Nexgenrx Announces Q2 2023 Quarterly Results (With Continued Revenue Growth), Consulting Agreement and Option Grant

TORONTO, ON / ACCESSWIRE / August 21, 2023 / NEXGENRX INC. ("NexgenRx" or the "Company") is pleased to announce its interim financial results for the second quarter ended June 30, 2023, with continued revenue growth to $3,423,785 for the quarter and $6,882,404 year to date. The quarterly revenue growth represents an increase of $310,583 (or 9.98%) over the same quarter in 2022. The Company also announces the entering into of a consulting agreement with PBM Management Services (and the issuance of share compensation thereunder) and the grant of stock options to certain .non-executive directors.

Q2 Results

Along with 9.98% revenue growth, total operating expense was $290,952 or 12.06% higher compared to same period in the prior year, attributed to I.T. implementation expenses, consulting services, and compensation adjustments. Management continues to carefully monitor and control all operating expenses. Management has emphasized keeping the Company's costs low, plus looking for further cost-reduction opportunities, and these efforts have shown their value in the Company's ability to generate a year-to-date EBITDA of $834,968 and additional shareholder value. The quarter has been very active with many business development initiatives with prospective clients, and the Company anticipates that its sales efforts will be rewarded over the next two quarters. The management team continually monitors revenue growth prospects and the Company's cost structure to keep a balance between the Company's push for growth and the resources necessary to accomplish its plans. The Company anticipates additional marketing and related expenditures in the following quarter. With this process complete, new revenues are expected be incremental without any additional significant cost. During the quarter, the Company also corrected the amount of the stated capital reduction that was implemented in Q1 2023 in order to match the amount that was approved by shareholders at the 2022 annual meeting (being $15,525,064). This result in an adjustment in the amount of $907,751.

Ron Loucks, President and CEO, stated "The strength of our operating model, together with the agility of our leadership teams, allowed us to end Q2 with solid results that were in line with our objectives of continued growth while maintaining our margin. Q2 revenue was $310,583 higher compared to same period last year, with a healthy growth in recurring revenues."