Progressive Care Reports October 2019 Performance: Q4 on Record
Pace with Expanding Margins
MIAMI,
FL – November 19, 2019 – InvestorsHub NewsWire -- Progressive
Care Inc. (OTCQB:
RXMD)
("Progressive Care" or the "Company"), a personalized healthcare
services and technology company, is excited to report another month
of exceptional growth and expanding margins. October sales and
prescriptions filled set a new record performance pace for Q4
results.
"The annualized
pace we set in October equates to new records across the board as
we continue to see broad-based top-line expansion on improving
margins," stated S. Parikh Mars, Progressive Care CEO. "Our $3.4
million in overall sales for October is an understatement because
it leaves out the cash flows we took in during the month related to
third-party billing activity. With all factors included, the number
of gross billing would be closer to $4.2 million. And our 46k
prescriptions filled puts Q4 on pace to handily surpass our
breakout Q3 performance already. Execution continues to be
tremendous, and I am very proud of our talented and dedicated
team."
The Company
achieved over $3.4 million in overall October sales (not including
an additional $800,000 third-party related billing activity),
representing 78% annual growth in sales compared to October 2018,
and 10% monthly growth in sales on a sequential monthly
basis.
The Company is
also excited to report over 46,000 in filled prescriptions during
the month, representing a 48% annual growth rate, and a 12%
sequential monthly growth rate. In addition, the Company continues
to see expanding bottom-line results, with gross margins tracking
over 24% for October operations.
"Shareholders
will also be very happy to know that our performance bonus payment
is now in the Company's hands," continued Mars. "We just took in an
additional $191K in performance awards based on our exceptional
performance at each of our core locations from January thru June
2019. It's no longer a hypothetical idea. In addition, November is
already off to a spectacular start, and we look forward to our next
update."
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/
https://www.facebook.com/fivestarrx/
About
Progressive Care Inc.
Progressive Care
Inc. (OTCQB: RXMD), through its subsidiaries, is a
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:
Caitlin
Franscell, CMW Media
caitlin@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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