MIAMI, FL – December 17, 2019 – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to provide current and prospective shareholders with the Company’s operational performance update for November 2019:
● Consolidated monthly gross sales across all four pharmacy locations totaled $3.15 million, representing year-over-year growth of 70% compared to November 2018,
● Prescriptions filled during the month exceeded 43K, representing year-over-year growth of 36% compared to November 2018.
“We continue to see accelerating growth in sales and prescriptions, but we are also very excited to report that all four operating locations have been net profitable for two consecutive months now for the first time this year,” commented S. Parikh Mars, CEO of Progressive Care. “In other words, following aggressive investments in expansion, we have turned the corner, and cash is starting to flow to the bottom line even as we move on a pace this quarter that will likely set new Company records for sales and prescriptions.”
The Company is seeing expanding growth in sales and prescriptions driven, in part, by the seamless integration of the Company’s recent acquisition, Family Physicians Rx (FPRX), which began to directly impact performance data last quarter. However, October and November are the first months of 2019 to feature EBITDA profitability across all four pharmacy locations.
Management notes that this is in line with the Company’s stated strategic emphasis in Q4 to target higher-margin opportunities with the explicit goal of generating positive net cash flows from core operations.
Mars continued, “There is unquestionably core organic growth across the entire business, but we have also made major investments in expanding the scale of our operations this year, with FPRX being the prime example. However, we also set a goal for ourselves in the second half of this year – we made an explicit commitment to our shareholders – to drive results on the bottom line. That has been an execution story over the past two months, and we are proud to report that execution to our shareholders as we get ready to close out the year on a tremendous note.”
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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 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:
Caitlin Franscell, CMW Media
caitlin@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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