Open Letter to Shareholders Summarizes Recent MilestonesMIAMI, January 16, 2018 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTCQB:RXMD), through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management, releases the following letter to Shareholders from the Company's Chief Executive Officer, S. Parikh Mars:Dear Progressive Care Shareholders,We begin 2018 with optimism and an unflappable sense of purpose and urgency. We have worked steadily to lay a solid foundation upon which we can grow and flourish through an ever-changing healthcare environment. The company remained focused on its vision for the future of healthcare and innovative approach to shape the pharmacy model. We worked throughout the year to prepare our facility and develop the processes that will lead the way in the pharmacy industry. We also understand that you, our shareholders, have deservedly high expectations for achievement. To that end, we worked to elevate the status of Progressive Care to ensure that the investing public can look at the Company and rely on the information being presented. We thank you for the trust and support and we hope to continue to build on the momentum and deliver results we all can be proud of.Significant AchievementsToward the end of 2016, we had completed the build-out of the warehouse space and installed the Script Pro automation system. With necessary infrastructure and technology upgrades in place, the Company, through its subsidiary PharmCo, LLC, set out to achieve an ambitious set of goals. The beginning of the year saw quick implementation of new rules and regulations put in place by the Centers for Medicare and Medicaid Services (CMS) and Pharmacy Benefits Management (PBM) companies intended to lower healthcare costs by restricting networks to exclude independent pharmacies, lowering reimbursements, increasing direct and indirect remuneration fees (DIR), and transitioning to shared-risk models for healthcare provision. It was immediately unclear the fate of the Affordable Care Act (ACA) which lead many companies to hold off investing in the acquisition of ACA customers. However, these changes did not distract us from executing the initiatives that would allow us to control our own destiny. We began with opening a Pharmco Pharmacy Resource Center in Century Village of Pembroke Pines which is a community of over 15,000 retirement age residents. This kiosk became the site of our first software development project: a tele-pharmacy platform. Through MDFlow, the platform is designed to allow patients and health care providers the ability to communicate via live stream video conference directly with a pharmacy technician or pharmacist located at the North Miami Beach location. The development of the platform is on-going but the benefits to brand loyalty, efficiency, and customer service are already being recognized. In the beginning of the year, the pharmacy secured a relationship with Community AIDS Network to provide 340B services and accelerated the growth of its 340B services to Empower U. These organizations provide necessary medical services to patients with infectious diseases and are instrumental in the education and prevention of the spread of HIV/AIDS in South Florida. We have long supported the HIV/AIDS community and believe that participating in the 340B program is not only good for our bottom line but for the individuals and organizations affected by these life altering illnesses. During 2017 we billed more than $2.75 million worth prescriptions on behalf of these charitable organizations, generating over $100,000 in net revenues to the pharmacy. This is an over 500% increase in both respects over 2016. The gross billings of these prescriptions are not included in the over $20 million in net revenues announced for 2017, due to the structure of the 340B program and in accordance with GAAP. In September, PharmCo faced the onslaught of Hurricane Irma. In the week leading up to the storm, we went through scrupulous measures to ensure that we delivered emergency medication supplies to every patient we could. We also provided resource support to our employees and local residents. After the storm passed, the pharmacy sustained no damage and was the first pharmacy in the area to open with full power and a fully stocked inventory. We worked with local officials to reach any patient in need. As hurricane season intensified, we worked to donate medicinal and wound care supplies to Haiti and Puerto Rico. We would like to thank our armed service members who make incredible sacrifices to help those most in need, which includes one of our own employees, who spent 3 months in Puerto Rico helping with recovery efforts.The pharmacy throughout the year grew its year-over-year prescription count and net revenues, achieving over 21,000 prescriptions filled in October 2017, 225,000 prescriptions filled in 2017 and over $20 million in net revenues. PharmCo remains a 5 star pharmacy, leading the way in pharmacy and medication therapy management (MTM) performance. PharmCo also resumed adding non-resident state licenses which now includes 12 states in addition to Florida where the pharmacy can supply prescription medications.Progressive Care as public entity experienced many notable achievements. During the first quarter of 2017 the Company released its 2016 audited financial statements, its first set since 2011. Soon after, we added 2 new independent board members with decades of capital markets and executive management experience. Mr. Jervis Hough and Mr. Oleg Firer have provided the company with valued guidance in navigating its future and have recommended key service providers that have helped the Company’s presence in the investment community. With 2 independent board members and a majority independent audit committee in place, Progressive Care applied and received approval to uplist to OTCQB in December 2017.
