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NexgenRx Announces First Quarter Results, with 24% Revenue Growth and Record Earnings
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0 KommentareTORONTO, ON / ACCESSWIRE / May 17, 2024 / NEXGENRX INC. ("NexgenRx" or the "Company") is pleased to announce its financial results for the first quarter ended March 31, 2024, with revenue of $4,292,731, Net Income of $460,949 and EBITDA of …
TORONTO, ON / ACCESSWIRE / May 17, 2024 / NEXGENRX INC. ("NexgenRx" or the "Company") is pleased to announce its financial results for the first quarter ended March 31, 2024, with revenue of $4,292,731, Net Income of $460,949 and EBITDA of $770,837.
The Company achieved revenue of $4,292,731 in Q1 2024, an increase of $834,112 or 24.12%, compared to the first quarter of 2023. The growth is primarily due to the rise in new administration revenue resulting from the introduction of SaaS solutions to our customers in 2023, in addition to a significant sales pipeline converted into revenue. Q1 2024 also reflected an increase in both Net Income and EBITDA over the comparable period prior year. The Company achieved Net Income and EBITDA of $460,949 and $770,837 respectively, an increase of $266,022 in Net Income and $251,776 in EBITDA over Q1 2023. Cash position remained strong at $1,361,027, after cash dividend payouts of $385,656 to the common shareholders and series 1 preferred shareholders in January 2024.
Ron Loucks, President and CEO, stated "I am pleased to announce our record first quarter earnings achieved as of March 31, 2024, through business growth and sales momentum. These first quarter results set the foundation for our performance throughout the year. 2024 marks the 20th anniversary of operations 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. As always, I would like to acknowledge our loyal shareholders, the Board of Directors for their dedication, advice and counsel; our hard-working staff and most importantly, the continuous support and trust of our customers, in their commitment to the NXG Group of Companies."
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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.
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