Business
Novus Cannabis MedPlan Reports 2019 Earnings Results
Novus Cannabis MedPlan Reports 2019 Earnings Results.
About this update from Novus Acquisition & Development Corp.
[{"type":"text","content":"Unprecedented Under Insured / Uninsured Americans Contribute to GrowthMIAMI, FL / ACCESSWIRE / March 16, 2020 / Novus Acquisition and Development, Corp. (OTC PINK:NDEV), through its wholly-owned subsidiary WCIG Insurance Services, Inc., is an insurance entity in health and, the nation's first carrier offering cannabis health plans to recreation and medicinal users, today reported, its financial and operational results for its Earnings Report, December 31, 2019."Year End 2019 results demonstrate continual sales growth, as we experience momentum in 2020", said Frank Labrozzi, CEO of Novus. "The commercialization of our Cannabis Health Plan is ever increasing, and new records will be set as we become the catalyst to exclusively corral rec and med users towards top cannabis brands."Fourth Quarter 2019 and Year End 2019 Financial Highlights are:Revenue increased 17.2% to $57,862 for the three months ended December 31, 2019, as compared to the three months ended December 31, 2018Revenue increased 22% to $219,240 for the twelve months ended December 31, 2019, as compared to the twelve months ended December 31, 201814 consecutive quarters of revenue growthMaintained an average of 31.7% EBITDA in its business model throughout the year of 2019No dilution to the total shares outstanding this reporting period, with no insider salesShareholder equity remained strong with an increase to $1,426,431 at December 31, 2019, from $1,395,552 at December 31, 2018Cash and Cash Equivalents increased to $145,553 at December 31, 2019, from $115,173 at December 31, 2018Increased In-network Providers in nine states where THC is legalEarnings per share remained the same in Year End 2019, from Year End 2018 at $0.0140Participating brokers/agents/affiliates increased 16% from Year End 2018InvestorPlace Magazine Named Novus "30 Marijuana Stock to As the Future Turns Green"Other Financial Highlights for Q4 2019:Revenues increase on average of 4.17% Quarter over Quarter in 2019Cash balance increased in Year End 2019 23.2% as compared to Year End 2018Total assets increased in Year End 2019 to 10.6% as compared to Year End 2018Total shareholder equity Year End increased 2.2% as compared to Year End 2018Contributing Factors In 2019Increased Broker/Agents Base:Our broker agent base is well accepted by our niche product line and that...