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NexgenRx Announces Financial Results for Q2 2021 With Continued Growth in Revenues and Adjusted EBITDA
TORONTO, ON / ACCESSWIRE / August 18, 2021 / NEXGENRX INC. (TSXV:NXG) ("NexgenRx" or the "Co...
About this update from Nexgenrx Inc.
[{"type":"text","content":"NexgenRx Announces Financial Results for Q2 2021 With Continued Growth in Revenues and Adjusted EBITDATORONTO, ON / ACCESSWIRE / August 18, 2021 / NEXGENRX INC. (TSXV:NXG) (\"NexgenRx\" or the \"Company\") is pleased to announce its interim financial results for the second quarter ended June 30, 2021, which continue to build upon the Company's positive 2020 year-end and Q1 2021 results. Despite the continued lockdowns due to COVID-19 throughout the second quarter, the Company's Q2 revenue was $2,761,544, an increase of $356,305 (14.8%) compared to the same period in 2020. Gross profit for Q1 2021 was $2,223,737, an increase of $97,440 compared to Q1 2020. The Company's net income for the quarter was $380,106, a drop of $98,998 over Q2 2020, mainly due to substantial investments made in the Company's technology platform. Adjusted EBITDA for the quarter was $867,215, representing an increase of $88,357 or 11.3% over same period in the prior year.Despite the uncertainties of COVID-19, the Company is in a stronger position today than it was one year ago. The Company has continued to generate increased positive EBITDA and free cash flow, operated effectively and safely through the pandemic, paid down all outstanding debt, lowered costs, and finished the quarter with continued increases in sales. The Company is well positioned for continued growth during the balance 2021.One of the Company's greatest strengths is its efficient low-cost structure. The Company has emphasized keeping its costs low, plus looking for further cost-reduction opportunities, and these efforts have shown their value in the Company's ability to generate increasing EBITDA and additional shareholder value.The effective cost containment measures continued in Q2 2021, despite being in the second stage of re-opening. Total operating expense was $195,438, or 11.7% higher compared to the same period of the prior year, attributed to a return to full compensation levels this year, as well as the amortization of intangible assets, which started in October 2020 when the Company completed its major .NET re-write of NexSYS, the Company's core software application.Product DevelopmentThe final step in the .NET re-write of the Company's claims adjudication platform will be the implementation with one of the Company's major Software as a Service (SaaS) clients set for Q3. In add...