NexgenRx Announces 2024 Year End Results with Continued Strong Revenue Growth and Increasing Positive EBITDA
TORONTO, ON / ACCESS Newswire / April 3, 2025 /NEXGENRX INC.("NexgenRx" or the "Company") is pleased to announce its annual financial results for the financial year ended December 31, 2024, with continued revenue growth to $4,200,435 for the quarter and $16,475,286 for the year. Annual EBITDA was $2,339,422.
The Company achieved solid revenue growth in 2024. The Company 's 2024 annual results showed a significant increase in revenue of $2,628,957 or 19% over the prior year, with positive EBITDA of $2,339,422. The Company 's net income and EBITDA improved by $946,539 and $1,272,175 respectively compared to the prior year. The Company 's cash position at year-end remained strong at $1,705,666, after cash dividend payouts of $908,195 to the common and preferred shareholders during the year. The Company is well positioned to continue to generate free cash flow, supported by its strong recurring revenues and sales pipelines.
The Company is well prepared for increased demand for efficient benefits administration and claims processing. Implementation of these opportunities is expected to provide increased meaningful revenue for the Company. NexgenRx 's technology-driven offering is recognized as a differentiator for customers seeking more cost-effective solutions for their administration needs as well as adjudication of drug, extended health and dental benefits programs. This year, NexgenRx continues its next phase as a technology solution provider, promoting and expanding NexgenRx 's fully managed SaaS solutions that empowers its customers to self-manage their benefit plans effectively and efficiently.
Ron Loucks, President and CEO, stated "2024 was a rewarding year, evidenced by the strong revenue growth to our top line. The Company closed several new clients from our sales pipeline. In 2025, the Company will continue to place its focus on market penetration by expanding its reach in the marketplace with new and innovative product solutions. As always, I would like to acknowledge our loyal shareholders, Board of Directors for their dedication, advice and counsel; our hard-working staff and most importantly, the continuous support and trust of our customers, in their commitment to the NexgenRx Group of Companies."
About NexgenRx
NexgenRx is Canada 's only independent full-service Third-Party Administrator and Technology Solutions Provider, offering proprietary full front-end, eligibility, enrolment, hour bank and mobile access capabilities, together with state-of-the-art claims adjudication and full provider network coverage. These combined capabilities allow NexgenRx to provide Plan Sponsors, sophisticated administration and health benefit technology applications in a cost-effective SaaS (Software as a Service) Model.
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. Although management believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The Company 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 the Company 's strategies and business plans will yield the expected benefits; potential increases in sales and revenues; 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 the Company 's annual Management 's Discussion and Analysis, as filed under the Company 's profile on SEDARPLUS atwww.sedarplus.ca. 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. The Company undertakes no duty to update any of the forward-looking information to conform such information to actual results or to changes in the Company 's 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 | Kelly Ehler CPA, CA |
SOURCE:NexgenRx Inc.
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