Business
NexgenRx Announces Financial Results for Q3 2021 with Increased Positive EBITDA and Free Cash Flow
TORONTO, ON / ACCESSWIRE / November 19, 2021 / NEXGENRX INC. ("NexgenRx" or the "Company") i...
About this update from Nexgenrx Inc.
[{"type":"text","content":"NexgenRx Announces Financial Results for Q3 2021 with Increased Positive EBITDA and Free Cash FlowTORONTO, ON / ACCESSWIRE / November 19, 2021 / NEXGENRX INC. (\"NexgenRx\" or the \"Company\") is pleased to announce its interim financial results for the third quarter ended September 30, 2021. Despite the continuing uncertainties resulting from the COVID-19 pandemic, the Company continued to generate increased positive EBITDA and free cash flow; operated effectively and safely through the pandemic, lowered costs, and finished the quarter with continued increase in sales.Despite the surge in COVID-19 cases throughout the third quarter, the Company's Q3 revenue was 8.02% higher compared to the same period in 2020. Net income for the quarter was $429,581, a drop of $80,262 over Q3 2020, mainly due to substantial investments made in the Company's technology platform. Adjusted EBITDA for the quarter was $890,541, representing an increase of $80,422 or 9.9% over the same period in 2020.Total operating expense was $65,953 or 3.5% higher compared to the same period in 2020, which is attributed to a return to full compensation levels in 2021, as well as the amortization of intangible assets which started in October 2020 when the major .NET (which is the Company's Microsoft software platform) re-write was completed. Management continues to carefully monitor and control all operating expenses.The Company continues to generate free cashflow to continuously re-invest in its software systems. Management continues to analyze the financial impact of COVID-19, which could continue to have an impact with the recently identified Delta variant. While the full impact and duration of the pandemic continues to remain unknown, Management is committed to taking all necessary steps to keep revenue and expenses aligned to maintain the continued growth and financial integrity of the Company.\"One of our greatest strengths is our efficient low-cost structure. We have emphasized keeping our costs low while also looking for further cost-reduction opportunities, and these efforts have shown their value in our ability to generate increasing EBITDA and additional shareholder value. As a result, we are well positioned for continued growth during the balance of 2021,\" stated Ron Loucks, President & CEO.About NexgenRxNexgenRx is Canada's only independent full-s...