NexgenRx Announces Financial Results for Q1 2021 with Continued EBITDA and Net Profit Growth

TORONTO, ON / ACCESSWIRE / Might 26, 2021 / NEXGENRX INC. (TSXV:NXG) (“NexgenRx” or the “Firm”) is happy to announce its interim monetary outcomes for the primary quarter ended March 31, 2021, which proceed to construct upon the Firm’s 2020 outcomes, which confirmed file development in each EBITDA and internet revenue. For Q1 2021, the Firm recorded EBITDA of $693,699, representing a rise of $103,806 over similar prior yr interval and persevering with the constructive pattern from 2020. Regardless of the COVID-19 lockdown in Ontario, the Firm noticed solely a slight drop of $71ok in income in Q1 2021 (as in comparison with This fall 2020), with internet earnings for the quarter of $362,111, representing a rise of $77,520 over Q1 2020.

Throughout essentially the most just lately accomplished quarter, the Firm generated elevated EBITDA and shareholder free money circulation, operated successfully and safely by way of the pandemic, paid down debt and additional lowered prices. Administration has emphasised retaining the Firm’s prices low, whereas in search of additional cost-reduction alternatives. These efforts have proven their worth within the Firm’s potential to generate extra shareholder worth.

The efficient value containment measures resulted in a discount of $301,141 or 13.15% in working bills in comparison with similar prior yr interval, contributing to the Firm’s constructive money circulation. These outcomes have been achieved whereas guaranteeing that NexgenRx clients proceed to obtain the extent of providers they anticipate, whereas retaining the Firm’s bills beneath management.

The Firm continues to make vital advances with its know-how. Its main .NET undertaking re-write was accomplished on time and on price range. Because of this, the Firm’s new NexSys® know-how platform might be carried out in Q2. These initiatives symbolize an funding of greater than $2.5 million, which has been funded with internally generated money circulation. As well as, the Firm has accomplished growth and implementation of the brand new model of its H-Proxy EDI Transaction monitor, including vital capability to handle sequential transactions volumes from throughout the community.

Story continues

The Firm generated ample cashflow to fund all of those investments and monetary obligations throughout the first quarter. Administration continues to watch and analyze the extent of the monetary impression of the COVID-19 pandemic, which may proceed to be materials with the brand new variants recognized just lately. Whereas the total impression and period of the pandemic continues to stay unknown, Administration is dedicated to take all obligatory steps to maintain income and bills aligned to take care of the continued monetary success of the Firm.

“We’re happy to report one other quarter of constructive monetary outcomes. These outcomes proceed to construct on our file setting EBITDA and internet revenue development from 2020. With the numerous value financial savings that now we have managed and the retirement of all excellent debt, we anticipate to be nicely positioned to proceed to increase on the supply of worth to our shareholders and clients” acknowledged Ron Loucks, President & CEO.

About NexgenRx

NexgenRx is Canada’s solely unbiased full-service Third-Celebration Administrator and Expertise Options Supplier, providing proprietary full front-end, eligibility, enrolment, hour financial institution and cell entry capabilities, along with state-of-the-art claims adjudication and full supplier community protection. These mixed capabilities permit NexgenRx to supply Plan Sponsors, subtle administration and well being profit know-how functions in an economical SaaS (Software program As a Service) Mannequin.

NexgenRx is dedicated to constructing partnerships with organizations seeking to exceed the expectations of their purchasers and plan members and ship superior administration and claims processing options at a aggressive value. Extra info on NexgenRx might be discovered at www.nexgenrx.com.

Warning Concerning Ahead-Trying Statements

Apart from statements of historic truth, this information launch incorporates sure “forward-looking info” inside the which means of relevant securities legislation. Ahead-looking info is incessantly characterised by phrases equivalent to “plan”, “anticipate”, “undertaking”, “intend”, “consider”, “anticipate”, “estimate” and different comparable phrases, or statements that sure occasions or circumstances “might” or “will” happen. Though we consider that the expectations mirrored within the forward-looking info are cheap, there might be no assurance that such expectations will show to be appropriate. We can’t assure future outcomes, efficiency or achievements. Consequently, there isn’t a illustration that the precise outcomes achieved would be the similar, in entire or partially, as these set out within the forward-looking info.

Ahead-looking info is predicated on the opinions and estimates of administration on the date the statements are made, and are topic to a wide range of dangers and uncertainties and different elements that would trigger precise occasions or outcomes to vary materially from these anticipated within the forward-looking info. Among the dangers and different elements that would trigger the outcomes to vary materially from these expressed within the forward-looking info embrace, however aren’t restricted to: uncertainty as as to if our methods and enterprise plans will yield the anticipated advantages; availability and value of capital; the power to determine and develop and obtain business success for current and new merchandise and applied sciences; the extent of expenditures obligatory to take care of and enhance the standard of services; modifications in know-how and modifications in legal guidelines and rules; continued growth and enhancement of the Firm’s proprietary software program know-how; cyber safety dangers and the opposite dangers and uncertainties disclosed in our annual Administration’s Dialogue and Evaluation, as filed beneath our profile on SEDAR at www.sedar.com. Readers are cautioned that this record of danger elements shouldn’t be construed as exhaustive.

The forward-looking info contained on this information launch is expressly certified by this cautionary assertion. We undertake no obligation to replace any of the forward-looking info to evolve such info to precise outcomes or to modifications in our expectations besides as in any other case required by relevant securities laws. Readers are cautioned to not place undue reliance on forward-looking info.

Neither TSX Enterprise Alternate nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts accountability for the adequacy or accuracy of the discharge.

FOR FURTHER INFORMATION PLEASE CONTACT:

Ronald C. Loucks
NexgenRx Inc.
President and CEO
416.695.3393 x801

Kelly Ehler CPA, CA
NexgenRx Inc.
Chief Monetary Officer
416-695-3393×803

SOURCE: NexgenRx Inc.

View supply model on accesswire.com:
https://www.accesswire.com/649361/NexgenRx-Announces-Financial-Results-for-Q1-2021-with-Continued-EBITDA-and-Net-Profit-Growth