TORONTO, ON / ACCESSWIRE / November 25, 2024 / NEXGENRX INC. ("NexgenRx" or the "Company") is pleased to announce its financial results for the third quarter ended September 30, 2024, with quarterly revenue increasing to $4,158,667 in Q3 2024 and increased positive EBITDA of $446,448. The Company also announces that a dividend in the amount of one-half of one cent per share ($0.005) has been declared in respect of all of its outstanding common shares and series 1 preferred shares.
Q3 Financial Results
Third quarter results show the Company's continued growth in top line revenue. The Company achieved revenue of $4,158,667 in Q3 2024, an increase of $768,493 or 22.67% compared to the third quarter of 2023. The growth is primarily due to the rise in transaction and administration revenue. In addition to a significant sales pipeline converted into revenue, the increased administration revenue was resulting from the introduction of Software as a Service [SaaS] solutions to our customers at the beginning of the year. During Q3 2024, the Company also reported an increase in both net income and EBITDA over the comparable period in the prior year. The Company achieved positive EBITDA of $446,448, an increase of $260,825 over Q3 last year and $200,232 over the last reporting period. The Company's cash position continued to remain strong at $1,844,669 at quarter end.
Dividend Declaration
A dividend in the amount of one-half of one cent per share ($0.005) has been declared in respect of all of the Company's outstanding common shares and series 1 preferred shares. The dividend will be payable on or before December 20, 2024 to all shareholders of record as at the close of business on December 16, 2024. As of the date of this press release, there are a total of 71,117,132 common shares and 6,600,000 series 1 preferred shares issued and outstanding. The common shares are listed and posted for trading on the TSX Venture Exchange under the symbol 'NXG'. The series 1 preferred shares are not listed or posted for trading on any stock exchange.
Ron Loucks, President and CEO, stated "I am very pleased to announce our Q3 financial results, which continue to show growth in our top line revenue. This growth continues to support our ability to declare a dividend for all of our shareholders. As always, I would like to acknowledge our loyal shareholders, Board of Directors for their dedication, advice and counsel; our hard-working staff and most importantly, the continuous support and trust of ourcustomers, in their commitment to the NXG Group of Companies."
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 |
SOURCE: NexgenRx Inc.