MIAMI, FL – August 24, 2020 – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce operational performance data for July 2020, which continued to demonstrate a trend of robust growth in sales, prescriptions, and 340B income in both sequential monthly and year-over-year terms.
• Consolidated monthly gross sales across all locations during the month of July totaled $3.62 million, representing monthly sequential growth of 8% compared to June 2020, and 7% year-over-year growth compared to July 2019
• Prescriptions filled during the month of July was 47,573, representing monthly sequential growth of 8% compared to June 2020, and 3% year-over-year growth compared to July 2019
• July set a new all-time Company record for total prescriptions filled
• 340B claim processing from 340B covered entities produced roughly $473K in revenue in July 2020, up 106% on a monthly sequential basis. This includes ClearMetRx third party administrator fees of over $146,000
• Total 340B claim submissions booked in July grew to almost $3 million*
“July was another strong month for Progressive Care, featuring the continued emergence of our 340B strategy and a strong contribution from our ClearMetRx data analytics subsidiary,” commented Alan J. Weisberg, Interim CEO and Chairman of the Board of Progressive Care.
Management notes that the Company continues to see extremely encouraging signs from its 340B strategy, which saw more than a doubling of revenues on a sequential monthly basis in July driven by new client relationships and an increasingly productive integration of the Company’s new ClearMetRx third party administration business.
The Company continues to pursue increasing efficiency in its core pharmacy services business while establishing multiple technology solutions that present more scalable long-term growth potential, including nationwide healthcare data analytics. Looking ahead, management believes Progressive Care will benefit from new client acquisition on a national level in its data analytics strategy as well as new patient and provider market share gains due to its continued leadership in contactless same-day prescription delivery service.
Weisberg added, “With strong cash levels in place, multiple scalable growth strategies underway, and core trends continuing to support strong expectations for the second half of the year, we believe we are poised to capitalize on opportunities for further growth in the months ahead.”
*All claims processed for not-for-profit entities are conducted on an agency basis. The gross value of the submissions is excluded from gross sales. Transaction fees due to the Company as a result of these claims are included in gross sales calculations.
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
PharmCoRx
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx
About Progressive Care Inc.
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 the Company’s performance data for the month of July, 2020 and the Company’s future growth and strategies. 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:
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}
