Progressive Care Reports Record
$32M Revenues, 70% Jump in Gross Profits, Leadership in Contactless
Prescription Delivery Accelerating Momentum
MIAMI, FL -- March 31, 2020 -- InvestorsHub NewsWire --
Progressive Care Inc. (RXMD)
(“Progressive Care” or the “Company”), a personalized healthcare
services and technology company, is very excited to announce the
release of the Company’s audited Annual Report for 2019. The
Company posted record-breaking data, which was defined by
sequential quarterly improvement throughout the year in all major
financial performance metrics, including EBITDA profitability in Q4
2019. In addition, the Company is pleased to report that this
momentum has continued to define results so far in 2020, as the
Company sees market share gains based on its established leadership
position in-home delivery and disease prevention protocols which
have become a critical competitive advantage due to concerns over
the spread of Coronavirus Disease 2019 (“COVID-19”).
S. Parikh Mars, CEO of Progressive Care, commented, “2019 was an
extraordinary year for Progressive Care. We confronted difficult
challenges and put together the most impressive stretch of
performance in our history in response. Each quarter – each month –
was better than the last and now defines a fresh context for
2020.”
Key 2019 Annual Report Highlights
- Consolidated monthly gross sales across all locations for 2019
totaled $32.6 million, representing year-over-year growth of 58%
compared to the twelve months ended 12/31/2018,
- Total Gross Profit across all locations for 2019 totaled $7.97
million, representing year-over-year growth of 70% compared to the
twelve months ended 12/31/2018,
- EBITDA for Q4 2019 turned positive, at $300,904,
- 2019 was characterized by four consecutive quarters of
declining overall net losses.
Management believes that Progressive Care is now leveraging a
strong competitive advantage in its core pharmacy segment due to
the COVID-19 crisis. The prescription drug prescriber community has
quantifiable financial incentives driven and defined by the risk of
patient infection rates. This is even more acute in the geographic
area defining the Company’s primary operational footprint
(Florida), where demographic variables confer a greater risk in
COVID-19 patient outcomes due to age-related factors.
Progressive Care was the first mover in the space in terms of
home delivery and disease prevention and management. Competitors in
the space are behind the curve. The Company believes risk-based
financial incentives at the clinic and prescriber level are
actively translating into market share growth that should show up
in Q1 and Q2 2020 financial data.
Mars continued, “It is paramount that our shareholders
know we are uniquely well-positioned to thrive in the current
tragic COVID-19 environment. We have been doing home delivery for
13 years and used our expertise in infectious disease to become one
of the first to implement contactless protocols for the safety of
our patients and staff. Our competitors are trying to cobble
something together on the fly. At our pharmacies, free same-day and
next day delivery are standard, remote health monitoring is
standard, adherence coaching is standard, safe delivery is
standard. We lead the way in best practices as more and more
pharmacies look to adopt some form of our model in the short run.
This is our bread and butter, and we already see very clear
evidence of market share gains based on liability consideration in
the prescriber channel as a result.”
For more information about Progressive Care, please visit the
company’s website.
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.pharmcopharmacy.com
Public Relations Contact:
Carlos Rangel
carlosr@pharmcorx.com
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