July 27, 2016 16:39 ET
TORONTO, ONTARIO--(Marketwired - July 27, 2016) - NEXGENRX INC. ("NexgenRx" or the "Corporation") (TSX VENTURE:NXG) announces revenue of $1,565,891 an increase of $394,280 over the same period last year. Gross profit was $1,278,834 up $349,162 producing net quarterly income of $89,363. Revenue for the six months ended June 30, 2016 reached $2,977,820 or 25% higher than the same period last year.
"Revenue for the quarter increased 34% compared to the same period last year with 24% of the growth coming from the successful execution of the focused industry sales strategy and 10% from customizing our technology to specific clients' requirements" stated Ron Loucks, President & CEO. "Evolution in the marketplace requires more customization which helps differentiate NexgenRx's technology from competitors. We expect to see continued revenue growth from our focused sales strategy and periodic plan sponsor customizations", he added.
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 and the full financial statements can be found at www.sedar.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."
NexgenRx Inc.Ronald C. LoucksPresident and CEO416.695.3393 x801NexgenRx Inc.Taba MerrikhDirector of Finance416-695-3393 x 803
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