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NexgenRx Announces 2018 Year End Results
TORONTO, ON / ACCESSWIRE / April 8, 2019 / NEXGENRX INC. ("NexgenRx" or the "Company") is pl...
About this update from Nexgenrx Inc.
[{"type":"text","content":"NexgenRx Announces 2018 Year End ResultsTORONTO, ON / ACCESSWIRE / April 8, 2019 / NEXGENRX INC. (\"NexgenRx\" or the \"Company\") is pleased to announce its 2018 year end results. The 2018 fiscal year was a very positive and transformational one for the Company, with revenue having increased by 26% (from $5.67 million in 2017 to $7.17 million in 2018). The year was highlighted by the acquisition of Canadian Benefit Administrators Ltd. (\"CBA\") and My Benetech Inc. (\"MBT\"), which was completed in July 2018. One-time acquisition related costs and other non-cash expenses relative to the acquisition contributed to an annual loss of $696,862, though the fourth quarter ended with a profit of $184,049, reflecting the positive consolidation of a full quarter of financial results from the acquisitions, in addition to revenue from new clients.\"I am delighted that the Company recorded a positive fourth quarter profit, which begins to reflect the impact that the acquisitions have had on our Company, along with growth from other new clients. Given the relative consistency of results in our industry, this continued increase to our revenues is encouraging and is one that we have continued to experience through the first quarter of 2019\" stated Ron Loucks, President & CEO.CBA is a Third Party Administrator (\"TPA\") providing administrative services to plan advisors and other intermediaries who wish to provide their clients with eligibility, enrolment & billing functionality, independent of any one insurance carrier. My Benetech provides a wholesale value-add SaaS (Software as a Service) platform to plan sponsors who have their own dedicated administrators. Together with NexgenRx our client offering has been significantly strengthened.About NexgenRxNexgenRx is Canada's only independent full service technology solutions provider, offering proprietary full front end enrolment, hour bank and mobile access capabilities, combined with state of the art claims adjudication and full provider network coverage. These combined capabilities allow NexgenRx to provide complete proprietary solutions to plan sponsors that need sophisticated front end administration and health benefit technology applications, all in a cost- effective manner. NexgenRx is committed to building partnerships with organizations looking to exceed the expectations of the...