Total revenue grew by over 43%
SaaS revenue increased by 63%
ARR exceeded US$9.2M exiting the quarter
EBITDA Margin was 13.8%
VANCOUVER, B.C. and PRINCETON, N.J., Nov. 22, 2021 /CNW/ — Xybion Digital Inc. (XYBN:TSXV) ("Xybion" or the "Company"), a global, low-code SaaS company that enables digital transformation in highly regulated industries like Life Sciences, today reported Q2 F2022 financial results for its second quarter ended on September 30, 2021. Financial references are expressed in US dollars unless otherwise indicated. Please refer to the MD&A and Financial Statements posted onto SEDAR ( for information relating to non-IFRS measures and risk factors.
"Post-COVID, life sciences companies are eager to digitally transform their critical processes. Our low-code SaaS software platform is helping our clients do this quickly, inexpensively and effectively for their labs, data, and employee health and safety workflows," said Dr. Pradip K. Banerjee, Chairman & CEO of Xybion. "The strong Q2 performance across all of our KPIs reflects increasing market demand for our solutions."
Summary of Consolidated Results Q2 & YTD Fiscal Year 2022


Q2 2022
% Change
Q2 2021

YTD 2022
% Change
YTD 2021
Total Revenue


Gross Margin


GM %




Total Expenses


Operating Profit


Net Income











Interest expense (income)






EBITDA Margin %




Financial Highlights for the Quarter:
Total revenue increased by 43.8% to $4.5 million in Q2 F2022 compared to $3.1 million reported in Q2 F2021. The increase in total revenue was positively impacted by growth in recurring revenue, and particularly by SaaS subscriptions revenue growth.
Recurring software revenues (software as a service (SaaS), software subscriptions and maintenance) increased by 23.4% or $428,217 to $2.3 million, compared to $1.8 million in Q2 F2021.
Annual Recurring Revenue from Software reached $9.2 million on September 30, 2021, an increase of 21.8% compared to $7.6 million reported at September 30, 2020.
Gross profit for Q2 F2022 totaled $3.1 million, an increase of 60.6% or $1.2 million compared to $1.9 million in Q2 F2021. Gross margin was 68.5% of revenue in Q2 F2022, compared to 61.3% in Q2 F2021. Higher gross margin is directly related to increases in higher margin subscription licenses in the quarter.
Net income of $345,871 in Q2 F2022, compared to a net income of $120,692 in Q2 F2021. Net income increased because revenue grew faster than all costs and expenses compared to the previous quarter.
Financial Highlights Year-to-Date:
Total revenue for the six-month period ended September 30, 2021 reached $8.2 million, an increase of $1.9 million or 30.2% over the six-month period ended September 30, 2020.
Recurring software revenues for the six-month period ended September 30, 2021 increased by 29.3% or $1.0 million to $4.5 million, compared to $3.5 million in the six-month period ended September 30, 2020.
Gross profit for the six-month period ended September 30, 2021 was 67.1%, representing an increase of $1.7 million over that of the first six months of the prior fiscal year.
Net income for the six-month periods ended September 30, 2021 and 2020 was $606,185 and $297,999, respectively.
Operational Highlights for the Quarter
The Company announced that it added $2.2 million dollars of incremental contracted bookings during the quarter by licensing various SaaS modules to five clients. Upon deployment, these contracts are expected to add approximately $1.0 million of incremental ARR.
In August, the Company launched COVAPP, a software solution built for the high volume needs of COVID-19 test laboratories inundated by the worldwide spread of the COVID-19 variants. From patient registration to reporting, the solution was designed to maximize throughput, testing capacity, compliance and scalability. Xybion booked contracts for the solution during the quarter.
Subsequent to quarter end, on November 15, 2021, Xybion Corporation completed its merger with Gravitas One Capital Corporation ("Gravitas One") as part of the closing of a Qualifying Transaction of Gravitas One. Additionally, on November 15, 2021, the Company closed its subscription receipt financing representing gross proceeds of approximately $1.66 million. On November 18, 2021, the shares of Xybion Digital Inc. (formerly Gravitas One) commenced trading on the TSX Venture Exchange under the trading symbol XYBN.
Conference Call
The Company will hold a conference call to discuss these results. Details are as follows:
Conference Call
Date: November 23, 2021
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 within 72 hours of the call.
About Xybion Digital Inc.
Xybion is a global SaaS company that helps enterprise life sciences organizations accelerate new drug development into approved medicines that can 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 using its low-code software to accelerate timelines, improve compliance, expand capacity, minimize operating risks, and reduce expenses while keeping employees safe.
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.
Forward–Looking Statements
This news release may contain forward–looking statements (within the meaning of applicable securities laws) which reflect the Company's current expectations regarding future events. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the future success of the Company's business. The forward-looking statements in this news release are based on certain assumptions. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Please refer to risk factors set forth in the Company's Filing Statement dated November 10, 2021 and the Company's continuous disclosure documents that can be found on SEDAR at The forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Media Contact: Joseph Kalina,, (609) 512-5790
SOURCE Xybion Digital Inc.
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Dr. Pradip Banerjee, Chair and Chief Executive Officer, Xybion Digital Inc. ("Xybion" or the "Company") (TSXV: XYBN) and his team joined Omar Khafagy, Manager, Corporate Access, TMX Group, to celebrate the Company's new listing on the TSX Venture Exchange and to close the market.
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