NexgenRx Announces 2021 Year-End Results with Significant Revenue Growth and $3.5 Million EBITDA
TORONTO, ON / ACCESSWIRE / March 25, 2022 / NEXGENRX INC. (“NexgenRx” or the “Company”) is pleased to announce its annual financial results for the fiscal year ended December 31, 2021, highlighted by revenue growth of 12.01% and EBITDA for the year of $3,503,957.
Despite the many challenges created by COVID-19, this is the second consecutive year that the Company has achieved positive financial results, thanks to its efforts to increase operational efficiency as well as effective cost control strategies. The company’s unadjusted revenue increased by $799,962 or 7.25% over the prior year. To add to the significance of this increase, the company’s revenue in 2020 included the Canada Emergency Wage Subsidy (CEWS), in the amount of $469,380. In other words, the company’s 2021 adjusted CEWS revenue growth was $1,269,342 or 12.01%. The company’s net income for the year was $4,017,879, an increase of $1,902,144 or 89.90% over the prior year, which included a deferred tax recovery of $2,022,736 . EBITDA for the year was $3,503,957, representing an increase of $468,949 or 15.45% over the prior year.
The cost containment measures implemented since Q2 2020 continued in 2021, which proved to be very effective. Operating results represent significant revenue growth, while maintaining operating expenses at the same level as the previous year. The Company continued to maintain sufficient liquidity to meet all of its financial obligations in 2021. Management continues to monitor and analyze the extent of the financial impact of the COVID-19 pandemic and will take all necessary steps to keep revenues and expenses aligned to ensure the financial integrity of the Company.
The milestone in the .NET rewrite of the company’s claims resolution platform was completed in December 2021 and has now been fully implemented with one of the company’s leading Software as a Service (SaaS) customers. the society. In addition, the Company continues to rapidly enroll more targeted healthcare providers to submit claims through the Company’s proprietary secure web portal, theclaimsXchange.com. The company has launched other exciting development projects in 2022, with the goal of continuously innovating by providing cutting-edge technology solutions to NexgenRx customers, plan sponsors and their members.
Ron Loucks, President and CEO, said, “As we approach the end of the second year of COVID-19 restrictions, we can say with optimism that we are headed in the right direction. This global crisis has brought out the best in NexgenRx. We have worked harder and smarter and the level of productivity is at an all time high. I am very proud of NexgenRx and all that we have accomplished this year under difficult circumstances, culminating in our outstanding financial results, with EBITDA of over $3.5M. These continued profitable operations and flow Positive cash flows placed us in the enviable position of declaring our first dividend to registered holders, which was paid in early 2022.”
NexgenRx is Canada’s only independent full-service third-party administrator and technology solutions provider. blanket. These combined capabilities allow NexgenRx to provide plan sponsors with sophisticated healthcare delivery and 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 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 events or actual results differ materially from those anticipated in the forward-looking information. – search for information. 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 business strategies and 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 any 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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