Biotricity Inc.
BTCY Healthcare Medical Devices
Biotricity Inc.’s revenue for fiscal 2026 (year ended March 2026) was $16.0 million, up 16.0% from fiscal 2025. In the quarter to June 2026, revenue grew 10.4%, EPS fell 66.7%, free cash flow grew 235.8% and total debt rose 3.48%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Biotricity Inc. (BTCY) Beneish M-score
Biotricity Inc.'s Beneish M-score for fiscal 2026 is −3.24; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −3.24 | 4.26 |
| FY2025 | −7.50 | 0.87 |
| FY2024 | −8.37 | (2.19) |
| FY2023 | −6.19 | (3.01) |
| FY2022 | −3.17 | 2.86 |
| FY2021 | −6.04 | 1.96 |
| FY2020 | −7.99 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.52 | — | 1.40 | |
| Gross margin index | 0.95 | — | 0.50 | |
| Asset quality index | 0.52 | — | 0.21 | |
| Sales growth index | 1.16 | — | 1.03 | |
| Depreciation index | 1.00 | — | 0.11 | |
| SG&A index | 0.67 | — | −0.12 | |
| Total accruals to total assets | (0.26) | — | −1.22 | |
| Leverage index | 0.98 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.24 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| PETV PetVivo Holdings, Inc. compare | −8.7× |
| BTCY Biotricity Inc. | −3.2× |
| SINT SINTX TECHNOLOGIES, INC. compare | −3.0× |
| IRIX IRIDEX Corporation compare | −2.8× |
| CTSO Cytosorbents Corporation compare | −2.1× |
| BMRA Biomerica, Inc. compare | −2.1× |
| NMTC NeuroOne Medical Technologies Corporation compare | 0.1× |
| RBOT Vicarious Surgical Inc. compare | — |
| AEMD Aethlon Medical, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI