NexgenRx Inc.: NexgenRx Announces 2020 Year End Results with Record EBITDA and Net Profit
TORONTO, ON / ACCESSWIRE / March 31, 2021 / NEXGENRX INC. (TSXV:NXG) ("NexgenRx" or the "Company") is pleased to announce its annual financial results for the year ended December 31, 2020, which show record growth in both EBITDA and net profit. The Company recorded EBITDA for the year of $3,035,108, representing an increase of $2,048,139 over the prior year. Total revenue increased by $1,501,355 or 15.7%, as compared to the prior year.
The Company stayed focused on all of its long-term strategic plans during the year ended December 31, 2020. The Company made significant advances with its technology, investing more than $1.4 million in the complete re-write of NexSys®, the Company's claims adjudication system, in .NET, giving the Company a 20+ year horizon on its platform. The Company also retired the $1.2 million balance of sale on its previous acquisition of Canadian Benefit Administrators and MyBenetech. Both of these significant financial events were completed during the year, even with the impact of the pandemic.