MIAMI, November 14, 2018 -- Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announced financial results for the quarter ending Sept. 30, 2018, as well as provided an overview of recent operational highlights along with updates on the Company’s strategies.Progressive Care dispensed 212,000 prescriptions during the nine-month period ending Sept. 30, 2018, an increase over the same period last year of 30%. During Q3 2018, the Company experienced continued growth over last year, showing a 6% increase in total revenue over Q3 2017. Total revenue for the nine-month period ending Sept. 30, 2018, was approximately $15.6 million, the largest nine-month period in the Company’s history and an increase of 4% over 2017. Additionally, Progressive Care’s total assets were $3,221,368 as of Sept. 30, 2018, compared to $2,492,125 as of Sept. 30, 2017 — an increase of 29.26%.Progressive Care also reported raising over $1.4 million for 340B charitable organizations during Q3 2018, and $4.1 million total for the nine-month period ending Sept. 30, 2018. The Company’s total reported revenue included approximately $188,000 in fees earned on dispensing prescription medications to patients under 340B programs. The Company expanded its revenue growth in this area through the signing of two new 340B contracts that it began fulfilling in Q4 2018.“We are thrilled to announce that we have seen significant year-over-year growth in Q3 and record-breaking sales during another quarter of significant growth compared to last year,” said S. Parikh Mars, CEO of Progressive Care Inc. “The Company is also generating other significant value, including the diversity of its service offerings and investing in initiatives including advertising, staffing, technology and consulting for our future plans for expansion. Our revenue is up, new technology is being developed and we are working on the deployment of our Tele-PharmCo proprietary patient software through Kiosks placed strategically in hospitals and healthcare facilities. Even though the industry is facing a significant headwind, our topline sales are up 4% and we are investing in the future of the pharmacy industry. Since the beginning of 2018, we’ve seen the biggestnine-month revenue period to date with the most prescriptions filled and the most revenue and sales to date with the acquisition of our second location.”Progressive Care is preparing for continuous growth by expanding into new market territories, advancing the Company’s compliance and adherence services provided to medical providers, and heightened technological opportunities to drive even more customer satisfaction. Active developments range from market penetration in Palm Beach and Martin Counties through the Palm Beach location; the development of its Tele-PharmCo platform; the development and deployment of its online prescription management solution; and implementation of MTM protocols.THIRD QUARTER 2018 HIGHLIGHTSDuring the third quarter of 2018, Progressive Care Inc. achieved the following milestones and significant events:Reported record-breaking year-over-year sales and growth numbers
Received top pharmacy performance scores from leading health and wellbeing company- The Company’s wholly owned subsidiary PharmCo, LLC met all three of the performance measures evaluated by Humana Inc., a leading health and wellbeing company, as part of its Rx Quality Network program. As a result of PharmCo’s performance scores in the first measurement period, the company will receive the maximum payout offered by Humana as part of the program’s rewards.Continued development of technology-driven healthcare service options- The Company announced that it has launched an updated website for its wholly owned subsidiary, PharmCo LLC, dedicated to providing their patients with additional knowledge on its growing platform of offered products and suite of services. The newly redesigned website now features more detailed information on the company’s offered services, such as custom compounding, Home health risk management and the Company’s growing tele-pharmacy initiative.Received international media coverage for its efforts to offer alternative treatments to opioids and technology expertise- The Company garnered notable international media coverage in top pharmacy industry publication World Pharma Today around the company’s efforts to combat the nationwide opioid epidemic. In a contributed article published in World Pharma Today, Mars explored the history of the opioid crisis and shares her perspective on what more can be done to provide patients with better access to pain management alternatives in lieu of prescription opioid medications. Additionally, the company received notable coverage in MD+DI, Pharmacy Business, and Medical Design Technology around its healthcare technology services and expertise.THIRD QUARTER 2018 FINANCIAL RESULTSNet Revenue: For the nine-month period ending Sept. 30, 2018, Progressive Care showed net sales of $15,682,576 as compared to net sales of $15,034,683 for the nine-month period that ended Sept. 30, 2017 — an increase of 4%.Balance Sheet: Total assets for the company were $3,221,368 as of Sept. 30, 2018, compared to $2,492,125 as of Sept. 30, 2017 — an increase of 29.26%.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/ProgressCareUSPharmCo, LLChttps://www.facebook.com/pharmcorx/https://twitter.com/PharmCoRxAbout 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 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.Public Relations Contact:Kathleen Gonzales, CMW Mediakathleen@cmwmedia.com619-368-2701www.cmwmedia.comInvestor Relations Contact:Armen Karapetyan, Progressive CareSenior 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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