Progressive
Care Inc. Reports Best
Nine-Month
Revenue Period in Company
History in Q3 2018
Financial Filing
MIAMI, FL --
November 15, 2018 -- InvestorsHub
NewsWire --
Progressive Care Inc. (OTCQB:
RXMD), a personalized healthcare services and technology
company, today announced financial results for the quarter ending
Sept. 30, 2018, as well as
provided an overview of recent
operational highlights along with updates on the Company's
strategies.
Progressive Care
dispensed 212,000 prescriptions during the nine-month period ending
Sept. 30, 2018, an increase over
the same period last year of 30%. During Q3 2018, the Company
experienced continued growth over last year, showing a 6% increase
in total revenue over Q3 2017. Total revenue for the nine-month
period ending Sept. 30, 2018, was approximately $15.6
million, the largest nine-month period in the Company's history and
an increase of 4% over 2017. Additionally, Progressive Care's total
assets were $3,221,368 as of Sept. 30, 2018, compared to
$2,492,125 as of Sept. 30, 2017 an increase of
29.26%.
Progressive Care
also reported raising over $1.4 million for 340B charitable
organizations during Q3 2018, and $4.1 million total for the
nine-month period ending Sept. 30, 2018. The Company's total
reported revenue included approximately $188,000 in fees earned on
dispensing prescription medications to patients under 340B
programs. The Company expanded its revenue growth in this area
through the signing of two new 340B contracts that it began
fulfilling in Q4 2018.
"We are thrilled
to announce that we have seen significant year-over-year
growth in
Q3 and
record-breaking sales during another quarter of significant growth
compared to last year," said S. Parikh Mars, CEO of Progressive
Care Inc. "The Company is
also generating other significant
value, including the diversity
of its service offerings and investing in
initiatives including advertising, staffing, technology and
consulting for our future plans
for expansion.
Our revenue is up, new technology is being developed and we are
working on the deployment of our Tele-PharmCo proprietary patient
software through Kiosks placed strategically in hospitals and
healthcare facilities. Even though the industry is facing a
significant headwind, our topline sales are up 4% and we are
investing in the future of the pharmacy industry. Since the
beginning of 2018, we've seen the biggest nine-month revenue period to date with the most
prescriptions filled and the most revenue and sales to
date with the acquisition of our second
location."
Progressive Care
is preparing for continuous growth by expanding into new market
territories, advancing the Company's
compliance and
adherence services provided to medical providers, and heightened
technological opportunities to drive even more customer
satisfaction. Active developments range from market
penetration in Palm Beach and Martin
Counties through the Palm Beach
location;
the development of its Tele-PharmCo platform; the development and
deployment of its online prescription management solution; and
implementation of MTM protocols.
THIRD
QUARTER 2018
HIGHLIGHTS
During the third
quarter of 2018, Progressive Care Inc. achieved the following
milestones and significant events:
Reported
record-breaking year-over-year sales and growth
numbers
-
In Q3 2018,
Progressive Care's wholly owned subsidiary PharmCo, LLC saw an
18.75% increase in prescriptions filled over the same
period
in 2017, totaling
approximately 22,500 prescriptions.
-
Progressive Care
drew down a tranche against the Chicago Venture note in the amount
of $636,304 on Feb. 15, 2018. The issuance of
1,974,297 shares of Progressive Care stock on
Aug.
8, 2018, brought
the company balance to zero and the total number of shares issued
to 15,503,604.
-
Progressive Care
pharmacy services revenue growth is a result of the Company's
expanding breadth of services, manufacturer price increases, new
drugs coming to market, new indications for existing drugs, volume
growth with current clients, and the addition of new customers due
to its focus on higher patient engagement and clinical
expertise.
-
The company
brought in a total of $1.877 million in
net revenue, an increase of 10.5% from last year, totaling
approximately 23,390 prescriptions.
-
The company's
Touchpoint Pharmacy has seen a 15.5% increase in prescriptions
filled totaling 23,390.
Received
top pharmacy performance scores from leading health and wellbeing
company
-
The Company's
wholly owned subsidiary PharmCo, LLC met all three of the
performance measures evaluated by Humana Inc., a leading health and
wellbeing company, as part of its Rx Quality Network program. As a
result of PharmCo's performance scores in the
first measurement period, the company will receive the maximum
payout offered by Humana as part of the program's
rewards.
Continued
development of technology-driven healthcare service
options
-
The Company
announced that it has launched an updated website for its wholly
owned subsidiary, PharmCo LLC, dedicated to providing their
patients with additional knowledge on its growing platform of
offered products and suite of services. The newly redesigned
website now features more detailed information on the
company's
offered services, such as custom compounding, Home
health risk management and the Company's growing tele-pharmacy
initiative.
Received
international media coverage for its efforts to offer alternative
treatments to opioids and technology expertise
-
The Company
garnered notable international media coverage in top pharmacy
industry publication World Pharma Today around the company's
efforts to combat the nationwide opioid epidemic. In a contributed
article published in World Pharma Today, Mars explored the history
of the opioid crisis and shares her perspective on what more can be
done to provide patients with better access to pain management
alternatives in lieu of prescription opioid medications.
Additionally,
the company received notable coverage in MD+DI, Pharmacy Business,
and Medical Design Technology around its healthcare technology
services and expertise.
THIRD
QUARTER 2018 FINANCIAL RESULTS
Net
Revenue: For the nine-month period
ending Sept. 30, 2018, Progressive Care
showed net sales of $15,682,576 as compared to net sales of
$15,034,683 for the nine-month period that ended
Sept. 30, 2017 an increase of 4%.
Balance
Sheet: Total assets for the company
were $3,221,368 as of Sept. 30, 2018, compared to
$2,492,125 as of Sept. 30, 2017 an increase of
29.26%.
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,
LLC
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx
About
Progressive Care Inc.
Progressive Care
Inc. (OTCQB:
RXMD), through its 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, 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.
Public Relations
Contact:
Kathleen
Gonzales, CMW Media
kathleen@cmwmedia.com
619-368-2701
www.cmwmedia.com
Investor
Relations Contact:
Armen Karapetyan,
Progressive Care
Senior Advisor
Business Development
Armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com