Business
Novus Reports First Quarter 2019 Results
Novus Reports First Quarter 2019 Results.
About this update from Novus Acquisition & Development Corp.
[{"type":"text","content":"\n\n\n \n \n \n \n \n \n \n \n \n \n \n 11 Consecutive Quarters of Sequential Increase in Revenue\n \n \n \n \n \n \n \n \n\n Telemedicine, Insurance Broker Participation, Provider Engagement Drive Growth For 11 Consecutive Quarters  MIAMI, FL, May 28, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Novus Acquisition and Development, Corp. (OTC Markets: NDEV), through its wholly-owned subsidiary WCIG Insurance Services, Inc., is a diversified insurance entity in health, liability, annuity and accident, and, the nation’s first carrier/aggregator offering a cannabis health plan, today reported financial and operational results for its first quarter ended March 31, 2019. First Quarter 2019 Highlights: Revenue increased 26% to $51,674 for the three months ended March 31, 2019, as compared to the three months ended March 31, 201811 consecutive quarters of revenue growthDemonstrated a 34% profit margin pricing structure in its business model for the three months ended March 31, 2019Net income decreased 27% to $17,480 for the three months ended March 31, 2019, as compared to the three months ended March 31, 2018, due to the investment in the Telemedicine platformNo dilution to the total shares outstanding for this quarter, and no insider sales from management or directorsShareholder equity remained strong with an increase to $1,398,457at March 31, 2019, from $1,395,552 at December 31, 2018Cash and Cash Equivalents increased to $132,653 at March 31, 2019, from $115,173 at December 31, 2018 Management Discussion and Analysis Novus’ Chief Executive Officer, Frank Labrozzi, commented, “Our first quarter results demonstrate the scalability of our Novus Cannabis MedPlan platform as we generated record quarterly revenue with growth in all of our key performance indicators. Cannabis cultivators, manufacturers and dispensaries are realizing Novus’ value by driving customers to their storefronts with higher than average monthly med purchases and gratuitous local advertising effort. We continue to see more and more medical cannabis cultivators, manufacturers and dispensaries opening in legalized medical states and the proliferation of CBD across the country. As the legalized cannabis jurisdictions expand and the current legalized states add licenses, our Provider Network gains value to the c...