Progressive Care Releases Audited 2016 Annual Report
MIAMI, FL -- April 4, 2017 -- InvestorsHub NewsWire --
Progressive Care Inc. (OTC PINK: RXMD), through its subsidiaries
Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida
health services organization and provider of prescription
pharmaceuticals, compounded medications, the sale of
anti-retroviral medications, medication therapy management (MTM),
and the supply of prescription medications to long term care
facilities, administration and practice management, utilization
management, quality assurance, EHR Implementation, billing and
coding, health practice risk management, announces 2016 annual
results.
The Company announced over $18 million in net revenues, a 34%
increase over 2015, and positive earnings of approximately
$200,000. This represents the first year since 2010, that the
company has accomplished net positive earnings in its audited
financial statements. Earnings stood at just over 1% of sales. Cash
flow also increased during 2016 by over $500,000. This amount
exceeds cash flows from financing and shows positive cash flows
from ongoing operations. The annual report also noted a
year-over-year prescription count increase and a decrease in shares
outstanding when compared to December 31, 2015.
The annual report showcased diversified pharmacy revenue streams
and ongoing development of the Companys portfolio of healthcare
services. The addition of 340B services and the establishment of
Smart Medical Alliance is expected to yield performance benefits as
well improved financial results. The report issues a number of risk
disclosures, but expresses a positive outlook on the financial and
operational performance in 2017.
During the Earnings Call held on April 3, 2017, S. Parikh Mars
(CEO), discussed avenues of expansion and advancement for the
company during the coming year. The Company anticipates moving
forward with efforts to upgrade its OTCMarkets listing tier from
OTC Pink Current Information. The avenues include proceeding with
meeting the current requirements of OTCQB or OTCQX, completing a
merger or acquisition transaction to become fully SEC reporting and
uplisting to a major national exchange, or a combination of
both.
I could not be prouder of all that we have accomplished in 2016,
stated S. Parikh Mars, CEO. We released our audited financial
statements for 2016 and have the utmost confidence that we can
build upon our successes to achieve another year of growth and
expansion in 2017. We will continue to strive to meet the
expectations of our shareholders by staying transparent and
forthright in the management and development of Company.
About Progressive Care
Progressive Care, Inc. (OTC PINK: RXMD), through its subsidiary
PharmCo, LLC, is a South Florida health services organization and
provider of prescription pharmaceuticals specializing in health
practice risk management, compounded medications, the sale of
anti-retroviral medications and related medication therapy
management, and the supply of prescription medications to long term
care facilities.
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 Companys
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.
Contact
Armen Karapetyan
Senior Advisor Business Development
armen@progressivecareus.com