Business
NexgenRx Announces Q2 2022 Financial Results with Continued Revenue Growth, Positive EBITDA and Increased Free Cash Flow
TORONTO, ON / ACCESSWIRE / August 18, 2022 / NEXGENRX INC. ("NexgenRx" or the "Company") is ...
About this update from Nexgenrx Inc.
[{"type":"text","content":"NexgenRx Announces Q2 2022 Financial Results with Continued Revenue Growth, Positive EBITDA and Increased Free Cash FlowTORONTO, ON / ACCESSWIRE / August 18, 2022 / NEXGENRX INC. (\"NexgenRx\" or the \"Company\") is pleased to announce its interim financial results for the second quarter ended June 30, 2022, highlighted by continued revenue growth, positive EBIDTA and increased free cash flow. The Company's Q2 revenue was 12.73% higher compared to the same period last year. Revenue for the second quarter was $3,113,202 and $6,287,078 year to date. The Company achieved positive EBITDA of $405,907 and shareholder free cash flow. In Q2, the Company generated increased free cash flow of $399,444, resulting from reduced working capital expenditures and continued cost control measures.The management team continually monitors revenue growth prospects and the Company's cost structure to keep a balance between the Company's push for growth and the resources necessary to accomplish its plans. The Company anticipates additional marketing and related expenditures in the following quarter. With this process complete, any new revenues are expected to be incremental without any additional significant cost.The Company's head office lease was to expire on September 30, 2022. As a result of the Company's current work from home arrangement since March 2020, the management team has taken this opportunity to evaluate the office space requirements. The management team seized this opportunity to move to a significantly smaller office, where the space would align with the Company's current needs. The office relocation to an adjacent building within the West Metro Complex was completed on July 22, 2022. The new address is 191 The West Mall, Suite 905, Toronto, Ontario, Canada. Under international financial reporting standards, the Company recognized the right-of-use assets and lease liability relating to the new office in May, during the relocation fixturing period according to the terms of the amended lease.\"The quarter has been very active with many business development initiatives with prospective clients, and we anticipate our sales efforts to be rewarded over the next two quarters. The Company generated a smaller profit in Q2 compared to prior period last year, as a result of costs associated with client growth initiatives. With new client commitm...