MIAMI, FL – August 17, 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 the three months and six months ended June 30, 2020.
“Positive growth trends continued to define the metrics for Q2, with another across-the-board win in terms of our forecasts and benchmarks as Progressive Care continues to bloom into a major technology-driven force in the pharmacy services marketplace,” commented Alan J. Weisberg, Interim Chief Executive Officer. “Now, with approximately $2 million in cash, we look forward to the second half of the year, where we believe we will begin to see a larger impact from our higher-margin initiatives, including nationwide moves in TPA data analytics for our growing 340B client business. Along the way, we have picked up thousands of new prescriptions and providers in our core pharmacy business due to our logistics leadership during the healthcare crisis.”
Management highlights strong net gains in new patients and new healthcare organizations and providers since March as Progressive Care takes up the mantle as the leader in COVID-19 measures in the pharmacy services space, including free contactless same-day prescription delivery, in-store social distancing through headcount shift planning, and antibody testing.
The Company is focused on driving robust growth in the second half of the year from traditional pharmacy services, but management anticipates a materially increasing impact from health data analytics as it accelerates the development in its new ClearMetRx platform, Progressive Care’s wholly-owned data analytics company with services designed to support health care organizations across the country. The Company has unique expertise in health data analytics and data management, and has begun to market these services to healthcare entities. Continued development of automated systems and digital assets to support these data-driven products and services is expected to drive future revenue and profitability growth.
The impact of health data analytics services can be seen in connection with the Company’s role serving as a Third-Party Administrator for a growing number of 340B eligible clients. For the three months ended June 30, Progressive Care saw total sales related to 340B clients jump 314% on a year-over-year basis.
The Company also commenced construction on the build-out of the 400 Ansin Blvd. building in Q2 2020. The purchased facility in Hallandale Beach has over 11,000 square feet and will house the operations of both the North Miami Beach and Davie, FL locations. The transition of operations from leased space will result in nearly $300,000 in savings in 2021. The Company plans to keep a portion of its North Miami Beach location to support its growing e-commerce and retail health products division.
Mr. Weisberg added, “Our focus right now is on continuing to deliver the best service in the space, but also on driving tangible returns from our technology-driven initiatives, where we see revolutionary progress. Data analytics and reporting platforms should have a major impact on how healthcare companies operate and we believe these initiatives should drive increased shareholder value engaging a much wider audience of market participants”
For more information about Progressive Care, please visit the Company’s website.
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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 expected financial and operational results in the second half of the year, the impacts of our data analytics products and services on our performance and expected savings from our transition to the Hallandale Beach facility. 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.
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