Progressive Care Reports
Record $10.1M Revenue
on 91%
Accelerating Growth
MIAMI,
FL -- November 15, 2019 -- InvestorsHub NewsWire
-- Progressive
Care Inc. (OTCQB:
RXMD)
("Progressive
Care" or the "Company"), a
personalized healthcare services and technology company,
is
pleased
to report financial results for the
third quarter ended September 30, 2019.
"Q3 set new records across
basically all metrics," commented
S. Parikh
Mars, Progressive Care
CEO.
"We saw
accelerating growth in sales and prescriptions while
continuing our strong
multi-quarter trends of falling costs and
expanding gross margins. Beyond the
numbers, we are seeing a major
positive impact from our recent Family Physicians Rx
acquisition, and the Company is firing on
all cylinders post-integration.
Ultimately, this creates a very favorable
backdrop for continued
aggressive
expansion in the months and quarters ahead as we prepare to launch several
powerful new initiatives
in Q4 and
2020."
Third
Quarter 2019 Financial Highlights
-
Consolidated quarterly
year-over-year Revenue Growth of 91% to $10.14 million
-
Q3 Gross Margins
expanded to 24.4% (versus Q2 22.7%, Q1 19.8%)
-
Gross Profit up
128% year-over-year
to $2.47
million
-
Prescriptions
Filled up 52% to 323k for nine months ended
Sep. 30 (vs 2018 comparable period)
-
Prescriptions
Filled up 70% to 136k in Q3, on quarterly
year-over-year basis
-
Cash level up
774% year-to-date to $759,016
-
Accounts
Receivable up 96% year-to-date
to
$2,372,177
Third
Quarter 2019 Business Highlights
-
Achieved record
performance in Q3 driven by expanding operations,
targeting higher
margin strategies, and M&A
-
Renegotiated
Family Physicians Rx (FPRX) acquisition, reducing price by 36%,
saving shareholders $1.1 million
-
FPRX
renegotiation generates $400k reduction in existing and
outstanding liabilities and significant reduction in
outstanding shares (10 million)
-
Realized Maximum
benefits at 3 of 4 locations in Q3
-
Expects to begin shipping
proprietary
branded CBD-based products by January
2020
-
Anticipates
SEC
filling by April 2020 as prefatory
step to planned major US exchange listing
-
Plans
transformative
expansion
into Telehealth
marketplace
with
disruptive
monetization model in 2020
Management
discussed the breakout quarter in an in-depth conference call, a
replay of which can be found
here.
Conference
Call Highlights
In addition to
comprehensively covering the record-breaking financial performance
metrics for the quarter ended September
30, the
Company also discussed the impact of its recent FPRX
acquisition, the driving forces behind
the recent trend in expanding gross margins, a planned move to full
SEC reporting status leading to an uplisting of shares onto a major US
exchange, and its transformative vision for 2020.
The Company noted
that the FPRX acquisition and PharmcoRx growth is driving material positive
impact on balance sheet metrics, with positive cash flows now
translating into additional ammunition for continued high-ROI
investments. FPRX integration is also significantly boosting
accounts receivable. The Company expects this dynamic to continue
to significantly drive positive balance sheet effects in Q4
results.
The Company also
discussed consolidation of physical locations and relocation of
corporate offices, which will contribute to additional bottom line
gains over time, including a $300k reduction in costs through lease
savings that will appear in Q1 2021 results.
The Company also
discussed its vision for the future, and noted that a dramatic
realignment toward a scalable model with national reach is in
progress, including a transformation from a pharmacy model to a
comprehensive health services model that includes significant
expansion in products and services, including RXMD Therapeutics branded
products in the CBD and nutraceutical space, as well as a
defining
expansion into
the Telehealth marketplace.
The Company
believes its vision for monetization in telemedicine has the
potential to be disruptive
in the
healthcare space, and
will have
powerful synergies with its existing legacy pharmacy business and
its emerging RXMD
Therapeutics. The opportunity to
capitalize on its in-house expertise to expand through disruptive
technology while providing needed care and services to underserved
populations is a powerful step that will drive shareholder value
while achieving a tremendous positive social impact.
Targeting a
leadership position in this market will be a signature objective for the Company in
2020.
"Get ready for a
transformation," continued Mars. "We are extremely excited about
the opportunity to monetize telemedicine in a manner that will
truly change the game as it is currently played. We look forward to
introducing current and prospective shareholders to this vision in
the months ahead. 2019 has been a breakout year. But the core
message that we have right now for our shareholders is this: expect
a transformative evolutionary leap to a vastly more scalable,
diversified, and higher margin Progressive Care
in 2020 and
beyond."
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