MIAMI – April 23, 2019 – Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announced further growth year-over-year in revenue and number of prescriptions filled for March 2019.
In March, the company reported an 18% increase in prescriptions filled when compared to the same month last year, totaling nearly 27,000 prescriptions generating approximately $1.75 million in net revenue exclusive of PBM fees. Prescriptions filled have increased year over year for the last 18 months as a result of concentrated efforts to promote quality services to new entities including Management Services Organizations (MSOs) and large scale physicians’ practices. Industry wide reimbursement contraction and additional fees has continued to put pressure on net revenues. The Company is moving forward on monetizing core competencies such as B2B services in the healthcare industry and personalized medicinal solutions to insulate the operation from further cost cutting efforts by insurance companies and deliver profitability.
“Progressive Care’s March sales and prescription numbers are a result of our dedicated commitment to providing patients with a range of personalized medication therapies,” said S. Parikh Mars, Chief Executive Officer of Progressive Care Inc. “We are confident in our ability to continue to meet our patients’ needs by providing quality healthcare management services. We look forward to continuing to break company records as the year progresses.”
Update on Acquisition
The Company is nearing completion of its acquisition of Family Physicians RX (FPRX) a South Florida pharmacy with locations in Orlando and Davie, FL. The closing is scheduled to take place in the next 6 weeks to align with Medicaid advanced notification rules. After the closing, the Company will consolidate FPRX’s nearly $1.5 million in monthly sales into its financial statements. The resultant combined company is expected to yield benefits beyond financial results including expansion opportunities in the I-4 corridor of Florida, economies of scale, and development of complimentary relationships and suites of services.
For more information about Progressive Care, please visit the company’s website.
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Progressive Care Inc.
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
Public Relations Contact:
Kathleen Gonzales, CMW Media
Web and Application Development Contact:
Marcello Jaspan, Mass Ventures Corp