The Company announced nearly $21 million in net revenues, a 4% increase over 2017. Prescriptions filled increased 35% to 304,000 during 2018. The company also filled over $6 million worth of prescriptions (Not Included in Net Revenues) for 340B entities during 2018, generating fees to the pharmacy of approximately $300,000, which is over a 150% increase over 2017. The Company reported a net loss of $1.6 million, which included nearly $600,000 of stock based compensation, $150,000 depreciation, $300,000 in growth expenses for conversion and integration of PharmCo Rx 1002, $120,000 of retroactive contractual adjustments, $100,000 increases in advertising and other related marketing expenses, and decreased gross margins on prescription services to 22%.
The Company has plans to lessen or eliminate some of these losses caused by industry wide reimbursement contraction and PBM fees through revenue growth across all PharmCo stores, introduction of revenues and earnings from the acquisition in progress, and diversify its revenue stream to cash based products and business-to-business health services. The Company does not anticipate any stock-based compensation to its management or employees in 2019.
The Company provided additional updates to the current initiatives:
“2018 had many challenges, but it was still one of our most successful on many levels,” said S. Parikh Mars, CEO of Progressive Care. “We completed our first acquisition, met all of our Humana performance measures, bought our first building, and had year-over-year prescription and revenue growth. We are building our brand, and becoming an acknowledged leader in the pharmacy space. 2019 is full of opportunity and we are working diligently to take advantage of every single one of them.”
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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