Search
Search
Search
Close this search box.

Xybion Digital Reports Profitable Growth and Releases Financial Results for the Quarters Ended on June 30, 2023, March 31, 2023, and for the Full Fiscal Year Ended March 31, 2023

Xybion Digital Investors

VANCOUVER, B.C. and PRINCETON, NJ / NEWSFILE CORP. / October 16, 2023

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, the full year ending on March 31, 2023 and for the first quarter of fiscal year 2024 which ended  on June 30, 2023. 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 Q1 2024 –  June 30, 2023:

  • Adjusted EBITDA (non-IFRS measure) of $689,058 in Q1 2024, compared to $(783,949) in Q1 2023. Adjusted EBITDA margin of 16.7%, as compared to (21.1)% in Q1 2023.
  • Recurring revenue from Subscriptions and Maintenance for Q1 of 2024 increased by 8% to $2.75 M, as compared to $2.53M in Q1 of 2022
  • Annual Recurring Revenue (ARR) increased by 4.9% or $.49 million to $10.60 million, as compared to $10.11 million in Q1 2023.
  • Overall quarterly revenue increased by 11.2% to $4.13 million, as compared to $3.72 million in Q1 2023.
  • Net income of $371,144 in Q1 2024, compared to a net loss of $(648,356) in Q1 2023.
  • As of June 30, 2023 the company had $6,728,689 million in cash on the balance sheet and zero debt.


Financial Highlights for Q4 2023 – March 31, 2023:

  • Adjusted EBITDA (non-IFRS measure), for Q4 2023 was $913,923 compared to $806,633 in Q4 for the fiscal year 2022.
  • Recurring revenue from Subscriptions and Maintenance for Q4 of 2023 increased by 8.8% or $.22M to $2.7M, as compared to $2.48M in Q4 of 2022.
  • Subscription revenue for Q4 of 2023 increased by 13.8% or $.171M to $1.405M, as compared to $1.234M in Q4 of 2022.
  • Revenue was $4.44 million compared to $4.6 million in Q4 of fiscal 2022.


Financial Highlights for the full Fiscal Year 2023 ended March 31, 2023:

  • Annual Recurring Revenue (ARR) increased by 11.1% to $10.8 million at March 31, 2023.
  • SaaS Subscriptions grew 20% year over year to $5.17 million in fiscal year 2023
  • Adjusted EBITDA ( a non-IFRS measure) for the full year ended March 31, 2022 was ($1.065 million) compared to $2.25 million in fiscal year 2022
  • Annual Revenue was $16.435 million, a 2% decline compared to fiscal year 2022

“I am pleased to report that we returned to our consistent, profitable growth trajectory in our Q3 and Q4 for the fiscal 2023 and that this has continued into  Q1 of fiscal year 2024” stated Pradip Banerjee, CEO of Xybion “We are also pleased that our SaaS revenue continued to grow this recent quarter and for the full year fiscal year 2023”continued Dr. Banerjee.  

“During this time, we have been executing our strategy of managing our existing accounts, gaining new clients and establishing new channel partnerships to offer more comprehensive solutions to our clients.” Dr. Banerjee added.

“Thank you for your patience awaiting these results as we engaged a new Auditor, Davidson& Company after learning that our prior Auditor was disqualified. This delayed the release of our annual financials” concluded Dr. Banerjee.

Other Highlights

  • We have added 11 new clients in FY23
  • We have started 2 new partnerships to deepen our relationship in the preclinical lab space
  • We have expanded our partnerships in mainland China and Korea


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, [email protected], 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.

Forward-Looking Statements

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.

Share Press Release

LinkedIn
Facebook
Twitter
Pinterest
Reddit
WhatsApp
Email

Contact Investor Relations

Investor relations serves prospective investors like you seeking insight about Xybion Digital's operations, strategies, vision, and investment options.

Connect with our investor relations team today.