Business
NexgenRx Announces Second Quarter Results, With Over 19% Revenue Growth and Positive EBITDA
TORONTO, ON / ACCESSWIRE / August 15, 2024 / NEXGENRX INC. ("NexgenRx" or the "Company") is pl...
About this update from Nexgenrx Inc.
[{"type":"text","content":"NexgenRx Announces Second Quarter Results, With Over 19% Revenue Growth and Positive EBITDATORONTO, ON / ACCESSWIRE / August 15, 2024 / NEXGENRX INC. (\"NexgenRx\" or the \"Company\") is pleased to announce its financial results for the second quarter ended June 30, 2024, with quarterly revenue increasing to $4,084,839, and increased positive EBITDA of $376,500, resulting in a continued strong cash position for the Company.The Company achieved revenue of $4,084,839 in Q2 2024, an increase of $661,054 or 19.31%, compared to the second quarter of 2023. The growth is primarily due to the rise in transaction revenue, as well as administration revenue resulting from the introduction of Software as a Service (SaaS) solutions to NexgenRx customers in late 2023, in addition to a significant sales pipeline being converted into revenue. In Q2 2024 the Company also reported an increase in both net income and EBITDA over the comparable period in the prior year. NexgenRx achieved a positive EBITDA of $376,500, an increase of $60,593 over Q2 last year. The Company's cash position continued to remain strong at $1,809,550, after cash dividend payouts of $354,609 to the common shareholders in June 2024.Ron Loucks, President and CEO, stated \"I am pleased to announce our Q2 financial results, which is a reflection of our growth sustainability. We continue to see growth in our top line revenue, in particular the recurring transaction and administration revenue. This year, we continue our new phase as a technology solution provider, promoting and expanding our fully managed SaaS solutions that empower our customers to self-manage their benefit plans effectively and efficiently. The Company is always evolving to meet the needs of clients.\"About NexgenRxNexgenRx is Canada's only independent full-service Third-Party Administrator and Technology Solutions Provider, offering proprietary full front-end, eligibility, enrolment, hour bank and mobile access capabilities, together with state-of-the-art claims adjudication and full provider network coverage. These combined capabilities allow NexgenRx to provide Plan Sponsors, sophisticated administration and health benefit technology applications in a cost-effective SaaS (Software as a Service) Model.NexgenRx is committed to building partnerships with organizations looking to exceed the expectations of their...