NexgenRx Announces 2022 Year End Results With Continued Revenue Growth And Positive EBITDA

TORONTO, ON / ACCESSWIRE / April 6, 2023 / NEXGENRX INC. ("NexgenRx" or the "Company") is pleased to announce its annual financial results for the financial year ended December 31, 2022, once again highlighted by continued revenue growth and positive EBIDTA. The Company showed revenue growth of $939,942 in 2022 or 7.94% over the prior year, with a positive EBITDA of $1,626,524. The Company's cash position remained strong at $1,766,891, after total cash dividend payouts of $703,358 to the common shareholders.

Although the Company had numerous challenges throughout 2022, each challenge presented new opportunities and potential for the Company. Some of the Company's success stories included renewing its contract with one of its top five clients, expanding its SaaS (Software as a Service) offering to a wider range of customers and rewarding its shareholders with two dividend distributions. In addition, the Company officially transformed to a hybrid workplace model upon completion of its office move, which allows it to free up cash for other purposes. With various investments that the Company made upfront to develop and maintain customer relationships, together with distribution of dividends, a strong statement has been made that reflects the Company's capability of generating free cash flow.

Ron Loucks, President and CEO, stated "I am proud of what we have accomplished in 2022 and look forward to what 2023 has to offer. We have a strong pipeline of activity in various segments of our business that we are systematically converting into successful revenue-generating opportunities. This year, we are entering a new phase as a technology solution provider, promoting and expanding our fully managed SaaS solutions that empowers our customers to self-manage their benefit plans effectively and efficiently." Mr. Loucks continued, "2023 marks the 20^th anniversary of the incorporation of NexgenRx. This significant milestone is particularly gratifying to me as the Company continues to expand its reach in the marketplace with new and innovative product solutions."

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.