Progressive
Care Inc. Releases September 2019 Sales and Financial
Outlook
MIAMI
– October 24, 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 September 2019.
September
2019 sales continued to increase with
$3.1 Million in gross revenue and over 42,000 prescriptions filled
between the 4 locations in Florida. Gross revenue does not include
PBM clawbacks for DIR or other fees.
Revenues increased by 94% over the same month last year and
prescriptions filled increased 73%.
"September's
performance was better than expected," said S. Parikh Mars, Chief
Executive Officer of Progressive Care Inc. "During the month sales
were impacted by the hurricane threat and observed
holidays.
We are pleased with the resilience of the business and are
optimistic about the future
outlook."
The Company is
devoting further efforts to improve profitability and cash flow.
Some of these efforts are already yielding beneficial results such
as prioritizing specialized
health and administrative services, securing new contracts with
better payment terms, and promoting products with higher margins.
The Company is also cutting costs in all departments which includes
labor, consultants, advertising, and any area where the
quality of service will not be sacrificed. The Company's control
shareholder has cut his salary and is also committed to cutting his
contractual compensation.
"We believe that
the work we are doing to reduce costs and increase
sales will
yield beneficial results in 2020," said S. Parikh Mars, Chief
Executive Officer of Progressive Care Inc. "In the coming months,
the Company will benefit from a reduced cost of goods, increased
sales in more profitable areas, and better contractual
relationships. We are securing
all licenses and contracts necessary to further expand into long
term care, which presents a great opportunity to broaden the client
base and improve cash flow. Our ultimate goal
is to be
cash-flow positive by the end of the first quarter of
2020."
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 subisidiaries,
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:
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