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NexgenRx Inc. Announces Q3 2023 Quarterly Results with Continued Revenue Growth and Positive EBITDA
TORONTO, ON / ACCESSWIRE / November 23, 2023 / NEXGENRX INC. ("NexgenRx" or the "Company") is ...
About this update from Nexgenrx Inc.
[{"type":"text","content":"NexgenRx Inc. Announces Q3 2023 Quarterly Results with Continued Revenue Growth and Positive EBITDATORONTO, ON / ACCESSWIRE / November 23, 2023 / NEXGENRX INC. (\"NexgenRx\" or the \"Company\") is pleased to announce its interim financial results for the third quarter ended September 30, 2023, with continued revenue growth to $3,390,174 for the quarter and $10,272,578 year to date. The quarterly revenue growth represents an increase of 8.86% over the same quarter in 2022. Year-to-date EBITDA is $1,020,591.The strength of the Company's operating model, together with the agility of its leadership teams, allowed the Company to end Q3 with solid results that were in line with the Company's objectives of continued growth while maintaining margin. Q3 revenue was $275,792 higher compared to same period last year, with a healthy growth in recurring revenues. Total operating expense for Q3 was $277,639 or 10.98% higher compared to the same period in the prior year, which is attributed to I.T. implementation expenses, consulting services, and compensation adjustments. Management continues to carefully monitor and control all operating expenses. Management has emphasized managing the Company's costs plus looking for further cost-reduction opportunities, and these efforts have shown their value in the Company's ability to generate a year-to-date EBITDA of $1,020,591 and additional shareholder value.Ron Loucks, President and CEO, stated \"I am pleased to present our Q3 2023 results showing our revenue growth of 8.86%. The quarter has been very active in preparation for several new client initiatives with prospective clients, however these clients required more time to execute their implementation, and we expect to see our efforts rewarded commencing Q1 2024. The management team continually balances new revenue growth initiatives and our cost structure to keep a balance between our push for growth and the resources necessary to accomplish our plans. We anticipate additional marketing and related expenditures in the following quarter. With this process complete, new revenues are expected to be incremental without any additional significant cost.\"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...