TORONTO, ON / ACCESSWIRE / November 23, 2023 / NEXGENRX INC. ("NexgenRx" or the "Company") is pleased to announce its interim financial results for the third quarter ended September 30, 2023, with continued revenue growth to $3,390,174 for the quarter and $10,272,578 year to date. The quarterly revenue growth represents an increase of 8.86% over the same quarter in 2022. Year-to-date EBITDA is $1,020,591.
The strength of the Company's operating model, together with the agility of its leadership teams, allowed the Company to end Q3 with solid results that were in line with the Company's objectives of continued growth while maintaining margin. Q3 revenue was $275,792 higher compared to same period last year, with a healthy growth in recurring revenues. Total operating expense for Q3 was $277,639 or 10.98% higher compared to the same period in the prior year, which is attributed to I.T. implementation expenses, consulting services, and compensation adjustments. Management continues to carefully monitor and control all operating expenses. Management has emphasized managing the Company's costs plus looking for further cost-reduction opportunities, and these efforts have shown their value in the Company's ability to generate a year-to-date EBITDA of $1,020,591 and additional shareholder value.
Ron Loucks, President and CEO, stated "I am pleased to present our Q3 2023 results showing our revenue growth of 8.86%. The quarter has been very active in preparation for several new client initiatives with prospective clients, however these clients required more time to execute their implementation, and we expect to see our efforts rewarded commencing Q1 2024. The management team continually balances new revenue growth initiatives and our cost structure to keep a balance between our push for growth and the resources necessary to accomplish our plans. We anticipate additional marketing and related expenditures in the following quarter. With this process complete, new revenues are expected to be incremental without any additional significant cost."
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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