MIAMI, FL -- October 2, 2020 -- InvestorsHub NewsWire --
Progressive Care Inc. (OTCQB:
RXMD) (“Progressive Care” or the “Company”), a personalized
healthcare services and technology company, today announced
operational performance data for August 2020, which was flat to
down on a year-over-year basis due to a resurgence of Covid-19
factors driving providers to reduce patient visits. However, the
Company is pleased to have made important advances toward future
growth and continued to build strong positive cash flows.
• Consolidated monthly gross sales across all locations during
the month of August totaled $3.56 million, representing a 6% drop
in total revenues compared to August 2019.
• Prescriptions filled during the month of August totaled
45,452, representing a 4% drop in total prescriptions filled
compared to August 2019.
• ClearMetrX Third-Party Administration fees grew 2% on a
sequential monthly basis to $149,226 in August.
• 340B claim submissions totaled $2.77 million, up 444% compared
to August 2019, generating roughly $458K in revenues in August
2020.
Management notes that a resurgence in Covid-19 cases and related
measures caused reduced patient visits and more restricted
physician office protocols in August, particularly in the Orlando
region, driving a drop in new prescription orders, which are often
dependent upon recent doctor visits. Refill prescription orders
performed well during the month. The Company anticipates a seasonal
boost through year-end driven by increased provider relationships
related to PharmCoRX physician/patient management systems and
resources, which have gained a well-earned reputation among
providers seeking to obtain five-star annual ratings with
insurers.
“August is always a bit soft due to seasonality effects, but
this August was also impacted sharply by a resurgence in Covid-19
effects, especially in our Orlando-area operations, where we saw a
number of key providers shift to treating patients on an
emergency-only basis, reducing our new prescriptions metrics,”
commented Alan Jay Weisberg, interim CEO and Chairman of the Board
at Progressive Care. “However, we believe that this suggests a
pent-up demand factor that should contribute to results in the
future. In addition, we are entering a seasonally strong period for
Progressive Care fueled by increasing provider attention through
year-end on HEDIS, a widely used set of performance measures in the
managed care industry, and optimizing ratings with insurers, which
is our bread and butter. And we should begin seeing benefits from
opening our new full-size PharmCo location in Orlando, which has
major advantages over our current location in terms of developing a
much wider network of provider relationships in the area.”
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 Rx
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx
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 pent-up demand and an expected boost in sales through
year-end and expected benefits from the full service PharmCo
location in Orlando. 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.
Public Relations Contact:
Carlos Rangel
carlosr@pharmcorx.com
www.progressivecareus.com
www.pharmcopharmacy.com
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