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NexgenRx Announces Q1 2019 Financials and Annual Meeting Results
TORONTO, ON / ACCESSWIRE / May 29, 2019 / NEXGENRX INC. ("NexgenRx" or the "Company") is pl...
About this update from Nexgenrx Inc.
[{"type":"text","content":"NexgenRx Announces Q1 2019 Financials and Annual Meeting ResultsTORONTO, ON / ACCESSWIRE / May 29, 2019 / NEXGENRX INC. (\"NexgenRx\" or the \"Company\") is pleased to announce its Q1 2019 financial results and the results of its annual meeting of shareholders.The first quarter was a very positive quarter for the Company, which included consolidating a full quarter of positive financial results from Canadian Benefit Administrators Ltd. (\"CBA\") and My Benetech Inc. (\"MBT\"), which were acquired in 2018. Excluding the acquisitions, revenue from new clients grew 33% year over year. On a consolidated basis the current revenue run rate is anticipated to remain the same, subject, as always to new potential client wins or terminations.NexgenRx results are now complemented by CBA, which 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.The first quarter ended with a profit of $107,977 reflecting the positive contributing factors noted above. On a year over year basis, revenue increased by 54%, reversing prior year losses. With new client revenues and the integration of My Benetech and CBA, the Company's financial results have swung from a loss in 2018 to a profit in 2019. First quarter EBITDA was a positive $384,987 vs. a negative $79,209 in the comparable quarter in 2018.The Company held its Annual and Special Meeting of its shareholders today. An aggregate of 52,654,148 (75.3%) of the outstanding shares of the Company entitled to be voted at the meeting were represented in person or by proxy. All matters of business were approved by the shareholders at the Meeting, including setting the number of Directors at five (5), the election of all Directors, the appointment of Grant Thornton LLP as the Company's auditor and the approval of the Company's stock option plan.About NexgenRxNexgenRx is Canada's only independent full service technology solutions provider, offering proprietary full front end enrolment, hour bank and ...