Progressive Care Reports Positive Q3 EBITDA and Increased Margins
November 17 2020 - 7:14AM
InvestorsHub NewsWire
MIAMI, FL --
November 17, 2020 -- InvestorsHub NewsWire -- Progressive Care Inc.
(OTCQB:RXMD)
(“Progressive Care” or the “Company”), a personalized healthcare
services and technology company, is pleased to announce performance
data for the three months ended September 30, 2020, including
strong topline and bottom line growth, positive EBITDA, increased
margins and continued strong cash resources on hand at the close of
the quarter.
- Consolidated gross sales across all locations
during the three months ended September 30, 2020, totaled $10.7
million;
- Prescriptions filled during 3rd Quarter were
over 138,000;
- Margins increased from 24% to 27% during the
quarter (on a year over year basis);
- Positive EBITDA of $300,000 for the quarter
(Non-GAAP Measure);
- Cash and cash equivalents stood at $1.6 million
as of September 30, 2020; and
- On
November 3, 2020, Chicago Venture made the final redemption request
on its $1,090,000 note agreement with Progressive
Care.
“In a difficult
environment, we saw continued growth, increasing profitability, and
improved margins,” commented Alan Jay Weisberg, CEO and Chairman of
Progressive Care. “We also are approaching our December 4 move-in
date for our new 11,000 square-foot Hallandale Beach PharmCoRX
location. In addition, we made strong progress toward launching our
telehealth platform by integrating CallingDr into the PharmCoRX
back-end, which we expect to have up and running in Florida before
year-end, ahead of our nationwide telehealth platform rollout early
next year.”
The Company’s
COVID-19 Testing services continue to expand, with growth in
clients accelerating as the number of COVID-19 cases increases in
the northern hemisphere and businesses seeking outpatient/on-site
services utilize the Company’s 15-minute rapid results testing
solution. The Company continues to address this opportunity
aggressively, having recently acquired more supplies, allowing for
continued expansion in testing services over the coming
months.
Mr. Weisberg added,
“We have already tested over 1,500 people and, due to rising
demand, we are now testing seven days a week. Now that we received
more analyzers, our goal is to establish the same leading brand
recognition in Palm Beach and Orange Counties as we have in Miami
Dade County.”
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
PharmCoRx
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx
ClearMetrX
https://www.clearmetrx.com/
https://www.facebook.com/clearmetrx/
About Progressive
Care
Progressive Care
Inc. (OTCQB:
RXMD), through its subsidiaries, is a 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 launch of
telehealth, expansion of Covid-19 testing. 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:
Carlos
Rangel
carlosr@pharmcorx.com
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