IT News Online – NexgenRx Reports Third Quarter 2021 Financial Results with Increase in Positive EBITDA and Free Cash Flow


TORONTO, ON / ACCESSWIRE / November 19, 2021 / NEXGENRX INC. (“NexgenRx” or the “Company”) is pleased to announce its interim financial results for the third quarter ended September 30, 2021. Despite the lingering uncertainties resulting from the COVID-19 pandemic, the Company continued to generate Increased positive EBITDA and cash flow; operated safely and efficiently during the pandemic, reduced costs, and ended the quarter with continued sales growth.

Despite the increase in COVID-19 cases throughout the third quarter, the Company’s third quarter revenue was 8.02% higher than the same period in 2020. Net profit for the quarter amounted to $ 429,581, a decrease of $ 80,262 from the third quarter of 2020, mainly due to substantial investments. carried out in the technological platform of the Company. Adjusted EBITDA for the quarter was $ 890,541, which represents an increase of $ 80,422 or 9.9% over the same period in 2020.

Total operating expenses were $ 65,953 or 3.5% higher than the same period in 2020, which is attributable to a return to full compensation levels in 2021, as well as the amortization of intangible assets that began in October 2020 when the main .NET (which is the Company’s Microsoft software platform), the rewrite was completed. Management continues to closely monitor and control all operating expenses.

The Company continues to generate free cash flow to continuously reinvest in its software systems. Management continues to analyze the financial impact of COVID-19, which may continue to have an impact with the recently identified Delta variant. Although the impact and duration of the pandemic remains unknown, management is committed to taking all necessary measures to keep revenues and expenses aligned in order to maintain the continued growth and financial integrity of the Company.

“One of our greatest strengths is our efficient low cost structure. We have focused on keeping our costs low while seeking other cost reduction opportunities, and these efforts have shown their value in our ability to generate growing EBITDA and additional shareholder value. As a result, we are well positioned for continued growth through the remainder of 2021, ”said Ron Loucks, President and CEO.

About NexgenRx

NexgenRx is the only full-service independent third-party administrator and technology solutions provider in Canada. blanket. These combined capabilities enable NexgenRx to provide plan sponsors with sophisticated technological healthcare administration and benefits applications in a cost-effective Software As a Service (SaaS) model.

NexgenRx is committed to partnering with organizations that seek to exceed the expectations of their clients and plan members and to provide superior claims administration and processing solutions at a competitive cost. You can find more information about NexgenRx 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 frequently characterized by words such as “plan”, “expect”, “plan”, “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. Accordingly, there can be no assurance that the actual results obtained will be the same, in whole or in part, as those stated 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 various risks and uncertainties and other factors that could cause actual events or results to occur. differ significantly from those anticipated in the search for information. Some of the risks and other factors that could cause results to differ materially from those expressed in forward-looking information include, but are not limited to: uncertainty as to whether the Company’s strategies and business plans will produce the results. 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 required to maintain and improve the quality of products and services; technological changes 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 assumes no obligation to update forward-looking information to make it consistent with actual results or changes in expectations of the Company, except as required by applicable securities legislation. 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 this release.

FOR MORE INFORMATION, PLEASE CONTACT:

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

Kelly Ehler CPA, CA
NexgenRx Inc.
Financial director
416-695-3393×803

THE SOURCE: NexgenRx Inc.

See the source version on accesswire.com:
https://www.accesswire.com/673823/NexgenRx-Announces-Financial-Results-for-Q3-2021-with-Increased-Positive-EBITDA-and-Free-Cash-Flow


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