NexgenRx Announces 2018 Year End Results
Monday, April 8, 2019 8:00 PM
TORONTO, ON / ACCESSWIRE / April 8, 2019 / NEXGENRX INC. ("NexgenRx" or the "Company") is pleased to announce its 2018 year end results. The 2018 fiscal year was a very positive and transformational one for the Company, with revenue having increased by 26% (from $5.67 million in 2017 to $7.17 million in 2018). The year was highlighted by the acquisition of Canadian Benefit Administrators Ltd. ("CBA") and My Benetech Inc. ("MBT"), which was completed in July 2018. One-time acquisition related costs and other non-cash expenses relative to the acquisition contributed to an annual loss of $696,862, though the fourth quarter ended with a profit of $184,049, reflecting the positive consolidation of a full quarter of financial results from the acquisitions, in addition to revenue from new clients.
"I am delighted that the Company recorded a positive fourth quarter profit, which begins to reflect the impact that the acquisitions have had on our Company, along with growth from other new clients. Given the relative consistency of results in our industry, this continued increase to our revenues is encouraging and is one that we have continued to experience through the first quarter of 2019" stated Ron Loucks, President & CEO.
CBA is a Third Party Administrator ("TPA") providing administrative services to plan advisors and other intermediaries who wish to provide their clients with eligibility, enrolment & billing functionality, independent of any one insurance carrier. My Benetech provides a wholesale value-add SaaS (Software as a Service) platform to plan sponsors who have their own dedicated administrators. Together with NexgenRx our client offering has been significantly strengthened.
NexgenRx is Canada's only independent full service technology solutions provider, offering proprietary full front end enrolment, hour bank and mobile access capabilities, combined with state of the art claims adjudication and full provider network coverage. These combined capabilities allow NexgenRx to provide complete proprietary solutions to plan sponsors that need sophisticated front end administration and health benefit technology applications, all in a cost- effective manner. NexgenRx is committed to building partnerships with organizations looking to exceed the expectations of their clients and plan members and deliver superior administration and claims processing solutions at a competitive cost. More information on NexgenRx can be found at www.nexgenrx.com.
Caution Regarding Forward-Looking Statements
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to continued positive earnings and profitability. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for existing and new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; continued development and enhancement of the Company's proprietary software technology; cyber security risks and the other risks and uncertainties disclosed in our annual Management's Discussion and Analysis, as filed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Ronald C. Loucks
President and CEO
Kelly Ehler CPA, CA
Chief Financial Officer
SOURCE: NexgenRx Inc.