TORONTO, ON / ACCESSWIRE / May 17, 2024 / NEXGENRX INC. ("NexgenRx" or the "Company") is pleased to announce its financial results for the first quarter ended March 31, 2024, with revenue of $4,292,731, Net Income of $460,949 and EBITDA of $770,837.
The Company achieved revenue of $4,292,731 in Q1 2024, an increase of $834,112 or 24.12%, compared to the first quarter of 2023. The growth is primarily due to the rise in new administration revenue resulting from the introduction of SaaS solutions to our customers in 2023, in addition to a significant sales pipeline converted into revenue. Q1 2024 also reflected an increase in both Net Income and EBITDA over the comparable period prior year. The Company achieved Net Income and EBITDA of $460,949 and $770,837 respectively, an increase of $266,022 in Net Income and $251,776 in EBITDA over Q1 2023. Cash position remained strong at $1,361,027, after cash dividend payouts of $385,656 to the common shareholders and series 1 preferred shareholders in January 2024.
Ron Loucks, President and CEO, stated "I am pleased to announce our record first quarter earnings achieved as of March 31, 2024, through business growth and sales momentum. These first quarter results set the foundation for our performance throughout the year. 2024 marks the 20th anniversary of operations of NexgenRx. This significant milestone is particularly gratifying to me as the Company continues to expand its reach in the marketplace with new and innovative product solutions. As always, I would like to acknowledge our loyal shareholders, the Board of Directors for their dedication, advice and counsel; our hard-working staff and most importantly, the continuous support and trust of our customers, in their commitment to the NXG Group of Companies."
About NexgenRx
NexgenRx is Canada's only independent full-service Third-Party Administrator and Technology Solutions Provider, offering proprietary full front-end, eligibility, enrolment, hour bank and mobile access capabilities, together with state-of-the-art claims adjudication and full provider network coverage. These combined capabilities allow NexgenRx to provide Plan Sponsors, sophisticated administration and health benefit technology applications in a cost-effective SaaS (Software as a Service) Model.
NexgenRx is committed to building partnerships with organizations looking to exceed the expectations of their clients and plan members and deliver superior administration and claims processing solutions at a competitive cost. More information on NexgenRx can be found at www.nexgenrx.com.
Caution Regarding Forward-Looking Statements
Except for statements of historical 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. Although management believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The Company cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management 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 information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether the Company's strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for existing and new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; continued development and enhancement of the Company's proprietary software technology; cyber security risks and the other risks and uncertainties disclosed in the Company's annual Management's Discussion and Analysis, as filed under the Company's profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. The Company undertakes no duty to update any of the forward-looking information to conform such information to actual results or to changes in the Company's expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
FOR FURTHER INFORMATION PLEASE CONTACT:
| Ronald C. Loucks | Kelly Ehler CPA, CA | |
| NexgenRx Inc. | NexgenRx Inc. | |
| President and CEO | Chief Financial Officer | |
| 416.695.3393 x801 | 416-695-3393x803 |
SOURCE: NexgenRx Inc.
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