market opportunity, and where we are marching towards, and the vision for us – at least from a management perspective our vision to get to $1 billion valuation. I wanted to talk a little bit about comps and what's going on in the industry, specifically because there's been a few buyouts. We saw that, BioTelemetry was acquired for $2.8 billion. We saw also that, Proventus was acquired for $1.25 billion. What we are also seeing is as we are growing in terms of a company, and as we are growing our market share, we're seeing that we're growing more efficiently than our peers did when they were in the same stage as a company. And we're seeing that when you look at the margins, when you look at what is our cash burn, when you look at how we growth – John talked about this idea of okay expenses are growing, but the growth that we're growing the expenses are not growing in line with that. And I – that all speaks to the efficiency of how we are driving and speaks to the team that is really operating the company across departments, not just sales and operations, and finance, but engineering. We are very, very efficient in our ability to deploy capital. This also speaks to another point, which is saying and John was talking about a couple of funny aspects about this quarter. As CEO, I am always looking at net cash or what is the net cash burn. And so what we see is that from an operating expense perspective in the quarter ended June 30, we earned about $3.9 million on the quarter, which puts your cash burn on an annualized basis around $12 million. But we're at a run rate of $7 million. So that means our deficit for the way we are growing is about $5 million. So there's a clear path to organic growth, accelerated growth, and the breakeven that everybody is always going after. And when you look at some of these other companies to give you a couple of other data points, Biotricity has since inception, and I raised approximately between $45 million to $55 million in the financial, you have stock options and equity, which counts in expense. So I don't remember the exact number off the top of my head. But to draw a comparison iRhythm, which raised about $250 million from 2007. And even – and despite the selloff after their reimbursement issue, they're worth $1.35 billion. Boston Scientific, when they acquired Preventer – prevents rate a couple of hundred million dollars and was acquired for $1.2 billion, where it was losing money at the time. InfoBionic, we decided in 2011, has $100 million in metro funding. Again, compared to Biotricity, we are spending – we have acquired in terms of capital 25% to 50% that these companies have done. And so our trajectory and our path is directly in the same type of valuation metric, there's billion value that John was talking about. But in a way more capital-efficient way, and I think that that is from a head-to-head efficiency comparison when you're comparing Biotricity to those companies at the exact same stage. Another component about that, and I spoke about this in the last quarter is that Biotricity we've taken a technology as a service model, right? And so because of that we're taking revenue in a different way. So when you compare Biotricity to a BioTelemetry or Proventus, it's not really an apples-to-apples comparison, because the business model is so different. If you do an apples-to-apples comparison, we're taking about 25% from a technology fee perspective compared to a clinical service play, because we're not billing insurance ourselves. So that means that, if we – if we were to project in the same business model, our revenue wouldn't be more close to $30 million compared to our run rate of $7 million, if we adopted that business model. But again, we are a technology company and we are focusing on things differently. And this is where it goes back to our approach in the marketplace, which is to provide the technology and make it available to everybody. And because we're a technology company we're able to do that. We're able to go into multiple states. We don't have to invest in infrastructure. We don't have to deal -- set up clinics. We don't have to service the patients in the same way. It's really about getting our technology in the hands of clinics, hospitals doctors. And then to layer that horizontal growth of opening up accounts with this vertical growth, which can help us increase that revenue and create two simultaneous sources of growth. Another component which I wanted to talk about is the industry and what's going on in terms of billing. And why Biotricity insulated. So one thing that we do have Biotricity is that everything that we talk about is product portfolio that we're talking about. Everything that we focus on from an R&D perspective, we identify the business model before spending a single dollar in R&D. And what does that mean? That means we look at the reimbursement landscape. We go so far as pulling CMS payments information to understand how is Medicare Medicaid private insurance reimbursing for these technologies. And so based off of that we build our model. And our model is always technology as a service. So if our costs are low enough and we can provide the technology and the lifetime of the technology is one year, two years, three years what have you, and we are collecting a per usage technology fee then it is highly profitable for us. It has high margin. And it creates this insulation from reimbursement issues. So take, for example, the product that we have with the FDA right now Biotres or even the Bioflux for that matter. The cost of our device compared to what our portion -- what our technology fee that we earn every time the device is used, the device gets -- is profitable after two uses. And that's on a 25% revenue compared to a biotelemetry. So in terms of insulation if reimbursement got chop by 50% would we still be -- would our device utilization still be profitable? Yes. You got chop by 75% it -- we would still be profitable because we -- it's turning. It's just meaning that on a two-year lifetime instead of breaking even after two uses, we're breaking even after – four uses or six uses or eight uses. It's a long story short. Our installation is we're insulated so well because of the way that we deploy the technology and cut cost that reimbursements would have to be chop 80%, 90% for us to really feel something. And