MIAMI, FL -- May 18, 2017 -- InvestorsHub NewsWire --
Progressive Care Inc. (OTC PINK: RXMD), through its subsidiaries
Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida
health services organization and provider of prescription
pharmaceuticals, compounded medications, the sale of
anti-retroviral medications, medication therapy management (MTM),
and the supply of prescription medications to long term care
facilities, administration and practice management, utilization
management, quality assurance, EHR Implementation, billing and
coding, health practice risk management, announces first quarter
2017 results.
The Company announced just under $5 million in net revenues, a
23% increase over the same quarter in 2016, and positive earnings
of approximately $160,000 or approximately 3% of revenues. The
quarterly report also showed a modest decrease in cash flows
attributable to an increase in accounts receivable and a decrease
in accounts payable. As of March 31, 2017, the Company had nearly
$800,000 in cash on hand.
The quarterly report showed sustained growth in the Companys
core business with advances coming from increasing physician
referrals due to PharmCos 5 star pharmacy performance rating.
Targeted marketing and community recognition continue to yield
revenues from a diverse range of pharmacy products including
maintenance medications, specialty pharmaceuticals, topical
analgesics, and custom compounds.
During the Earnings Call held on May 15, 2017, Ms. Mars (CEO),
discussed several key objectives in 2017:
- The Company is taking steps to meet the listing requirements of
OTCQB which includes recruiting qualified independent board members
in the near term.
- In regard to the note issued by Chicago Ventures, the Company
is taking careful consideration of the impact potential repayment
terms may have on existing shareholders. The Company believes it
would be preferable to repay the debt in cash upon maturity should
circumstances allow.
- The Company plans to increase its brand awareness and market
share in Palm Beach County through targeted outreach and new market
support for accountable care organizations.
It is astounding what this company continues to achieve amid an
ever changing healthcare environment, stated S. Parikh Mars, CEO.
While we are always mindful that there is more work to do and
expectations to meet, we find that taking time to reflect on our
accomplishments reinvigorates our desire to succeed. As we come
upon the 10th Anniversary of PharmCos first sale, we know that we
have come a long way from our mom and pop roots. Yet, it is
precisely that spirit that will allow us to lead the next evolution
in healthcare.
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