Progressive
Care Inc. Issues
1st
Quarter
2019 Quarterly
Report
Conference
Call Highlights
MIAMI,
FL -- May
16,
2019 -- Progressive
Care Inc. (OTCQB:
RXMD),
a personalized healthcare services and technology company,
today issued
1st
Quarter
2019 Quarterly
Report
Conference Call highlights.
The Company announced
nearly
$5.2 million in net revenues, a
3%
increase over 2018. Revenues net nearly $275,000
in PBM fees charged during the quarter, which is an 89% increase
over 2018. Prescriptions filled
increased 28% to 84,500 during 1st
quarter
2019. The
company also filled over $1.9 million worth of
prescriptions (Not Included in Net Revenues) for 340B entities
during the
quarter,
generating fees to the pharmacy of
approximately
$115,000 which is a 91% increase over
the same period
last year. The Company
reported
a net loss
of approximately
$750,000, which included nearly
$300,000 of non-cash interest on notes
payable and depreciation, $125,000 in increased PBM
fees, inclusion of $120,000 of net
losses from PharmCo 1002, and decreased gross margins
on prescription services to 20%.
The Company
updated the
shareholders that the advanced notification
period to Medicaid has elapsed as of May 12, 2019.
The
acquisition is on track for a
hard close on June 1st,
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, add
approximately $250,000 in net
earnings, and 50 new employees under the Progressive Care umbrella.
The Company will conduct an audited inventory count on the date of
closing and begin releasing funds on June 3rd,
2019.
The Company announced plans
to market current CBD brands and leverage the cash buying customer
base to fortify against insurance rate compression and increase
profitability. The Company is continuing to proceed on plans to
produce an exclusive line of products that incorporates the
Company's brand and mission to further develop its core market base
and healthcare capabilities.
"2019 is moving at an
unprecedented pace," said S. Parikh Mars, CEO
of Progressive Care. "In a few short weeks,
Progressive Care will double in size in almost every measurable
way. We
will not only be gaining sales, locations, or economies, but a
wealth of talent that includes expertise in pharmaceutical
logistics, operational management, and clinical awareness. We look
forward to learning from this impressive group of individuals and
believe that the combination of our two organizations will produce
an unstoppable force."
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