even then if the -- if we can ensure that our devices and our technology has a long enough lifetime we are even further insulated. And I bring that point up because we've seen what happened with iRhythm where they got a reimbursement chop and they got really impacted from it. But their business model is very different because they have to service the device. The device is sent back to them. They download all the data. They clean up the device. They refurbish the device and then they ship it back out. This is nothing like what we are doing at Biotricity and that is why we have been able to really be insulated from these types of issues. And ultimately, we've done that for one reason, of course, is because we want to stay as a technology company, but our ultimate goal was really to follow this cardiac patient through their life journey right? And the end goal being okay diagnose the patient. And then what happens after diagnosis? Well you have to manage the patient. You have to collect all of this -- you have a holistic view of this patient so that you can provide that data set to the physician and they can help -- and they can manage that patient. And we want to facilitate helping to manage that patient. And that is what Livongo did for diabetes and that's what Biotricipy wants to do for the cardiac. And so our end goal is to go from diagnostics all the way into cardiac disease management, which is this idea of monthly care. And monthly care is really this mash-up of diagnose the patient. The patient gets diagnosed to get a procedure. Once they have a procedure in between visits collect additional data by enabling the physician to track what is happening with the patient in between those visits and provide that in a summarized format. And so that is the ultimate goal for the company. We hope to share more you guys about that goal. And as we work closer towards the monthly care model that is on our goal for the remainder of the year in terms of piloting and collecting data around that and a big milestone for us as a company. And as we move forward on that we will certainly provide an update on that. And then in terms of the rest of the year and our goals for the rest of the year, we are still focused on doing a NASDAQ uplist. We are moving forward with that process and that is still a priority item for us. We want to continue to expand our sales force and territories. Again that idea that I was talking about earlier, which is replication and execution right keep executing the same way. We have a product that works. It's been used on tens of thousands of patients. It's used on thousands of patients on a weekly basis. We understand the type of sales reps we need. We understand the types of accounts we need. We understand the sales cycles, how do we continue to do that in every state that we go to. There's a lot of low-hanging fruit still left in the United States. There are big markets. The West Coast is a massive market that we are still not in. And our strategy is not really to chase a state. We could do that. But it's really what we found since we launched the product two years ago and what we have seen from customers, as well as what we have seen from sales force is really to go after the right type of talent, right. Human resources is a critical part of the company and finding the right time. So instead of saying, hey, we need to be in Washington state. We certainly want to be in Washington State. But if we find the best sales rep in Oregon, we'll go to Oregon before Washington. So we're very much trying to align this idea of state expansion with finding the best talent that is available. And in terms of other milestones we talked about R&D, we talked about our product portfolio everything that we're doing from an R&D perspective is to really focus on moving the needle in terms of technology and making sure that we at Biotricity maintain our technology but also come out with a product that is a leader in every category within the cardiac space. In terms of our vision, I think that Biotricity is going to look very different in one year, compared to three years, compared to five years. And what I mean by that is to say within the next year, you'll see some of these new products coming out, you'll see some blind items show up, you'll see the revenue increase. In three years' time, you will see all of those as major revenue drivers for the company and this cardiac ecosystem, which will be across the United States with multiple product lines, generating revenue and all working together to really help manage and take care of a patient. And going beyond that and going to five years you will see Biotricity really linking into and integrating with other companies that cardiac patients have other risk for. Cardiac patients have higher risk for diabetes, higher risk for kidney disease, higher risk for clevapnea, hypertension. So what other companies are out there that are doing remote monitoring more diagnostics and all the stuff that we can integrate with. So in five years' time you'll see that. And so really -- if you summarize all of that, our vision is how do we take care of this cardiac patient as they get older, as they get sicker and as their disease progresses and how do we combine all of that together. And I'll end with a quick summary and not to oversimplify, we have a product that works. We have reimbursement that's established. We understand our sales process. We understand what we need to do to grow. We're in 23 states we want to expand to 50 states. And we believe that we have a true multiyear growth story that has many years of high visibility growth ahead because it's about execution and replication, meaning continuing to do what has made us successful thus far. not only with the Bioflux but with every other product that we come out with. So it's this idea of doing more of the same at scale and continuing this efficiency. And domestically in the United States, of course, that is our focus and we have a path but there's also opportunity internationally. We are, of course, laser-focused on the national market. But as we expand and as we go three years from now, we will start looking at those international markets as well because cardiac disease affects not only the United States but every country in the world. And with that, I'd like to turn it over to questions.

