Cybeats Expands Healthcare Client Base and Achieves 148% Net Revenue Retention in 2024
Cybeats Technologies (CSE: CYBT) (OTCQB: CYBCF) has secured two new strategic contracts in the healthcare sector, specifically with medical device manufacturers (MDMs). The company reported significant growth metrics for 2024, including 148% net revenue retention and $7+ million in total contract commitments, up from $3.8 million in 2023.
The company's success in winning these contracts was attributed to its SBOM (Software Bill of Materials) management solutions' ease of integration, regulatory compliance capabilities, and demonstrated ROI. Notable operational updates include a 90% conversion rate from product trials to commercial licenses, and enhanced SBOM Consumer product features supporting integration with various asset management platforms.
The company's growth is supported by increasing regulatory pressure from the FDA, which now requires MDMs to provide SBOMs for device components and maintain vulnerability management processes. Cybeats' SBOM Studio was highlighted as the only commercial service featured in the NSA and U.S. Department of Defense's 2023 recommended cyber practices report.
Cybeats Technologies (CSE: CYBT) (OTCQB: CYBCF) ha ottenuto due nuovi contratti strategici nel settore sanitario, specificamente con i produttori di dispositivi medici (MDM). La società ha riportato metriche di crescita significative per il 2024, tra cui 148% di ritenzione del fatturato netto e oltre 7 milioni di dollari in impegni contrattuali totali, in aumento rispetto ai 3,8 milioni di dollari del 2023.
Il successo dell'azienda nell'aggiudicarsi questi contratti è stato attribuito alla facilità di integrazione delle sue soluzioni di gestione SBOM (Software Bill of Materials), alla conformità normativa e al ROI dimostrato. Aggiornamenti operativi notevoli includono un tasso di conversione del 90% da prove di prodotto a licenze commerciali e funzionalità migliorate del prodotto SBOM Consumer che supportano l'integrazione con varie piattaforme di gestione delle risorse.
La crescita dell'azienda è sostenuta da una crescente pressione normativa da parte della FDA, che ora richiede ai MDM di fornire SBOM per i componenti dei dispositivi e di mantenere processi di gestione delle vulnerabilità. Lo SBOM Studio di Cybeats è stato evidenziato come l'unico servizio commerciale presente nel rapporto sulle pratiche informatiche raccomandate del 2023 della NSA e del Dipartimento della Difesa degli Stati Uniti.
Cybeats Technologies (CSE: CYBT) (OTCQB: CYBCF) ha asegurado dos nuevos contratos estratégicos en el sector de la salud, específicamente con fabricantes de dispositivos médicos (MDM). La empresa reportó métricas de crecimiento significativas para 2024, incluyendo 148% de retención de ingresos netos y más de 7 millones de dólares en compromisos contractuales totales, aumento de los 3,8 millones de dólares de 2023.
El éxito de la empresa en ganar estos contratos se atribuyó a la facilidad de integración de sus soluciones de gestión SBOM (Software Bill of Materials), capacidades de cumplimiento regulatorio y ROI demostrado. Actualizaciones operativas notables incluyen una tasa de conversión del 90% de pruebas de productos a licencias comerciales y funciones mejoradas del producto SBOM Consumer que apoyan la integración con varias plataformas de gestión de activos.
El crecimiento de la empresa está respaldado por una creciente presión regulatoria por parte de la FDA, que ahora requiere que los MDM proporcionen SBOM para los componentes de los dispositivos y mantengan procesos de gestión de vulnerabilidades. El SBOM Studio de Cybeats fue destacado como el único servicio comercial mencionado en el informe de prácticas cibernéticas recomendadas de 2023 de la NSA y el Departamento de Defensa de EE. UU.
사이비츠 테크놀로지스 (CSE: CYBT) (OTCQB: CYBCF)는 의료 기기 제조업체(MDM)와 함께 의료 분야에서 두 개의 새로운 전략적 계약을 체결했습니다. 이 회사는 2024년 순수익 유지율 148% 및 700만 달러 이상의 총 계약 약정을 포함한 2024년 성과 지표를 보고했습니다. 이는 2023년 380만 달러에서 증가한 수치입니다.
