TORONTO, ONTARIO--(Marketwired - March 26, 2014) - NEXGENRX INC. ("NexgenRx" or the "Corporation") (TSX VENTURE:NXG) is pleased to announce its 2013 annual results.
Revenue from transaction fees for the year ended December 31, 2013 was $4,910,517 representing an increase of 12%, cost of sales decreased by 11% and gross profit increased by 18% over the prior year.
The net income for the year was $608,549, $0.01 per common share, compared with 523,692 in the prior year.
"2013 was a year of significant financial accomplishments focused on revenue growth producing eight consecutive quarters of positive operating cash flow of $969,865 and generating $608,549 of net income for the year. During 2013 we hired our VP of Sales plus two additional personnel and launched our new sales strategy focused on our next phase of growth. The strength of combining our claims adjudication solution, NexSys®, with NexAdmin®, our fully web- based administration platform, provides plan sponsors with superior self-administration functionality and complete control of their own data, independent of any insurance carrier," stated Ron Loucks, President and CEO.
About NexgenRx
NexgenRx is a growing health benefits management company engaged in the design, management and administration of health benefit plans offered by employers and other plan sponsors for the benefit of their employees and plan members. 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.
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