Thank you. At this time, we will open the floor for your questions. [Operator Instructions] Our first question will come from David Larsen with BTIG.

Hi. Congratulations on the great quarter, I was wondering if you could talk a little bit more about your R&D efforts and your sort of vision for the business. And where over the next one, two, three years what other sort of products and sort of therapeutic areas you might be most excited about getting into? Is it diabetes? Is it sleep? Any other color on that would be really helpful. Waqaas Al-Siddiq: Yeah, for sure, so from a product portfolio perspective, we are really focused on completing the cardiac diagnostic and cardiac management portfolio. That is our vision. And they're all derivative products. And they all drive again additional utilization and usage of the Bioflux. So it's very symbiotic. In terms of other technologies like, sleep apnea and hypertension and all those. We are constantly from an R&D perspective looking at those spaces. We are looking at who's playing in those places, who's got remote diagnostics A lot of that will be an integration play, in terms of seeing who's doing home basically back okay, what does their report look like? What does our technology look like? How do we integrate that into our ecosystem? How can we pull that report and augment it, because that's a faster path to getting into that market, as opposed to building all of that technology in all of those sensors out internally. Now, as the opportunity is big enough, and we see that nobody really had a solution that works, we do have a platform that is designed to have sensors added to it. And then of course it would be a different form factor. And we would go into that R&D effort. Today our R&D effort to your specific question, it's focused on this cardiac diagnostics and cardiac management space. And I think that -- and we are certainly reviewing the other spaces but we're not going to jump into them until we've completed this portfolio.

Okay. So would you partner with existing vendors that are already in the space and then create some sort of a revenue share arrangement? Is that how you… Waqaas Al-Siddiq: Exactly

… would potentially get into these? Waqaas Al-Siddiq: Yes. That is exactly our plan. We would do it in that way, where we would partner with them, do a revenue share arrangement, integrate their technology or if there's -- that's just the providing the services. They're not providing the service or because our business model is always to enable the hospital and the doctors to utilize and implement the service themselves, then what we would do is we would say okay, let us buy your technology, bring it into the ecosystem, and repurpose the workflow, so that it would be designed in a way that doctors and hospitals can actually deploy the technology themselves, as opposed to outsourcing. Because we -- our fundamental belief is you need to create a revenue stream for hospitals and doctors. And that's how you drive adoption. So if it's done -- if their business model is outsourced we would have to get access to the technology integrate and then, change the work closer that the business model can be more of a technology as a service play.

Okay. And then, can you just remind me, how many salespeople you have now? Are they all like, commission motivated sales people? And where would you expect that figure to be a year from now? How many salespeople would you have? Waqaas Al-Siddiq: So we haven't actually publicly announced how many sales reps we have. We'd like to keep that. I'm not sure how -- information much ourselves. What I will say, is we -- so we try to recruit the best sales reps, right? And the best sales reps, mean, you have -- it's not commission only. It is we repaid them a base salary. And then, we give them a commission on top of that. And we try to find top sales reps that have experience launching multiple medical devices. So they have the start-up mentality they have this idea of figuring things out. And they're used to dealing with not one technology but multiple technologies because as we expand our portfolio we will need that type of skill set in-house. Our ultimate goal is to have 40 full-time reps to 50 full-time reps, that's our goal. And then, we want to support those reps with inside sales clinical reps, because reps that are focused on opening up accounts we want to make sure that they are continuously enable to open up accounts. So we expect another -- depending on what the ratio is 25% to 35% in the inside sales clinical sales reps. So we expect the sales force at scale to be in that type of range in that 65 75-person sales force range.

