TORONTO, ONTARIO--(Marketwired - March 31, 2017) - NEXGENRX INC. ("NexgenRx" or the "Company") (TSX VENTURE:NXG) is pleased to announce its 2016 annual financial results.
Revenues continued to grow during the year ended December 31, 2016. After experiencing revenue growth of 11% in 2015, the Company continued to grow revenue by a further 22.5% in 2016, resulting in gross revenue of $5,711,463. Cost of sales was $1,110,899, with gross profit of $4,643,837.
Net income for the year was $587,804, or $0.01 per share.
Total Assets increased by 25% (to $8,185,283), funded by profits and share equity.
"Improvement to our balance sheet and cash position will continue to be our focus into the future. During 2016, the Company was profitable, validating our business strategy and our targeted sales efforts throughout the country," stated Ron Loucks, President and CEO.
NexgenRx is Canada's only independent full service claims adjudicator with full front end administration capability. These combined capabilities allow NexgenRx to provide complete solutions to plan sponsors that need sophisticated health benefit technology applications, in a cost-effective manner. NexgenRx is committed to building partnerships with organizations looking to exceed the expectations of their clients 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 - This news release contains certain forward looking statements, including statements regarding the business and anticipated financial performance of the Corporation. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.
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.