Progressive Care Announces April 2020 Performance: Continued Strong Growth Amid Challenging Context
May 20 2020 - 7:27AM
InvestorsHub NewsWire
Read More at www.progressivecareus.com/progressive-care-inc-investors-section
MIAMI, FL -- May 20, 2020 -- InvestorsHub NewsWire --
Progressive Care Inc. (RXMD)
(“Progressive Care” or the “Company”), a personalized healthcare
services and technology company, is pleased to announce operational
performance data for April 2020, which represented a very
challenging context given clear COVID-19 factors, but also featured
strong growth in net sales, prescriptions filled, 340B income, and
total patients served, as well as the nationwide launch of our new
e-commerce platform and antibody testing program.
- Consolidated monthly gross sales across all locations totaled
$2.97 million, representing year-over-year growth of 54% compared
to April 2019
- Prescriptions filled during the month came in at 41,637,
representing year-over-year growth of 45% compared to April
2019
- Same-store sales fell 12% on average as the COVID-19 measures
impacted
- Key downside pressure related to reduced activity from health
practitioners as patients clinics delay elective and routine
healthcare
- 340B income increased 111% as new contracts came online April
1
- Strong Cash position, boosted to $2 million following PPP
disbursement
- 1000 new patients gained since lockdown measures were
implemented
- Successfully launched new e-commerce platform, seeing clear
organic growth in traffic
- Continue to expand recently launched new COVID-19 IgG/IgM rapid
result antibody testing program
“April data was clearly impacted by COVID-19 policy measures and
upstream delays at the provider level as clinics and patients
pushed routine, elective, and diagnostic healthcare consumption out
into the future, reducing the flow of new prescriptions,” stated S.
Parikh Mars, CEO of Progressive Care. “However, we still saw strong
overall growth, added new patients, secured support to improve our
cash position, launched our e-commerce platform, and launched a
COVID-19 antibody testing program. In addition, much of the
pressure that hit our same store numbers likely represents a
pent-up demand factor that may positively contribute to future
performance.”
Management believes the Company fared extremely well relative to
competitors and the overall business environment in April, managing
to capitalize on its core advantages, including its contactless
prescription delivery infrastructure. As a result, April data
displayed very clear new patient growth underway suggesting growth
in market share despite a temporary hit to same store sales
data.
Mars continued, “We are in a great position. Many other
companies have suffered far more in the current environment than
Progressive Care. Once restrictions ease and health care providers
revert back to long-term trend levels on volume of care, we will
reap the benefits of the groundwork laid during this period. Our
pharmacies are increasingly seen as low-risk bedrock resources for
critical pharmacy services in the communities we serve, and our
reach continues to expand to new communities with new products and
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
Five Star RX
https://www.fivestarrx.com/
https://www.facebook.com/fivestarrx/
About Progressive Care Inc.
Progressive Care Inc. (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:
Carlos
Rangel
carlosr@pharmcorx.com
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