이 회사가 계약을 체결한 성공은 SBOM(소프트웨어 자재 명세서) 관리 솔루션의 통합 용이성, 규제 준수 기능, 입증된 ROI에 기인합니다. 주목할만한 운영 업데이트에는 제품 시험에서 상업 라이선스로의 90% 전환율과 다양한 자산 관리 플랫폼과의 통합을 지원하는 향상된 SBOM Consumer 제품 기능이 포함됩니다.
회사의 성장은 FDA의 규제 압력이 증가하고 있는 가운데, 이제 MDM이 장치 부품에 대한 SBOM을 제공하고 취약점 관리 프로세스를 유지하도록 요구하고 있습니다. 사이비츠의 SBOM 스튜디오는 NSA 및 미국 국방부의 2023년 추천 사이버 관행 보고서에 언급된 유일한 상업 서비스로 강조되었습니다.
Cybeats Technologies (CSE: CYBT) (OTCQB: CYBCF) a sécurisé deux nouveaux contrats stratégiques dans le secteur de la santé, spécifiquement avec des fabricants de dispositifs médicaux (MDM). L'entreprise a rapporté des indicateurs de croissance significatifs pour 2024, y compris 148% de rétention de revenus nets et plus de 7 millions de dollars en engagements contractuels totaux, en hausse par rapport à 3,8 millions de dollars en 2023.
Le succès de l'entreprise dans l'obtention de ces contrats a été attribué à la facilité d'intégration de ses solutions de gestion SBOM (Software Bill of Materials), à ses capacités de conformité réglementaire et à son ROI démontré. Des mises à jour opérationnelles notables incluent un taux de conversion de 90% des essais de produits aux licences commerciales, et des fonctionnalités améliorées du produit SBOM Consumer soutenant l'intégration avec diverses plateformes de gestion d'actifs.
La croissance de l'entreprise est soutenue par une pression réglementaire croissante de la FDA, qui exige désormais que les MDM fournissent des SBOM pour les composants des dispositifs et maintiennent des processus de gestion des vulnérabilités. Le SBOM Studio de Cybeats a été mis en avant comme le seul service commercial mentionné dans le rapport des bonnes pratiques cybersécuritaires 2023 de la NSA et du Département de la Défense des États-Unis.
Cybeats Technologies (CSE: CYBT) (OTCQB: CYBCF) hat zwei neue strategische Verträge im Gesundheitssektor, insbesondere mit Herstellern medizinischer Geräte (MDM), geschlossen. Das Unternehmen berichtete über signifikante Wachstumskennzahlen für 2024, einschließlich 148% Netto-Umsatzbindung und über 7 Millionen Dollar an gesamten Vertragsverpflichtungen, ein Anstieg von 3,8 Millionen Dollar im Jahr 2023.
Der Erfolg des Unternehmens beim Abschluss dieser Verträge wurde auf die einfache Integration seiner SBOM (Software Bill of Materials) Managementlösungen, die Fähigkeit zur Einhaltung von Vorschriften und die nachgewiesene Rentabilität zurückgeführt. Bedeutende betriebliche Updates umfassen eine 90%ige Konversionsrate von Produktversuchen zu kommerziellen Lizenzen und verbesserte SBOM-Verbraucherproduktfunktionen, die die Integration mit verschiedenen Asset-Management-Plattformen unterstützen.
Wachstum des Unternehmens wird durch den zunehmenden regulatorischen Druck der FDA unterstützt, die nun von den MDM verlangt, SBOMs für Gerätekomponenten bereitzustellen und Prozesse zur Verwaltung von Schwachstellen aufrechtzuerhalten. Cybeats' SBOM Studio wurde als der einzige kommerzielle Dienst hervorgehoben, der im Bericht über empfohlene Cyberpraxis 2023 der NSA und des US-Verteidigungsministeriums enthalten ist.
- 148% net revenue retention in 2024, exceeding industry benchmark of 100-120%
- $7+ million in total contract commitments in 2024, up from $3.8 million in 2023
- 90% conversion rate from product trials to commercial licenses
- Two new strategic healthcare sector contracts secured
- Recognition in NSA and DoD's 2023 cyber practices report as the only featured commercial SBOM service
- None.
Toronto, Ontario--(Newsfile Corp. - January 30, 2025) - Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) ("Cybeats" or the "Company"), a leading provider of software supply chain security solutions, announces two new strategic commercial contracts in the healthcare sector, supporting the growth of Cybeats in the Software Bill of Material ("SBOM") management market.
