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Progressive Care Inc. Reports Largest Single Revenue Quarter in Company History(May 15, 2018)
- Florida-Based Healthcare, Technology and Tele-Pharmacy Services Provider Shows 24% Increase in Prescriptions Filled
- Reports March 2018 Revenue of $1.9M as Largest Single Month in Company History
MIAMI, May 15, 2018 (GLOBE NEWSWIRE) -- 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
- In March 2018, the Company reported $1.9 million in revenue, the largest single month in its history to date. Progressive Care also experienced increases in prescriptions filled, reporting an 18% year-over-year increase in February, 2018, and 34% increase in January, 2018, as compared to the same months last year. As a result of the Company’s four-pillar structure (expertise in healthcare, patient care, pharmaceutical management, and customer service), Progressive Care reported a record $20 million in sales in 2017.
Officially began accepting Bitcoin for pharmacy sales
- As part of Progressive Care’s plans to evolve its retail pharmacy’s technology and operations and enhance its e-commerce platform use, the company became one of the few pharmacies in the country to enable and accept cryptocurrency for daily purchases. PharmCo, LLC will use external payment providers, such as BitPay, to process all Bitcoin payments. This will allow the pharmacy to reach more customers who are increasingly using cryptocurrencies for daily purchases.
Furthered growth and expansion plans through pharmacy acquisition
- The Company signed a letter of intent to acquire a Touchpoint RX pharmacy in Palm Beach County and executed definitive agreements to close in the second quarter of 2018. The acquisition will facilitate the Company’s growth plans by increasing the delivery radius into Martin County, which includes Jupiter and Stuart, and will decrease costs of expansion and increase prescription dispensing efficiency.
Investor analyst upgraded Company’s price target to $0.35 per share
- As a result of the Company’s significant progress with license applications in new markets, expansion in Palm Beach, and continued innovations in tele-pharmacy and the acceptance of Bitcoin for payment, SeeThruEquity initiated updated coverage and increased its price target to $0.35 per share.
Maintained steady investor relations activity
- The Company actively communicated with its customers and shareholders through various investor announcements and also maintained a presence at industry events. These efforts included:
- Released an open letter to shareholders from the Company’s Chief Executive Officer, S. Parikh Mars, in January, 2018, highlighting significant achievements, key highlights in 2017, and a forward-looking statement for opportunities in 2018
- Provided a progress report and outlook for investors in an audio interview with SmallCapVoice.com to discuss the business model, current market, achievements and goals for the Company
- Company CEO S. Parikh Mars participated in an interview with Everett Jolly on Uptick Newswire’s “Stock Day” Podcast to discuss its uplisting to the OTCQB
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 StatementsStatements 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:
Public Relations Consultant
Investor Relations Contact:
Armen Karapetyan, Progressive Care
Senior Advisor Business Development