MIAMI, FL – December 7, 2020 – 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 October, which featured a strong jump in operating margins, significant sequential monthly growth in net revenues, and the establishment of sales growth related to rapid results COVID-19 testing.
• Consolidated net sales across all locations during October 2020 totaled $3,3M, representing a 7% sequential monthly growth.
• October margins increased to 27%, helping to drive a 53% sequential monthly jump in cash on hand.
• Prescriptions filled during October grew 1% on a sequential monthly basis.
• 340B pharmacy dispensing fees grew 119% in October on a year-over-year basis.
• The Company booked nearly $100K in revenues related to rapid results COVID-19 testing in October.
Management notes that gross sales saw a minor drop, driven by the Company’s aggressive push to prioritize generic medication alternatives over expensive branded medications, which offer savings to customers as well as wider profit margins for the pharmacy.
October was also a significant month as the Company saw its rapid results virus testing service expand substantially. The Company is focused on building the PharmcoRx brand as a solution for COVID-19 rapid testing by adding two new analyzers for PCR Testing: Abbott ID NOW and Cepheid. The Cepheid analyzer will allow the Company to simultaneously test for four types of infections: Covid19, Flu A, Flu B and RSV, providing rapid results in 15 minutes.
“October was another strong month characterized by expanding margins and strong execution,” commented Alan Jay Weisberg, CEO and Chairman of Progressive Care. “We have secured a market-leading position in COVID-19 testing in Dade County and we look forward to becoming a major provider of COVID-19 vaccines next year.”
For more information about Progressive Care, please visit the company’s website. Connect and stay in touch with us on social media:
Progressive Care Inc. https://www.facebook.com/ProgressiveCareUS/ https://twitter.com/ProgressCareUS
PharmCo Rx https://www.facebook.com/pharmcorx/ https://twitter.com/PharmCoRx
ClearMetrX https://www.clearmetrx.com/
https://www.facebook.com/clearmetrx/
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 Statement Regarding Forward-Looking Statements 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. These statements include but are not limited to statements regarding expansion in COVID-19 testing and expected distribution of COVID-19 vaccines. 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
Copyright 2022 © Progressive care inc.
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.
Type your name and email and we'll send you RXMD's investor's presentation in the next few minutes!
.png){kind=logo}
