Progressive Care Inc.
Issues 2018 Annual Report Conference Call Highlights
MIAMI, FL -- March 29, 2019 -- InvestorsHub
NewsWire -- Progressive Care
Inc. (OTCQB: RXMD), a
personalized healthcare services and technology company, today
issued 2018 Annual Report Conference Call highlights.
The Company announced nearly $21 million in net revenues, a 4%
increase over 2017. Prescriptions filled increased 35% to 304,000
during 2018. The company also filled over $6 million worth of
prescriptions (Not Included in Net Revenues) for 340B entities
during 2018, generating fees to the pharmacy of approximately
$300,000, which is over a 150% increase over 2017. The Company
reported a net loss of $1.6 million, which included nearly $600,000
of stock based compensation, $150,000 depreciation, $300,000 in
growth expenses for conversion and integration of PharmCo Rx 1002,
$120,000 of retroactive contractual adjustments, $100,000 increases
in advertising and other related marketing expenses, and decreased
gross margins on prescription services to 22%.
The Company has plans to lessen or eliminate some of these
losses caused by industry wide reimbursement contraction and PBM
fees through revenue growth across all PharmCo stores, introduction
of revenues and earnings from the acquisition in progress, and
diversify its revenue stream to cash based products and
business-to-business health services. The Company does not
anticipate any stock-based compensation to its management or
employees in 2019.
The Company provided additional updates to the current
initiatives:
- Acquisition: The Company has filed its required advanced
notification to Florida’s Medicaid Agency. The Acquisition is on
track for a hard close in May/ Early June 2019 at which point FPRX,
with its 2 cash flow positive Florida locations, will consolidate
in the Company financial results which is projected to bring the
Company to over $30 million in annual revenues for fiscal year 2019
and over $40 million in revenue for 2020.
- SEC and Uplisting: The Company will be preparing the new
acquisition for 2 years of audited financial statements for
inclusion in an S-1 by the end of 2019. This process will bring the
Company to full reporting status with the SEC and begin the next
stage in uplisting to a national exchange like NASDAQ. Progressive
Care also announced that it is planning a shareholder meeting to be
scheduled in the near future.
- CBD: PharmCo has secured 2 CBD brands from Pharmaceutical
wholesale vendors. The Company intends to develop its own CBD
formulas that complement its healthcare services model and produce
positive health benefits for patients.
- New Products and Services: Progressive Care is intending to
focus on growth of cash based products and business-to-business
services in 2019.
- These products will include nutrient supplementation products
for patients with chronic conditions, topical CBD products, and
cash based compounded medications for the treatment of moderate to
severe pain. The Company plans to increase advertisement and
promotion of these consumer products to build brand awareness and
product recognition.
- The Company has developed an expertise in a number of
healthcare areas including pain management, medication therapy
management, and pharmacy industry analytics. These core
competencies have been integrated into the Tele-PharmCo,
DischargeRx, and 340B Program offerings to enhance the monetization
of these services in 2019
- New Building: Progressive Care will be moving offices in April
2019. This will eliminate one of the current auxiliary lease
payments. Once the corporate office move is complete, the Company
will begin completing architectural design and pulling permits to
begin construction on the ground floor pharmacy space. The $1.8
million, 11,000 sq. ft. facility, will ultimately house PharmCo’s
Miami operations and accommodate long term growth and
development.
“2018 had many challenges, but it was still one of our most
successful on many levels,” said S. Parikh Mars, CEO of Progressive
Care. “We completed our first acquisition, met all of our Humana
performance measures, bought our first building, and had
year-over-year prescription and revenue growth. We are building our
brand, and becoming an acknowledged leader in the pharmacy space.
2019 is full of opportunity and we are working diligently to take
advantage of every single one of them.”
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
About Progressive Care Inc.
Progressive Care Inc. (OTCQB: 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
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:
Kathleen Gonzales, CMW Media
Kathleen@cmwmedia.com
www.cmwmedia.com
Web and Application Development Contact:
Marcello Jaspan, Mass Ventures Corp
Marcello@massventurescorp.com
www.massventurescorp.com
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