Progressive Care Announces May 2020 Performance Data: 62% Y/Y Sales Growth on Robust Execution and Expanding Market Share
June 23 2020 - 7:22AM
InvestorsHub NewsWire
Miami, FL -- June 23, 2020 -- InvestorsHub NewsWire --
Progressive Care Inc. (OTCQB:
RXMD) ("Progressive Care" or the "Company"), a personalized
healthcare services and technology company, is pleased to announce
operational performance data for May 2020, including strong
year-over-year growth in the face of continued intense downward
pressure from tightening provider prescription demand, with strong
execution, patient growth, and expanding Federally Qualified Health
Centers (FQHCs) dispensing fees driving robust systemwide
performance.
https://www.youtube.com/watch?v=r_kE2aXLZ1Y&feature=youtu.be
- Consolidated monthly gross sales across all locations totaled
$3 million, representing year-over-year growth of 67% compared to
May 2019
- Prescriptions filled during the month came in at 40,062,
representing year-over-year growth of 41% compared to May 2019
- 340B claim processing from FQHCs increased to $1.1 million,
generating roughly $127K in agency fees.
- Three new FQHCs will come online in July 2020 under dispensing
and data analytics contracts
- Consolidation into 400 Ansin location now underway, set to
drive savings exceeding $300K in early 2021
"Once again, we are proud to turn in another very strong month
of growth, with sales increasing approximately 67% y/y despite very
clear exogenous obstacles," stated S. Parikh Mars, CEO of
Progressive Care. "According to our analysis, one might have
reasonably expected a decline of 40% as an extrapolation in
end-demand factors impacting performance a year ago. This
performance data is a testament to our diversification and
evolution as a company - something that will continue to define
Progressive Care going forward."
The COVID-19 pandemic has caused significant service suppression
amongst patients and providers for maintenance medical care. This
has resulted in fewer new prescriptions being generated by health
practitioners as less patients are being seen. While the company
had expected scaled-back operations, our expertise in contactless
home delivery and safe health practices, resulted in an influx of
new patients from new prescribers and new FQHCs, which has buoyed
the financial performance of the pharmacies.
In May, the Company saw strong growth in dispensing and data
management fees from FQHCs, with nearly $1.1 million in processed
claims, driving nearly $127K in related fee-based revenues. This
factor is rapidly expanding, and management believes it will
continue to represent a growing piece of the equation with powerful
implications for top and bottom-line performance going forward.
The Company also notes that it began transitioning toward
consolidating its North Miami Beach and Davie locations into a
single large-scale pharmacy operation at its new 400 Ansin location
in May, which will allow for an expansion of the pharmacy services
offered, while driving growth and efficiency. As noted in the
Company's release dated June 1, the consolidation is expected to
drive cost savings of more than $300K, to be realized in Q1 2021
financial data.
Recently, CEO Ms. Mars sat down with Stuart Smith from Small Cap
Voice. The company is in the process of filing an S-1 registration
statement and had its CEO Ms. Mars offer an interview to SmallCap
Voice with an update.
Learn more
https://www.smallcapvoice.com/6-22-20-smallcapvoice-interview-with-progressive-care-inc-rxmd/
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, LLC
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx
Five Star RX
https://www.fivestarrx.com/
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About Progressive Care Inc.
Progressive Care Inc. (OTCQB:
RXMD), through its subsidiaries, is a healthcare technology
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.
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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