Okay. And then just one more for me. Can you give a little color around sort of what the in-cell potential is for all of your existing clinics and doctors right now? If they use your technology for all of the patients that are on their panels that could benefit from the technology? What sort of incremental revenue opportunity are we looking at? And then when we think about the organic growth that you delivered in the quarter how much of that is coming from new sort of clinics versus greater usage from your existing client base? Waqaas Al-Siddiq: Okay. Great question. So - and I'll break that up into the three questions. So you asked first what is the incremental revenue that if we focus on our existing accounts and executing on our product portfolio or vertical growth right? So, we are at a $7 million run rate. I would say it's easily at least 3x. And we have to execute the entire product portfolio though. So there's -- we can triple in size if all we did was just finish our product portfolio and sell it to the existing accounts and stop going into new accounts. So that's just vertical growth. We triple in size. But we need the whole product portfolio we need to map it out. There's a bunch of things in terms of workflow and items that you have to do. Your second question which was how do we -- what's the -- sorry can you repeat the second part of the question again?

I guess with the organic growth that you delivered in the quarter how much of that came from new clinics versus sort of greater in-sell to your existing clinics? Waqaas Al-Siddiq: Yes. So that ratio -- what we find is that most of our existing clinics to get to a steady state four to six months in after using our product right? So when we talk about our growth it's mainly been driven by -- I'd say 1/3 of it is existing customers and 1/3 of it is new customers off the top of my head. So this is off the cuff kind of thing. Because if you take the last six months there's going to be some accounts that we sold to in the last six months that are still getting into that steady state curve. So they would add to that revenue. And then there's this other new accounts that have been sold in the last in 90 days that are driving new revenue. So, it's a combination of both but 1/3 of them are like annuity, right? They've been with us for more than six months. They have us -- they're already at steady state. They do a certain number of patients and it's kind of like clockwork provided they're not on holiday or something like that. And just off of that same thing the question about utilization which I would bring up is that utilization is something that we haven't even really touched. We haven't -- now we could probably -- if we just focused our sales force on purely utilization how do you drive -- on the Bioflux right? We could probably increase revenue by 10%, 15% if we focus on just utilization. But that's not a job for sales force that is really focused on driving growth in new accounts, right? You want a lower -- I don't want to say you want a different type of sales force a lower cost sales force that really supports the guys who find new opportunities use that term of hunter versus pharma right? You want to find some -- that sales force that really goes in and optimizes your existing accounts to extract the best utilization. That's an area that we haven't even touched and that's another opportunity for us. But as a company obviously it's much easier to grow right now because there's so much open opportunity than it is to really go in and optimize every device within the clinic. It's something we are aware of. It's something our sales force is aware of. It's something that we certainly are putting plans in place and we are doing it slowly, but it's not something that we've gone to a point where we're like hey, we've taken all the low-hanging fruit out there in the United States and -- or in your territory. So now go in and we want to optimize every single account. There's just so much opportunity available to us that we're not at that stage yet.

Great. Thanks so much. Congrats on good quarter. Waqaas Al-Siddiq: Thank you.

We'll take our next question from Chet White with Helios Alpha Fund.

Hi guys. Waqaas and John I have to also congratulate gain a big quarter. Fantastic. And I just have a couple of quick questions. Can you talk a little bit about visibility. And if you've seen any type of variation with the new variant of COVID coming out and particularly, in the summer months? How do you -- could you give us a little color on that? Waqaas Al-Siddiq: Yes absolutely. So, I would say -- to complicate a question, just like three parts to that. So one part is, Delta variant comes down. What's our impact today or what impact do we see today? What we see is that, a lot of clinics and doctors who thought that the Delta variant wasn't going to be that bad, or they think that there's going to be a lockdown, they're going on holiday, right? They've been overworked for a year-and-a-half. They haven't really had much time off. Clinic staff, doctors, they're taking holidays and in anticipation that there may or may not be a lockdown. And so, that's certainly an impact that we've seen. And obviously our model is to enable doctors and hospitals, so if hospitals and doctors are on holiday or they're not utilizing our device. And then, obviously, that is an impact on growth. Now, despite that, we continue to grow, because we are -- whereas before, a couple of years ago, you've got 5, 10 accounts, we're very insulated in the terms that we've got a wide enough network, 23 states. So not everybody is -- it's not like everybody goes on holiday at the same time. So it does ebb and flow and it's something that we're insulated from, just because we're so distributed in terms of our account base. We're not concentrated from an account perspective. So that deals with the specific thing on Delta right now. The second part of Delta is, okay, well, what happens if we are going to go into a lockdown. I think the company has proven over the last year, over the last lockdown, is that we are -- we know how to execute despite what happened during the pandemic. It certainly limits and slows growth, in the sense that you're not able to just walk into a doctor's office. If there's a lockdown, you really have to be careful. There's -- you have to be, seeing when the doctor is accepting. They're not always going to accept somebody to just walk into the office. They may want to visit them on particular days or off hours or when things are less busy versus before the pandemic, where sales force can really go in and on demand and work in the clinic or hospital. Now, that has certainly changed. And if there is another lockdown, access to those doctors is going to be not as open as it was pre-pandemic. So that will impact growth, but we still expect to do our triple-digit growth, as we have been shown and as we have proven. So from -- in summary, what Delta will do or impact us is, it will slow growth, but it's not going to kill growth. We will continue to grow and we will still meet our objectives and we are very confident about that.

