MIAMI – May 15, 2018 – Progressive Care Inc. (OTCQB: RXMD), a healthcare services and technology organization providing prescription pharmaceuticals, compounded medications, health risk management and tele-pharmacy services, today announced financial results for the quarter ending March 31, 2018, and provided an overview of recent operational highlights along with updates on the Company’s strategies.
The Company dispensed a total of 64,000 prescriptions in Q1, a 24% increase over Q1 2017. Revenue for the month of March 2018 was the largest single month in the Company’s history, totaling $1.9 million. For the period ending March 31, 2018, Progressive Care showed net revenue of $5,147,345, which was an increase of 7.36% year-over-year. Progressive Care’s total assets were $3,846,041 as of March 31, 2018, compared to $2,581,113 as of March 31, 2017 — an increase of 49%.
The Company continues to grow its patient base by marketing to doctors’ offices and clinics who refer their patients to the pharmacy. Healthcare providers are increasingly recommending Progressive Care subsidiary PharmCo because of its high standards of patient care and attention to performance measurements and their implications. Based on the performance in the first quarter, management expects that future growth will be driven by continued expansion into new market territories, concentrated efforts toward developing our compliance and adherence services provided to medical providers, and enhancement of technological opportunities that boost loyalty and customer satisfaction.
“The first quarter was a time of momentous growth for the Company,” said S. Parikh Mars, CEO of Progressive Care Inc. “During the first three months of the year we were able to secure a Palm Beach County location, recognize record revenues and prescriptions filled, and deliver increased value to our shareholders. We believe that our unique breadth of services and expanding penetration with customers in new markets will help us maintain sustainable growth in the future.”
Mars continued: “We are proud to have achieved clarity and efficiencies this year in an industry that is very difficult to navigate. We have come a long way since December 2017, but the hardest work is still ahead.”
FIRST QUARTER 2018 HIGHLIGHTS
During the first quarter of 2018, Progressive Care Inc. achieved the following milestones and significant events:
Reported record-breaking sales and growth numbers
Officially began accepting Bitcoin for pharmacy sales
Furthered growth and expansion plans through pharmacy acquisition
Investor analyst upgraded Company’s price target to $0.35 per share
Maintained steady investor relations activity
FIRST QUARTER 2018 FINANCIAL RESULTS
Net Revenue: For the period ending March 31, 2018, Progressive Care showed net revenue of $5,147,345, as compared to revenue of $4,794,376 for the period that ended March 31, 2017, an increase of 7.36%.
Balance Sheet: Total Assets for the company were $3,846,041 as of March 31, 2018, compared to $2,581,113 as of March 31, 2017, an increase of 49%.
Net Cash Provided by Operating Activities: Operating cash flow increased from $-8,641 to $309,827 year-over-year, which is an increase of over 3,000%.
About Progressive Care, Inc.
Progressive Care, Inc. (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.
Public Relations Contact:
Tory Patterson, CMW Media
Public Relations Consultant
Investor Relations Contact:
Armen Karapetyan, Progressive Care
Senior Advisor Business Development