Xybion Digital Reports Continued Profitable Growth and Financial Results for the Fourth Quarter and Full Year of Fiscal 2022
VANCOUVER, B.C. and PRINCETON, N.J., July 25, 2022 /CNW/ — Xybion Digital Inc. (XYBN:TSXV), a global, low-code SaaS company that enables digital transformation in life sciences and health organizations, the acceleration of new drug development and enables organizations to maintain employee health and safety, today reported financial results for its fourth quarter and the full year ended on March 31, 2022. Financial references are expressed in US dollars unless otherwise indicated. Please refer to the MD&A and Financial Statements posted onto SEDAR (www.sedar.com) for information relating to non-IFRS measures and risk factors.
Financial Highlights for the full Fiscal Year 2022:
- Annual Revenue increased by 17.1% to $16.77 million
- Gross profit increased by $1.74 million or 18.5% to 66.5%
- SaaS Subscriptions grew 39% year over year
- Annual Recurring Revenue (ARR) increased by 11.5% to $9,714,623 at March 31, 2022.
- Adjusted EBITDA, a non-IFRS measure, for the full year ended March 31, 2022 was 11.5% or $1.93 million
- As of March 31, 2022, the Company had $8.14 million in cash on the balance sheet and zero debt.
“I am pleased to report another quarter of profitable growth” stated Pradip Banerjee, CEO of Xybion “We are excited about our SaaS revenue growth this quarter and for the full year for our fiscal 2022 showing the power of our SaaS platform that can satisfy the end-to-end process needs of our clients and can replace multiple legacy systems by a single Xybion cloud platform.” “It was gratifying to see one of the top 15 global pharmaceutical companies sign a multimillion dollar contract to add more Xybion SaaS solutions to replace their legacy R&D quality, compliance and audit software,” Continued Dr. Banerjee.
“Overall, our fiscal 2022 was a significant year in the history of Xybion. We became a publicly listed company in November 2021 and started trading on TSXV under the symbol XYBN. I am thankful to our dedicated employees and look forward to executing our growth plan and create values for our shareholders in the years ahead” Dr. Banerjee concluded.
Financial Highlights for Q4 2022:
- Revenue grew by 6.0% to $4.6 million compared to $4.3 million in Q4 of fiscal 2021.
- Adjusted EBITDA margin, a non-IFRS measure, for Q4 2022 was 15.8%.
- Recurring software revenues – which include revenue from SaaS and maintenance – increased by 6.9% or $0.16 million to $2.48 million, compared to $2.32 million in Q4 of fiscal 2021.
- Revenue from SaaS in Q4 of fiscal 2022 increased by 11.2% or $0.12 million to $1.23 million
- One of the largest European pharmaceutical companies signed a 5 year multimillion dollar contract.
- Our software was successfully implemented by multiple laboratories involved in COVD vaccine research and testing
- Xybion was granted a US Patent on Regulatory compliance assessment and business risk prediction system.
- A Base Shelf Prospectus was approved for up to an aggregate total of CDN$50 million in January 2022.
The Company will hold a conference call to discuss these results. Details are as follows:
Date: July 26, 2022
Time: 8:30am Eastern Time
Canada/USA TF: 1-800-319-4610
International Toll: +1-604-638-5340
A transcript of the call will be posted on the Company’s website at www.xybion.com within 72 hours of the call.
Non- IFRS Financial Measures
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are non-IFRS financial measures. EBITDA is defined as net income or loss before net finance expenses, depreciation and amortization expense and income tax expense. Adjusted EBITDA is defined as net income or loss before income taxes, net finance costs, depreciation and amortization, Paycheck Protection Payment (PPP) loan forgiveness, one-time Reverse Takeover (RTO) expenses and stock-based compensation, and Adjusted EBITDA Margin is defined as the percentage of Adjusted EBITDA to revenues. Since the Company capitalizes its operating leases as right of use assets, the amount of amortization related to these right of use (ROU) assets was not added back to earnings in determining Adjusted EBITDA. We believe that Adjusted EBITDA and Adjusted EBITDA Margin are useful measures of financial performance because they provide an indication of the Company’s ability to seize growth opportunities in a cost-effective manner and finance its ongoing operations. Each of these non-IFRS financial measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS. These measures are unlikely to be comparable to similar measures presented by other companies. Rather, non-IFRS measures are provided as additional information to complement financial statements by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS.
About Xybion Digital Inc.
Xybion is a global SaaS company that helps enterprise life sciences organizations accelerate new drug development into approved medicines that may save lives and keep employees safe. We digitize drug research and development, laboratory testing, regulatory approvals, and pharmaceutical manufacturing on a single, unified cloud platform that is cost-effective, ready to deploy, and easy to use. Xybion has over 160 clients in 29 countries using its low-code software to accelerate timelines, improve compliance, expand capacity, minimize operating risks, and reduce expenses while keeping employees safe.
Learn more about Xybion at https://www.xybion.com/
For further information: For more information regarding Xybion Digital Inc., please contact Pradip Banerjee, Chief Executive Officer, PBanerjee@xybion.com, 609-512-5790 x122
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements (“forward-looking statements”) in this news release may contain forward-looking information concerning relating to the release of financial results, plans related to the Company’s business and other matters that may occur in the future, made as of the date of this news release. In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including with respect to the timing of such release. Although management considers these assumptions to be reasonable based on information available to it, they may prove to be incorrect.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the expectations expressed in them. Such factors include, among others, the risks described in disclosure documents filed by the Company on SEDAR. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities law and may not be offered or sold in the “United States”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.