Very good. And just two follow-up questions. You mentioned that two of your primary competitors have been acquired recently. Have you seen any change in business practice and tactic from them? And then, the last question is, could you give us a little color on what's happening with Biotres at the FDA? Thank you. Waqaas Al-Siddiq: Sure. So, in terms of business changes from our customers, I think that any time there's an acquisition, there is this rejigging of the organization. Some people are -- because you've got a dual job, you've got a sales force that already exists, some of the sales force is chopped. So, in general, the businesses are operating the same as they have been. What we have seen is, there we have seen people leave and people let go of, as the acquisition has been taking place. So that has, of course, created some opportunity for us. If there's talent out there that we can get access to, we will certainly try to bring it in. But, by and large, it's been pretty much the same. We have seen that, because of that acquisition, the human resource change has occurred. So not really an impact to us in any real way, except that there may be some opportunity for people, provided that they don't have any conflict of interest that we can bring in, if they're -- if they have the talent. So that is the first -- your first question. Your second question was about the FDA. We have done everything that we have -- that has been requested to us from FDA in terms of providing information, what's the process. We've engaged in the process. There's a number of steps required to get a 510(k) clearance. We've made and done all of those steps. Now it is really about FDA responding within the time line that they've outlined. There has been -- and publicly everybody knows, FDA has been backlogged. Most people have been backlogged. And of course, with the Delta variant, I'm assuming that they're prioritizing stuff that's related to respiration and oxygen iteration all that as they should 100%. And so they have been communicative to us and they have said that they are working their best to get through everything within the time lines that they try to meet. So we have no reason to have a -- expect anything, but hopefully an approval in short order.

Excellent, excellent, news. Again, thank you guys both and congrats on another good quarter.

At this time, there are no further questions. I'll turn it back to today's speakers for closing remarks. Waqaas Al-Siddiq: Thank you. So, I sort of already gave my closing remarks, but I will kind of reiterate the point that I think the theme for this call is this idea that we have continued to show growth. And going forward and our path forward as a company is to continue to do more of the same. And we have shown that and now with the 23 state, state after state, we're able to replicate, right? We're able to execute the same way. We need to continue to replicate and execute that at scale and we need to do that not only for Bioflux, but as we deliver these other products and expand our product offering to do the same. And I think that that is what I would leave everyone with is -- and our expectation is this continued growth trend, not only for this year, but for next year and the year after. And I think that investors should be quite content with the fact that now that we have built in a big enough of a network we've got enough states that the company as long as it continues to replicate and scale and execute in the same way that it has been doing and that we have proven that we are able to do that growth from a Biotricity perspective between here and $50 million in revenue and even beyond that, we are on the same path as other players in the space that have been acquired, other players that are not in our industry in real-time cardiac diagnostics, but like passive diagnostics like iRhythm or companies that are in parallel industries like in sleep apnea or diabetes or what have you. But is this idea of a $1 billion valuation and growing and executing towards that I think it's a very clear picture. It does require us to continue to do the same, but the path is there. And I think that that is the exciting thing that we're super excited about at Biotricity. We're -- and we are really excited about executing on that product portfolio over the next six months and into next year. And with that, thank you everybody for joining. Thank you for your questions. We at Biotricity are always here and feel free to reach out to us at investors.biotricity.com and we will try to respond to any questions or inquiries to the -- on a timely manner.

Ladies and gentlemen, this concludes today's call. Thank you for your participation. You may now disconnect your phone lines.