Progressive Care
Inc. Announces Month-End Sales Figures
Showing Increase in
Year-Over-Year
Prescriptions Filled
in June 2018
Miami,
FL -- July 17,
2018 -- InvestorsHub NewsWire -- Progressive Care Inc. (OTCQB: RXMD),
a personalized
healthcare
services and technology company,
today announced further
growth year-over-year in both revenue and number of prescriptions
filled for June
2018.
Progressive
Care's wholly owned subsidiary PharmCo, LLC
has seen
an
18.75% increase in prescriptions filled over the
same month last year, totaling
approximately 22,500 prescriptions.
June brought a
total revenue of roughly $1.65 million in net
revenues, a slight decrease
from last year in
the same month. This is due to reimbursement compression and
insurance coverage contraction. Insurance carriers have
significantly
compressed
reimbursement rates, especially regarding compounded medications. In
addition to decreasing reimbursement rates, many medications
(pain
treatment alternatives in
particular)
have been removed from formularies leading to medications not being
covered in their entirety or covered for severely restricted
doses. However, increasing numbers of
filled prescriptions serve as a strong indication of growth
among Progressive Care's core
services.
"This year has
been momentous for Progressive Care. We anticipated many of the
current industry trends and devoted efforts to ensure revenue
diversification and service innovation to promote company
longevity," said S. Parikh Mars, CEO of
Progressive Care.
"Our new DischargeRx program, adherence packaging,
and 340B suite of services are already generating avenues for
revenue generation. As we continue to develop new products and
services, we will also keep
advocating for patients whose needs are
more complex and who are negatively impacted by coverage
contraction."
The release of
June sales figures follows the company's recent launch of
DischargeRX, a new program designed to
increase and improve engagement between patients and
hospitals. The company also made other
major announcements during the month of June including
the installation of a
TCGRx Automated Pouch Packaging System
at its Miami-Dade
County PharmCo location; and the launch of a
campaign designed to educate patients
and providers on treatment alternatives to opioids.
The
company also released an update on the remaining balance with
Chicago Venture Partners that stands
at approximately $75,000,
representing
a conversion to an estimated 1.5 million shares.
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:
Tory Patterson,
CMW Media
Public Relations
Consultant
Tory@cmwmedia.com
www.cmwmedia.com
Investor Relations Contact:
Armen
Karapetyan, Progressive Care
Senior Advisor
Business Development
Armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com