The new contracts with two healthcare organizations further demonstrate strong momentum across the strategic objectives of the Company, especially in its medical device manufacturer ("MDM") vertical. The two healthcare organizations awarded contracts via competitive processes. Cybeats was successful, owing to its solutions' ease of integration, ability to meet regulatory requirements, demonstrated ROI, innovative features, scalability, support for multiple third-party SBOMs, market trust and leadership, and operational expertise.
"MDMs are interested in SBOM solutions because of increasing regulatory pressure in the US and EU, improvements to patient safety, increasing risks to the software supply chain, and improved incident response," said Justin Leger, CEO of Cybeats. "Our continued success in scaling recurring revenues while retaining and expanding our Fortune 500 customer base speaks to the strength of our approach. This traction, alongside our strong financial performance, ongoing customer trials and conversion rates positions us well for sustained revenue growth as we enter 2025."
Cybeats is also providing the following operational updates:
148% net revenue retention in 2024, at a rate well above the industry benchmark of 100-120% ;$7 + million in total contract commitments in 2024, up from$3.8 million 2023, with the vast majority of revenue being annually recurring revenue;90% conversion rate of product trial programs to long-term commercial license;new website and logo, showcasing Cybeats' its commitment to innovation and leadership in software supply chain security;
SBOM Consumer product now supports integration with numerous asset management platforms, empowering users to link SBOMs to specific assets and monitor them continuously for risks, essentially operationalizing SBOMs for improved cybersecurity practices by the market of software product buyers.
appointment of Chris Malkhassian as a new independent director to the Board of Directors, effective January 9, 2025;
Attending S4x25 Cybersecurity Conference
Cybeats also announces its participation in the S4x25 cybersecurity conference, taking place from February 11-13, 2025 in Tampa, Florida. This premier event brings together over 1,000 professionals from the operational technology and industrial control system sectors for impactful discussions, networking, and insights into the latest cybersecurity trends. These conferences have consistently generated high-quality leads, driving new deals and a growing pipeline for Cybeats.
FDA Regulations on MDM
The U.S. Food and Drug Administration's ("FDA") solidified its role in regulating medical device cybersecurity with its authority to approve or reject premarket submissions based on compliance with Section 524B of the Federal Food, Drug, and Cosmetic Act. This section mandates that MDMs provide a SBOM for their devices' commercial, open-source, and off-the-shelf software components. To proactively manage cybersecurity risks, MDMs must maintain an accurate inventory of device components, develop vulnerability management and risk assessment processes, provide device patches, and maintain device change records. The FDA's Refuse-to-Accept authority emphasizes the significance of SBOM management solutions like SBOM Studio.
The National Security Agency and the U.S. Department of Defense released its 2023 recommended best cyber practices report, where Cybeats' SBOM Studio1 product is the only commercial service featured for managing SBOMs2. Learn more here about how Cybeats can help you to manage risk and meet evolving cyber regulatory requirements.
About Cybeats Technologies Corp.
Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) is a cybersecurity company providing Software Bill of Material ("SBOM") management and software supply chain intelligence technology, helping organizations to manage risk, meet compliance requirements, and secure their software from procurement to development and operation. Our platform gives customers comprehensive visibility and transparency into their software supply chain, enabling them to improve operational efficiency, increase revenue, and align organizations with current and future regulations. Cybeats. Software Made Certain. Website: https://cybeats.com
Contact:
Justin Leger, CEO
Phone: 1-888-713-SBOM (7266)
Email: ir@cybeats.com
Sean Peasgood, Investor Relations
Phone: (905) 667-6761
Email: Sean@SophicCapital.com
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, this news release contains forward-looking information relating to, among other things, the Company's expectations with respect to the use of proceeds and the use of the available funds following completion of the Offering, and the completion of the Offering. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the products described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Company filings are available under the Company's SEDAR+ profile at www.sedarplus.ca.
1https://www.cybeats.com/sbom-studio
2https://media.defense.gov/2023/Dec/11/2003355557/-1/-1/0/ESF_SECURING_THE_SOFTWARE_SUPPLY_CHAIN%20RECOMMENDED%20PRACTICES%20FOR%20MANAGING%20OPEN%20SOURCE%20SOFTWARE%20AND%20SOFTWARE%20BILL%20OF%20MATERIALS.PDF
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