TORONTO, ON / ACCESSWIRE / April 6, 2023 / NEXGENRX INC. ("NexgenRx" or the "Company") is pleased to announce its annual financial results for the financial year ended December 31, 2022, once again highlighted by continued revenue growth and positive EBIDTA. The Company showed revenue growth of $939,942 in 2022 or 7.94% over the prior year, with a positive EBITDA of $1,626,524. The Company's cash position remained strong at $1,766,891, after total cash dividend payouts of $703,358 to the common shareholders.
Although the Company had numerous challenges throughout 2022, each challenge presented new opportunities and potential for the Company. Some of the Company's success stories included renewing its contract with one of its top five clients, expanding its SaaS (Software as a Service) offering to a wider range of customers and rewarding its shareholders with two dividend distributions. In addition, the Company officially transformed to a hybrid workplace model upon completion of its office move, which allows it to free up cash for other purposes. With various investments that the Company made upfront to develop and maintain customer relationships, together with distribution of dividends, a strong statement has been made that reflects the Company's capability of generating free cash flow.
Ron Loucks, President and CEO, stated "I am proud of what we have accomplished in 2022 and look forward to what 2023 has to offer. We have a strong pipeline of activity in various segments of our business that we are systematically converting into successful revenue-generating opportunities. This year, we are entering a new phase as a technology solution provider, promoting and expanding our fully managed SaaS solutions that empowers our customers to self-manage their benefit plans effectively and efficiently." Mr. Loucks continued, "2023 marks the 20th anniversary of the incorporation of NexgenRx. This significant milestone is particularly gratifying to me as the Company continues to expand its reach in the marketplace with new and innovative product solutions."
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
NexgenRx Inc.
President and CEO
416.695.3393 x801
Kelly Ehler CPA, CA
NexgenRx Inc.
Chief Financial Officer
416-695-3393x803
SOURCE: NexgenRx Inc.