Business
NexgenRx Announces 2021 Year End Results with Significant Revenue Growth and $3.5m EBITDA
TORONTO, ON / ACCESSWIRE / March 25, 2022 / NEXGENRX INC. ("NexgenRx" or the "Company") is p...
About this update from Nexgenrx Inc.
[{"type":"text","content":"NexgenRx Announces 2021 Year End Results with Significant Revenue Growth and $3.5m EBITDATORONTO, ON / ACCESSWIRE / March 25, 2022 / NEXGENRX INC. (\"NexgenRx\" or the \"Company\") is pleased to announce its annual financial results for the year ended December 31, 2021, highlighted by 12.01% revenue growth 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, through its efforts in increasing operational efficiency as well as effective cost control strategies. Unadjusted Company revenue increased by $799,962 or 7.25% over the prior year. Adding to the significance of this increase is that the Company's 2020 Revenue included the Canada Emergency Wage Subsidy (CEWS), amounting to $469,380. In other words, the Company's CEWS adjusted revenue growth in 2021 was $1,269,342 or 12.01%. Company 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 $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 control measures put in place since Q2 2020 continued in 2021, which have proven to be very effective. The operating results represent a significant revenue growth, while keeping operating expenses flat to the prior year. The Company continued to maintain sufficient liquidity to satisfy all of its financial obligations during 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 revenue and expenses aligned to ensure the financial integrity of the Company.The significant step in the .NET re-write of the Company's claims adjudication platform was completed in December 2021, and has now been fully implemented with one of the Company's major Software as a Service (SaaS) clients. In addition, the Company continues to rapidly enroll more targeted healthcare providers to submit claims via the Company's proprietary secure web-portal, theclaimsXchange.com. The Company has started other exciting development projects in 2022, with the goal of continued innovation providing leading-edge technology solutions for NexgenRx customers, plan sponsors and their members.Ron Loucks, Preside...