Progressive Care Continues Year over Year Growth with 17,500
Filled Prescriptions in May
MIAMI, FL -- June 15, 2016 -- InvestorsHub NewsWire --
Progressive Care Inc. (OTC
PINK: RXMD), through its subsidiary Pharmco LLC, a South
Florida health services organization and provider of prescription
pharmaceuticals specializing in health practice risk management,
compounded medications, the sale of anti-retroviral medications and
related medication therapy management, and the supply of
prescription medications to long term care facilities, announces
strong performance for the month of May.
PharmCo continues to post year over year sales growth. The
company generated approximately $1.4 million in gross revenues on
just over 17,500 filled prescriptions. This is a 22% and 28%
increase respectively over the same month last year.
During the last several months, Progressive Care has been
evaluating acquisition targets in a number of other health care
spaces. The company identified and began negotiating terms with
home health care agencies and clinics. However, the Company will
not be proceeding with acquisitions of home health care agencies at
this time due to new Centers for Medicare & Medicaid Services
(CMS) pre-claim review demonstration procedures set to be
implemented October 1, 2016.
Progressive Care expects that the new rules set by CMS will
greatly increase the number of denied claims by home health care
agencies, reducing the number of patients who would qualify for
home health care coverage. The company believes that the new rules
will also increase labor and overhead costs of operating home
health care agencies by necessitating additional personnel to
review, process, and adjudicate claims.
We are disappointed by the new regulations set by CMS for home
health care agencies, stated S. Parikh Mars, CEO. While we remain
hopeful that opportunities remain in the home health space, we will
not proceed with new acquisitions until we see the effects of
implementation on the industry. However, the Company remains on
track to reach its sales and earnings goals for the year and will
continue to push forward on its expansion objectives to drive long
term prosperity and shareholder value.
Common Shares Issued and Outstanding:
As of June 15, 2016 the number shares of common stock issued and
outstanding stood at 339,545,107 shares. This amount is net of the
number of shares owned by PharmCo, LLC of 1,718,000.
About Progressive Care
Progressive Care, Inc. (OTC
PINK: RXMD), through its subsidiary PharmCo, LLC, is a South
Florida health services organization and provider of prescription
pharmaceuticals specializing in health practice risk management,
compounded medications, the sale of anti-retroviral medications and
related medication therapy management, and the supply of
prescription medications to long term care facilities.
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 Companys
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.
Contact
Armen Karapetyan
Senior Advisor Business Development
armen@progressivecareus.com