Outlook2018 brings tremendous opportunity for Progressive Care. Over the last several years, we have worked to make sure that expertise in the healthcare industry flows throughout the organization from executive management to pharmacy technicians and customer service representatives. We began our own continuing education program for our employees so that they can help the company grow and excel with every customer interaction. We understand that healthcare models are changing across the board and with that comes the ability to seize upon the competitive advantages we have built. As the industry continues to evolve toward shared-risk, we know that providers will need the support of a reliable pharmacy to effectively manage the health of their patients. We have positioned the company to provide solutions to health providers from primary care to specialists to rehab facilities and surgical centers. Our prowess with MTM, has garnered recognition from Outcomes, the leading MTM platform in the country. We believe that continuing the development of our MTM services and the presentation of our success story to physicians across Florida will allow us to achieve further sales growth and market penetration. We expect to receive additional non-resident state licenses, which will enable us to expand our brand throughout the country. We continue to evaluate which states provide the best avenues for growth and development as we market our custom compounds and specialized services. Lastly, we believe that the achievements over the past 2 years and the issuance of audited financial statements will improve our position when securing capital and executing on our M&A objectives. We have worked tirelessly to advance Progressive Care, its mission, and its performance so that it can be viewed by the investing public with the respect it deserves. We believe that we will deliver increases in shareholder value and financial results throughout 2018 by remaining focused and staying on leading edge of what it means to be a healthcare company.The following are our strategic goals for 2018:
Closing RemarksThe strength of Progressive Care has always been in the hands of its employees and its shareholders. Without the loyalty and dedication of both, this Company would not be where it is today. We have thrived because of the unyielding support in the face of immense challenges and we know that we must never waver in our desire to always earn the trust that has been bestowed upon us. Thank you to all who believe in us and we look forward to delivering another phenomenal year.Best regards, Parikh Mars, Chief Executive OfficerProgressive Care, Inc.About Progressive CareProgressive Care Inc. (OTCQB:RXMD), through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management.Cautionary Statement Regarding Forward Looking StatementsStatements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.ContactArmen KarapetyanSenior Advisor Business Developmentarmen@progressivecareus.comwww.progressivecareus.comwww.pharmcopharmacy.com
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Forward-looking Statements – This website contains forward-looking statements about our business. These forward-looking statements do not relate strictly to historical or current facts. Forward-looking statements involve risks and uncertainties and include statements regarding, among other things, our projected revenue growth and profitability, our growth strategies and opportunity, anticipated trends in our market and our anticipated needs for working capital. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “anticipate,” “estimate,” “plans,” “potential,” “projects,” “continuing,” “ongoing,” “expects,” “management believes,” “we believe,” “we intend” or the negative of these words or other variations on these words or comparable terminology. You should not put undue reliance on these forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those reflected in such statements including: risks associated with current and potential future healthcare reforms; risks relating to technology failures or breaches; aspects of our business which are outside, risks relating to management and key personnel changes including attracting and retaining key personnel; failure to comply with legal and regulatory requirements; risks relating to access to capital and credit markets; risks related to indebtedness; exposure to claims and liabilities; changes in industry pricing benchmarks; and other risks and uncertainties that are described in the Risk Factors section of our recently filed Form 10-12G, including the presentation of financial statements and notes thereto, and other reports we have filed with the U.S. Securities and Exchange Commission. These reports are available at www.sec.gov or by calling our Investor Relations department at (888) 919-7411 ext. 221. Forward-looking statements speak only as of the date they are posted to this website, unless an earlier date is indicated, and we do not undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP FinancialMeasures–This presentationincludes certain “non-GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934. Schedules are attached that reconcile the non-GAAP financial measures included in this presentation to the most directly comparable financial measures calculatedand presentedin accordancewith Generally Accepted Accounting Principles in the United States. You should carefully read Progressive Care’s periodic and currentfilings on the OTCQB website for definitions and further explanation and disclosure regarding our use of non-GAAP financial measures and such filings should be read in conjunction with this presentation.
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