MIAMI, FL – January 8, 2021 – Progressive Care Inc. (OTCQB:RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce performance data for the month of November 2020.
• Consolidated gross sales across all locations during November 2020 totaled $3.4 million, representing a 6.3% year-over-year growth when compared with November 2019.
• Prescriptions filled during November came in at approximately 42,600, which was roughly flat (down less than 1%) on a year-over-year basis.
• 340B fees grew 94% in November on a year-over-year basis, to approximately $212,000.
• The Company booked approximately $160,000 in revenues related to Rapid Results COVID-19 Virus Testing in November, up 72% on a month-over-month basis.
“While this remains a challenging environment for our clients, patients and providers, we continue to execute at a high level, and we are grateful for the opportunity to provide value for our surrounding communities,” commented Alan Jay Weisberg, CEO and Chairman of Progressive Care. “Overall sales continued to demonstrate a robust growth trend, our testing and TPA services surged once again, and we look forward to further growth opportunities in the months and quarters ahead given our recent physical consolidation, our upcoming Orlando, Florida expansion, and the strong logistical foundations we have laid for both the launch of Covid-19 vaccine administration and further robust growth in our COVID-19 testing services.”
The Company has also recently completed a move into its new 11,000 sq ft pharmacy space in Hallandale Beach, Florida and plans to complete the move to its new 3,700 sq ft Orlando location before the end of January, which should drive important performance gains, advances in productivity, volume, and market reach due to the space and efficiency.
“Our expanded Orlando location represents a major upgrade,” added Weisberg. “In addition to driving gains in our access to the dynamic Orlando market, the move will allow us to build out our growing 340B business and dramatically expand our rapid results testing services.”
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About Progressive Care: Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a Florida health services organization and provider of prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long-term care facilities, and health practice risk management.
Cautionary Disclosure Regarding Forward-Looking Statements Forward-Looking Statements 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. 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.
Public Relations Contact:
Carlos Rangel
carlosr@pharmcorx.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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