Progressive Care Outperforms with $8.5 Million in Sales and
Positive Year-to-Date Earnings
MIAMI, FL -- August 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, delivers consecutive
quarter of record sales and positive earnings.
The pharmacy filled over 52,000 prescriptions during the second
quarter of 2016, which is a 22% increase over last year. For the
first six months of the year, the pharmacy has filled over 100,000
prescriptions, an increase of nearly 27% over same period in 2015.
PharmCo has seen an increase in demand for its services as more
doctors transition from fee-for-service to capitated rate contracts
with insurance companies. These contracts require providers to
manage compliance, adherence, and optimize therapies, all of which
are the specialty of PharmCo.
PharmCo brought in over $4.5 million in net pharmacy revenues
for the second quarter of 2016. This is a 38% increase over the
same quarter in 2015. In total, the Company has generated over $8.5
million in revenues during the first six months of the year,
surpassing its annual objectives at this point in the year. The
compounded medication division continues to be a strong driver of
revenue growth in addition to expanded demand from large clinics
and physicians networks.
This is the second consecutive quarter in which the Company has
recorded consolidated profits. Net income as of June 30, 2016 was
nearly $220,000 or 3% of net revenues. The Company is also cash
flow positive, producing over $160,000 during the first six months
of the year.
Through June 30, 2016, the Company accomplished several
objectives. Progressive Care became current with OTC Markets and
hired EisnerAmper to conduct third party reviews of the Companys
financial statements. The Company also decreased the number of
shares outstanding by processing the return of over 12 million
shares that were issued but unsold by Tarpon Bay during the
3(a)(10) transaction.
PharmCo replaced its delivery fleet using cash flows from
operations and received non-resident state licenses from New York,
Texas, New Jersey, and Pennsylvania which allows the pharmacy to
conduct business in a total of six states including Massachusetts
and Florida. PharmCo also purchased a pharmacy automation systems
(Script Pro) capable of dispensing over 200 unique medications.
This system is set to be installed upon completion of the warehouse
expansion. As of July 28th, PharmCo, LLC has cleared all
requirements of the County of Miami-Dade. The final approval
process has begun with the City of North Miami Beach.
"We had an outstanding quarter. We are delivering results that
are outpacing our initial expectations for the year. As we move
forward into the two busiest quarters of the year, we will look to
take advantage of our momentum and accelerate our growth and
development," stated S. Parikh Mars, CEO. We continue to see
increases in demand for our products and services as our track
record for improving provider performance increases in visibility.
Our dedication to excellence and exemplary service is propelling
the Company to new heights and we are now realizing the benefits
from our achievements.
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