Progressive
Care Inc. Announces March Sales and Issues
Acquisition Update
MIAMI
– April 23, 2019 – Progressive
Care Inc. (OTCQB:
RXMD),
a personalized healthcare services and technology company, today
announced further growth year-over-year in revenue and number of
prescriptions filled for March 2019.
In
March, the company reported an
18% increase in prescriptions filled when compared to the same
month last year, totaling nearly 27,000 prescriptions generating
approximately $1.75
million in net
revenue
exclusive
of PBM fees. Prescriptions filled have increased year over year for
the last 18 months as a result of concentrated efforts to promote
quality services to new entities including Management Services
Organizations (MSOs) and large scale physicians' practices.
Industry wide reimbursement contraction and additional fees has
continued to put pressure on net revenues. The
Company is moving forward on monetizing core competencies such as
B2B services in the healthcare industry and personalized medicinal
solutions to insulate the operation from further cost cutting
efforts by insurance companies and deliver
profitability.
"Progressive
Care's March sales and prescription numbers are a result of our
dedicated commitment to providing patients with a range of
personalized medication therapies," said S. Parikh Mars, Chief
Executive Officer of Progressive Care Inc. "We are confident in our
ability to continue to meet our patients' needs by providing quality
healthcare management services. We look forward to continuing to
break company records as the year progresses."
Update on
Acquisition
The Company is
nearing completion of its acquisition of Family Physicians RX
(FPRX) a South Florida pharmacy with locations in Orlando and
Davie, FL. The closing is scheduled to take place in the next 6
weeks to align with Medicaid advanced notification rules. After the
closing, the Company will consolidate FPRX's nearly $1.5 million in
monthly sales into its financial statements. The resultant combined
company is expected to yield benefits beyond
financial results including expansion opportunities in the I-4
corridor of Florida, economies of scale, and development of
complimentary relationships and suites of services.
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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