MIAMI – May 17, 2018 – Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announced that the company experienced continued year-over-year growth in its revenue and number of prescriptions filled in the month of April 2018.
Wholly-owned subsidiary PharmCo, LLC filled approximately 22,000 prescriptions during the month of April, which is an increase of 30% over the same month last year. This resulted in the generation of nearly $1.6 million in net revenues, which is an increase of 7% year-over-year.
Revenues and prescription counts continue to increase as the Company promotes its proactive patient engagement model to doctor’s offices and clinics who are looking to lower healthcare costs and provide quality service to their patients. Additionally, the company filled over $430,000 worth of prescriptions on behalf of 340B entities (not included in Net Revenues) in April, generating fees due to the pharmacy of approximately $18,000, which is over a 260% increase over the same month last year.
“We are proud to have experienced yet another month of significant growth in April. We are accustomed to aggressive formulary adjustments in April from insurance plans which generally places downward pressure on our revenue base,” said S. Parikh Mars, CEO of Progressive Care Inc. “We were able to offset this pressure through our unique ability to offer a full range of products and personalized suggested medication therapy adjustments as needed. This has allowed us to maintain patient and physician loyalty while also expanding our market share.”
“Progressive Care continues to experience reimbursement compression across the medication spectrum; however, revenue has continued to increase as a result of our dedicated sales efforts, ongoing medication diversification, and expansion of our service offerings.” added Mars.
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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.
Public Relations Contact:
Tory Patterson, CMW Media
Public Relations Consultant
Investor Relations Contact:
Armen Karapetyan, Progressive Care
Senior Advisor Business Development