TORONTO, ON / ACCESSWIRE / May 17, 2022 / NEXGENRX INC. (“NexgenRx” or the “Company”) (TSXV: NXG) is pleased to report its interim financial results for the first quarter ended March 31, 2022, highlighted by continued growth in net earnings, EBITDA and revenues, with the Company’s net earnings and EBITDA for the quarter being respectively of $377,956 and $753,368, increases of $15,845 and $59,669 compared to the first quarter of 2021. Similarly, first quarter revenues increased by 13.22% compared to the same period last year last.
Fiscal 2021 demonstrated the strengths of NexgenRx’s business model and the virtues of the Company’s financial management approach, as the Company achieved positive cash, EBITDA and shareholder free cash flow . While fiscal 2021 ended with a strong balance sheet, the Company entered 2022 in good financial health and total dividends of $351,679.42 were paid in February 2022 to all Series 1 Common and Preferred Shareholders in circulation.
The flexibility and strength of the Company’s operating model and the considerable efforts of the Company’s management teams enabled NexgenRx to end the first quarter with solid results which are in line with the Company’s objectives to protect its financial position. and maintain its margin. Revenue growth of 13.22% in the first quarter (compared to the same period last year) reflects healthy growth in transaction and administrative revenue and exceptional growth in advisory revenue.
Total operating expenses increased by $267,951 or 13.47% compared to the same period of the previous year, due to the compensation adjustment, as well as the amortization of intangible assets generated in internal when the major rewrite of .NET was completed. Management continues to carefully monitor and control all operating expenses. The Company has been focused on keeping its costs low, as well as finding new opportunities to reduce costs, and these efforts have shown their value in the Company’s ability to generate growing EBITDA and incremental value. for shareholders.
While the impact and duration of the pandemic remains unknown, management is committed to taking all necessary steps to keep revenues and expenses aligned to maintain the Company’s continued growth and financial integrity.
Ron Loucks, President and Chief Executive Officer, said, “Along with the rest of the NexgenRx Board of Directors and management team, I am extremely pleased that we have paid our first dividend, in accordance with our payout policy. money to shareholders when it is prudent to do so. “This demonstrates our confidence in the Company’s business model and remains one of our overall strategic priorities. With another year characterized by extraordinary global and financial challenges, I am extremely proud of what we have been able to accomplish. The fundamental strength of NexgenRx and the agility of our operating model, in addition to the unprecedented commitment of a resilient workforce, allowed us to end the quarter with a strong performance and to progress on our strategic pillars , paving the way for continued growth in 2022. As always, I would like to extend my sincere thanks to our Board of Directors and dedicated staff who continue to work to keep us strong. I would also like to thank our dedicated customers and to share licensees for their continued confidence in NexgenRx.”
Commenting on the company’s ongoing product developments, Mr. Loucks added, “The significant milestone in the .NET rewrite of our claims resolution platform was completed in December 2021 and has now been fully implemented. We are now focused on the NexAdmin platform and will launch our new version over the summer. This giant leap will add new features as well as an improved member experience, all in a newly developed web application. user will present a brand new look and feel incorporating all the latest market features in our proven robust admin platform.In addition, we continue to quickly enroll more targeted healthcare providers to submit claims through our secure web portal owner, theclaimsXchange.com. The Company has launched other exciting development projects in 2022, with the aim of continuously innovating by providing cutting-edge technological solutions to our customers, plan sponsors and their members. »
NexgenRx is Canada’s only independent full-service third-party administrator and technology solutions provider. cover. These combined capabilities enable NexgenRx to provide plan sponsors with sophisticated administration and health benefits technology applications in a cost-effective SaaS (software as a service) model.
NexgenRx is committed to partnering with organizations that seek to exceed the expectations of their customers and plan members and provide superior administration and claims processing solutions at a competitive cost. More information about NexgenRx can be found at www.nexgenrx.com.
Caution Regarding Forward-Looking Statements
Except for statements of historical fact, this press release contains certain “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is often characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other words similar, 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. Accordingly, there can be no assurance that the actual results achieved will be the same, in whole or in part, as those set forth in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management as of the date the statements are made and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results actuals differ materially from those anticipated in the forward-looking information. information search. Some of the risks and other factors that could cause actual 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 produce the expected benefits; availability and cost of capital; the ability to identify, develop and achieve commercial success for existing and new products and technologies; the level of expenditure necessary to maintain and improve the quality of products and services; technological developments and changes in laws and regulations; the continuous development and improvement of the Company’s proprietary software technology; cybersecurity risks and other risks and uncertainties disclosed in the Company’s annual MD&A, 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 considered exhaustive.
The forward-looking information contained in this press release is expressly qualified by this cautionary statement. The Company undertakes no obligation to update forward-looking information to conform to actual results or to changes in the Company’s expectations, except as required by applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the 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 MORE INFORMATION, PLEASE CONTACT:
Ronald C. Loucks
President and CEO
Kelly Ehler CPA, CA
THE SOURCE: NexgenRx Inc.
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