Progressive Care Inc. Reports Strong February Sales and Leads Efforts to Combat Novel Coronavirus Infections
March 16 2020 - 7:21AM
InvestorsHub NewsWire
Progressive Care Inc. Reports
Strong February Sales and Leads Efforts to Combat Novel Coronavirus
Infections
MIAMI, FL -- March 16, 2020 -- InvestorsHub NewsWire
-- Progressive
Care Inc. (RXMD)
(“Progressive Care” or the “Company”), a personalized healthcare
services and technology company, is proud to announce several
updates regarding business continuity amid the growing novel
Coronavirus outbreak and an over 64% increase in February 2020
sales figures.
- Consolidated monthly gross sales across all locations totaled
$2.8 million, representing year-over-year growth of 64.7% compared
to February 2019,
- Prescriptions filled during the month came in at approximately
41,000, representing year-over-year growth of 50%
- Approximately $640k in claim submissions for not-for-profit
entities*
- The Company plans to file audited 2019 financial statements on
time on or before March 30, 2020 with its earnings call slated for
March 31, 2020 at 4:30 PM
- The Company still expects to move forward with filing its S-1
registration statement with SEC within 45 to 60 days of filing its
audited financial statements for 2019
- The Company expects to operate at full capacity amid growing
concerns over the novel Coronavirus
*All claims processed for not-for-profit entities are conducted
on an agency basis. Thus, the gross value of the submissions is
excluded from gross sales. Transaction fees due to the company as a
result of these claims are included in gross sales calculations
Novel Coronavirus
The Company remains vigilant in not only leading Coronavirus
response in Florida but also educating and applying best practices
among all locations and referring physicians. We have encouraged
all patients and physicians to do what is necessary to prevent
acute health care episodes resulting from chronic conditions. The
Company has recommended all patients secure 90-day supplies of all
maintenance medications during this time. The Company has been
procuring additional supplies of medications in the event shortages
occur in the supply chain due to the pandemic.
Progressive Care’s pharmacies are also uniquely capable of
mobilizing its infrastructure to deliver thousands of prescriptions
per day in Florida. The Company has issued several PSAs in support
of the effort to contain the virus in the community and believes
that limiting patient exposure to public spaces is critical to that
effort. All locations have increased their sanitation and
disinfection efforts while encouraging patients to utilize its free
home delivery service. We are in the process of establishing a line
of communication with CDC and Florida Department of Health as we
prepare our locations to be utilized to coordinate emergency
responses.
Florida House Bill 389- Authorization of Florida
pharmacists to test and treat certain diseases
The new law signed by Gov. Ron Desantis will enable pharmacists
to treat certain diseases while under contract with a physician.
The company has been working on its Tele-medicine endeavor for the
expressed purpose of enhancing access and quality of care in the
community. The new law will further benefit this project.
PrEP Program
The Company’s pharmacies were approved to be included in a
program created by Gilead to donate 200,000 bottles of PrEP
medication a year for the next 10 years. Beginning April 1st,
Progressive Care’s current network of doctors and pharmacists will
be able to provide PrEP treatment services to Florida communities.
The campaign to lower infection rates in Florida will be supported
by outreach efforts to physicians as well as digital assets to
encourage patient engagement with services.
“We have always been at the forefront of combating infectious
diseases in our communities. We stand ready to do our part to
support healthcare officials, physicians, and patients during this
time of crisis,” said S. Parikh Mars. “We are taking all necessary
precautions to ensure we are able to mobilize at a large scale
without interruption.”
Connect and stay in touch with us on social media:
Progressive Care Inc.
https://www.facebook.com/ProgressiveCareUS/
https://twitter.com/ProgressCareUS
PharmCo Rx
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx
Five Star RX
https://www.fivestarrx.com/
https://www.facebook.com/fivestarrx/
About Progressive Care Inc.
Progressive Care Inc. (RXMD),
through its subsidiaries, is a Florida technology and health
services organization that provides 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
Armen@progressivecareus.com
www.progressivecareus.com
www.pharmcorx.com
Public Relations
Contact:
Carlos
Rangel
carlosr@pharmcorx.com
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