MIAMI – May 16, 2019 – Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today issued 1st Quarter 2019 Quarterly Report Conference Call highlights.
The Company announced nearly $5.2 million in net revenues, a 3% increase over 2018. Revenues net nearly $275,000 in PBM fees charged during the quarter, which is an 89% increase over 2018. Prescriptions filled increased 28% to 84,500 during 1st quarter 2019. The company also filled over $1.9 million worth of prescriptions (Not Included in Net Revenues) for 340B entities during the quarter, generating fees to the pharmacy of approximately $115,000 which is a 91% increase over the same period last year. The Company reported a net loss of approximately $750,000, which included nearly $300,000 of non-cash interest on notes payable and depreciation, $125,000 in increased PBM fees, inclusion of $120,000 of net losses from PharmCo 1002, and decreased gross margins on prescription services to 20%.
The Company updated the shareholders that the advanced notification period to Medicaid has elapsed as of May 12, 2019. The acquisition is on track for a hard close on June 1st, 2019 at which point FPRX, with its 2 cash flow positive Florida locations, will consolidate in the Company financial results which is projected to bring the Company to over $30 million in annual revenues for fiscal year 2019, add approximately $250,000 in net earnings, and 50 new employees under the Progressive Care umbrella. The Company will conduct an audited inventory count on the date of closing and begin releasing funds on June 3rd, 2019.
The Company announced plans to market current CBD brands and leverage the cash buying customer base to fortify against insurance rate compression and increase profitability. The Company is continuing to proceed on plans to produce an exclusive line of products that incorporates the Company’s brand and mission to further develop its core market base and healthcare capabilities.
“2019 is moving at an unprecedented pace,” said S. Parikh Mars, CEO of Progressive Care. “In a few short weeks, Progressive Care will double in size in almost every measurable way. We will not only be gaining sales, locations, or economies, but a wealth of talent that includes expertise in pharmaceutical logistics, operational management, and clinical awareness. We look forward to learning from this impressive group of individuals and believe that the combination of our two organizations will produce an unstoppable force.”
About Progressive Care Inc.
Progressive Care Inc. (OTCQB: RXMD), through its PharmCo, LLC, is a South 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 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.
Investor Relations Contact:
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 Application Development 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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