Business
Novus Reports Second Quarter 2019 Results
Novus Reports Second Quarter 2019 Results.
About this update from Novus Acquisition & Development Corp.
[{"type":"text","content":"\nHealth Reimbursement Act and Credit Cards Acceptance for Policy Payments Drive Growth \n\n \n \n \n \n \n \n \n \n \n \n \n 12th Consecutive Quarters of Sequential Increase in Revenue\n \n \n \n \n \n \n \n \n\n MIAMI, FL, Aug. 01, 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 second quarter ended June 30, 2019. Second Quarter 2019 Highlights: Revenue increased 24% to $53,689 for the three months ended June 30, 2019, as compared to the three months ended June 30, 2018Revenue increased 25% to $105,363 for the six months ended June 30, 2019, as compared to the six months ended June 30, 201812 consecutive quarters of revenue growthDemonstrated 39% profit margin pricing structure in its business model for the three months ended June 30, 2019Shareholder equity remained strong with an increase to $1,433,872 at June 30, 2019, from $1,395,552 at December 31, 2018Cash and Cash Equivalents increased to $135,306 at June 30, 2019, from $115,173 at December 31, 2018 Management Discussion and Analysis Novus’ Chief Executive Officer, Frank Labrozzi, commented, “Our second quarter results reflect our continued success as a supplemental health plan in the medical cannabis industry. Utilizing internal capitalization and continued restraints on the ability to disseminate advertising, Novus Cannabis MedPlan platform generated record quarterly revenue with growth in all of our key performance indicators. This was contributed to recent industry shifts in regards to the Health Reimbursement Act and the ability for credit card processing for policy payments should provide wind at our back to continue our growth path. Specifically, with Novus Cannabis MedPlan, we are continuously working closely with cannabis cultivators, manufacturers and dispensaries in educating them on our added value by driving customers to their storefronts with higher than average monthly med purchases and gratuitous local advertising efforts. As the legalized cannabis territories expand and the current legalized states add lic...