Business
Nexgenrx Announces Q1 2022 Financial Results with Continued Growth in Net Income, EBIDTA and Revenue
TORONTO, ON / ACCESSWIRE / May 17, 2022 / NEXGENRX INC. ("NexgenRx" or the "Company") (TSXV...
About this update from Nexgenrx Inc.
[{"type":"text","content":"Nexgenrx Announces Q1 2022 Financial Results with Continued Growth in Net Income, EBIDTA and RevenueTORONTO, ON / ACCESSWIRE / May 17, 2022 / NEXGENRX INC. (\"NexgenRx\" or the \"Company\") (TSXV:NXG) is pleased to announce its interim financial results for the first quarter ended March 31, 2022, highlighted by continued net income, EBITDA and revenue growth, with the Company's net income and EBITDA for the quarter being $377,956 and $753,368 respectively, increases of $15,845 and $59,669 over Q1 2021. Similarly, Q1 revenue was 13.22% higher compared to the same period last year.The 2021 financial year demonstrated the strengths of the NexgenRx business model and the virtues of the Company's financial management approach, as the Company achieved positive cash, EBITDA and shareholder free cash flow. As the 2021 financial year ended with a strong balance sheet position, the Company navigated into 2022 in good financial health and total dividends of $351,679.42 were paid out in February 2022 to all outstanding common and series 1 preferred shareholders.The flexibility and strength of the Company's operating model and tremendous efforts of the Company's leadership teams allowed NexgenRx to end Q1 with solid results that are in line with the Company's objectives to protect its financial position and maintain its margin. Q1's 13.22% revenue growth (as compared to same period last year) reflected a healthy growth in transaction and administration revenues and exceptional growth in consulting revenue.Total operating expense was $267,951 or 13.47% higher compared to the same period in the prior year, attributed to compensation adjustment, as well as the amortization of internally generated intangible assets when the major .NET re-write was completed. Management continues to carefully monitor and control all operating expenses. 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.While the full impact and duration of the pandemic continues to remain unknown, Management is committed to take all necessary steps to keep revenue and expenses aligned to maintain the continued growth and financial integrity of the Company.Ron Loucks, President and CEO, stated: \"Alon...