MIAMI – April 23, 2019 – Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services andtechnology company, today announced further growth year-over-year in revenueand number of prescriptions filled for March 2019.
In March, the company reported an18% increase in prescriptions filled when compared to the same month last year,totaling nearly 27,000 prescriptions generating approximately $1.75 million innet revenue exclusive of PBM fees. Prescriptions filled have increased yearover year for the last 18 months as a result of concentrated efforts to promotequality services to new entities including Management Services Organizations(MSOs) and large scale physicians’ practices. Industry wide reimbursementcontraction and additional fees has continued to put pressure on net revenues. TheCompany is moving forward on monetizing core competencies such as B2B servicesin the healthcare industry and personalized medicinal solutions to insulate theoperation from further cost cutting efforts by insurance companies and deliverprofitability.
“Progressive Care’s March sales and prescription numbers are a resultof our dedicated commitment to providing patients with a range of personalizedmedication therapies,” said S. Parikh Mars, Chief Executive Officer ofProgressive Care Inc. “We are confident in our ability to continue to meet ourpatients’ needs by providing quality healthcare management services. We lookforward to continuing to break company records as the year progresses.”
Update on Acquisition
The Company is nearing completion of its acquisition of FamilyPhysicians RX (FPRX) a South Florida pharmacy with locations in Orlando andDavie, FL. The closing is scheduled to take place in the next 6 weeks to alignwith Medicaid advanced notification rules. After the closing, the Company willconsolidate FPRX’s nearly $1.5 million in monthly sales into its financialstatements. The resultant combinedcompany is expected to yield benefits beyond financial results includingexpansion opportunities in the I-4 corridor of Florida, economies of scale, anddevelopment of complimentary relationships and suites of services.
For more information about Progressive Care, pleasevisit the company’s website.
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About Progressive CareInc.
Progressive Care Inc. (OTCQB: RXMD), through its PharmCo, LLC, is aSouth Florida health services organization and provider of prescriptionpharmaceuticals, 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 healthpractice risk management.
Cautionary Statement Regarding Forward-Looking Statements
Statements containedherein that are not based upon current or historical fact are forward-lookingin nature and constitute forward-looking statements within the meaning ofSection 27A of the Securities Act of 1933 and Section 21E of the SecuritiesExchange Act of 1934. Such forward-looking statements reflect the Company’sexpectations about its future operating results, performance, and opportunitiesthat involve substantial risks and uncertainties. These statements include butare not limited to statements regarding the intended terms of the offering,closing of the offering and use of any proceeds from the offering. When usedherein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,”“intend” and “expect” and similar expressions, as they relate to ProgressiveCare Inc., its subsidiaries, or its management, are intended to identify suchforward-looking statements. These forward-looking statements are based oninformation currently available to the Company and are subject to a number ofrisks, uncertainties, and other factors that could cause the Company’s actualresults, performance, prospects, and opportunities to differ materially fromthose expressed in, or implied by, these forward-looking statements.
Investor RelationsContact:
Armen Karapetyan, Progressive Care
Senior Advisor Business Development
Armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com
Public Relations Contact:
Kathleen Gonzales, CMW Media
Kathleen@cmwmedia.com
www.cmwmedia.com
Web and ApplicationDevelopment Contact:
Marcello Jaspan, Mass Ventures Corp
Marcello@massventurescorp.com
www.massventurescorp.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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