Progressive Care Releases Audited 2017 Annual
Report
Miami, FL --
March 22,
2018 -- InvestorsHub NewsWire -- Progressive Care Inc.
(OTCQB:
RXMD), a healthcare services and technology company,
announces 2017 annual
results.
The Company
announced over $20 million in net revenues, a 10% increase over
2016, and positive earnings of approximately $50,000. This
represents the second consecutive year that the company has
accomplished net positive earnings in its audited financial
statements. Cost of goods sold increased relative to sales due to
increases in DIR and other PBM fees implemented in 2017 as compared
to 2016. Prescriptions filled increased 5% to over 225,000 during
2017. The company also filled over $2.7 million worth of
prescriptions (Not Included
in Net
Revenues) for 340B entities during 2017, generating fees to the
pharmacy of approximately $113,000, which is over a 400% increase
over 2016.
The annual
report showcased the continued development of the Company's
portfolio of healthcare services. Noted within the Management
Discussions are the key accomplishments of 2017 which
include uplisting to OTCQB, the addition
of independent
board members, tele-pharmacy platform
development, 12 non-resident state licenses and a 5 star pharmacy rating. The
performance of the pharmacy has been recognized by Outcomes, the
leading MTM platform, and Humana's Quality Network for reaching
performance metrics in key areas.
The Company
has declared ambitious plans during the
2018 fiscal year starting with the announcement of a planned
acquisition of a pharmacy in Palm Beach County. In addition to
year-over-year sales growth and profitability, the Company plans to
expand into the development of proprietary products and
technologies that will further diversify the Company's
healthcare service model. Though there are many risks disclosed in
the annual report that stem from changes in the industry and
government regulation to unforeseen market turndowns, the Company
has a positive outlook on the coming year.
"Filing our
second year of audited financial statements 10 days early
has a profound
significance for me personally," stated S. Parikh Mars,
CEO. "In
all the years, I have worked with Progressive Care both inside and
out, we were not able to accomplish this goal until now. I could
not be prouder of the accounting team we have put together this
year and a staff that knows how to do things right every
day. I
hope that we are delivering the transparency our shareholders
expect and the results that motivate them to keep believing in this
company."
Get
connected 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
About
Progressive Care
Progressive
Care Inc. (OTCQB: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, 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, administration and practice management, utilization
management, quality assurance, EHR Implementation, billing and
coding, 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.
Contact
Armen
Karapetyan
Senior Advisor
Business Development
armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com