Progressive Care Inc. Reports Largest
Six-Month Revenue Period in Company History in Q2 2018 Financial
Filing
Miami, FL -- August 14, 2018 -- InvestorsHub
NewsWire -- Progressive
Care Inc. (OTCQB:
RXMD), a
personalized healthcare services and technology company,
today announced financial results for the quarter ending June 30,
2018, and provided an overview of recent operational highlights
along with updates on the Company's strategies.
Progressive Care dispensed more than 67,000
prescriptions in Q2 2018, a 21.45% increase over Q2 2017, and
133,000 prescriptions for the six-month period ending June 30, a
23% increase over the same period in 2017. Pharmacy revenue for the
six-month period ending June 30, 2018, was approximately $10.3
million, the largest six-month period in the Company's history and
an increase of 3.41%. Progressive Care's total assets were
$3,503,769 as of June 30, 2018, compared to $2,447,865 as of June
30, 2017 an increase of 43.13%. The Company continues to generate
positive cash flow from its operations, with positive operational
cash flow of approximately $69,000 for the six-month period ending
June 30, 2018.
Progressive Care also reported raising over $1.4
million for 340B charitable organizations during Q2 2018, and $2.7
million total for the six-month period ending June 30, 2018. The
Company's total reported revenue included approximately $125,000 in
fees earned on dispensing prescription medications to patients
under 340B programs managed by two non-profit healthcare
organizations in Florida. The Company expects expanded revenue
growth through the signing of two new 340B
contracts in July 2018. The contracts with Hope and Help
Center of Central Florida and Care 4 U Management will begin on
Oct. 1, 2018.
"We are proud to announce another quarter of
significant growth compared to last year," said S. Parikh Mars, CEO
of Progressive Care Inc. "During this quarter, we completed our
acquisition of Touchpoint Rx, continued developing our healthcare
technological offering with the introduction of the PharmCo
Smart-Pack Pouch Packaging system and the development of our own
proprietary tele-pharmacy software called
Tele-PharmCo."
Mars continued: "Finally, through the launch of
our alternative pain management therapies, we were able to begin
diversifying Progressive Care's suite of services and further
position ourselves as a preferred online provider of healthcare
resources for patients, physicians and providers. We hope that
through these efforts, Progressive Care will be able to continue
delivering increased value to our shareholders."
Progressive Care anticipates that future growth
will be driven by continued expansion into new market territories,
concentrated efforts toward developing its compliance and adherence
services provided to medical providers, and enhancement of
technological opportunities that boost loyalty and customer
satisfaction. Areas of current development include market
penetration of Palm Beach and Martin Counties through the
acquisition of Touchpoint Rx, LLC; the development of its
Tele-PharmCo platform for its wholly owned subsidiary, PharmCo,
LLC; the development and deployment of its online prescription
management solution; and implementation of MTM
protocols.
SECOND QUARTER 2018
HIGHLIGHTS
During the second quarter of 2018, Progressive
Care Inc. achieved the following milestones and significant
events:
Reported record-breaking year-over-year
sales and growth numbers
In Q2 2018,
the Company reported a total of $10.3 million in revenue, the
largest single six-month period in its history to date. Progressive
Care also experienced increases in prescriptions filled, reporting
a 21.45% increase compared to the same quarter in 2017. Progressive
Care's 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 addition of new customers due to its focus on higher patient
engagement and clinical expertise.
The Company dispensed a total of 66,800
prescriptions in Q2 2018, a 21.45% increase over Q2 2017.
Progressive Care's total assets were $3,503,769 as of June 30,
2018, compared to $2,447,865 as of June 30, 2017 an increase of
43.13%.
Furthered growth and expansion plans
through pharmacy acquisition
The Company executed a definitive agreement to
purchase the Touchpoint Rx pharmacy in Palm Beach County. Under
this agreement, PharmCo assumed all day-to-day management of the
pharmacy, which included assumption of all revenue and expenses.
The acquisition will facilitate the Company's growth plans by
decreasing the cost of servicing its delivery radius into Martin
County, which includes Jupiter and Stuart, and will decrease costs
of expansion and increase prescription dispensing
efficiency.
Expansion of robot pharmacy machinery
fleet
The Company purchased and installed a
new Automated Pouch Packaging
System for its Miami-Dade County PharmCo location.
Progressive Care's wholly-owned subsidiary, PharmCo, LLC, is one of
the first in South Florida to offer this new packaging system
PharmCo Smart-Pack that allows patients to receive customized
dosage pouches according to their daily prescription
needs.
Continued development of technology driven
healthcare service options
The Company rolled out its online prescription
management solution allowing PharmCo patients to
visit www.pharmcopharmacy.com and access
the company's prescription management platform, making the
prescription request process even easier. The web-based forms are
user-friendly and fully integrated for easy processing and quick
turn-around on new, transfer and refill
prescriptions.
Additionally, the Company started the development
of its own proprietary tele-pharmacy software, Tele-PharmCo, to
digitally communicate with patients, physicians, pharmacists and
caretakers across the world. This state-of-the-art
multi-platform technology will be capable of running on kiosk,
desktop and mobile devices. The move comes
as part of Progressive Care's overall effort to expand its current
kiosk program.
Provided further education on alternative
treatments to opioids
The Company launched a new
program designed to educate patients and providers on treatment
alternatives to opioids available through the company. The campaign
is part of the Company's initiative to spread
awareness of available alternative therapies that can improve a
person's quality of life and, in
many cases, prevent tragedy caused by opioid abuse and solve the
nationwide epidemic.
Maintained steady investor relations
activity
The Company actively communicated with its
customers and shareholders through various investor
announcements.
These efforts included:
Acting to alleviate pressure caused by naked short positions in the
Company's stock. The Company contacted several broker/dealers,
clearing firms and reached out to FINRA's Division of Market
Regulation about the problem naked shorting is causing in the
market for the Company's securities.
Partnering
with CMW
Media as its public relations
agency of record as part of Progressive Care's overall effort to expand
marketing and communications activities for the company and all
subsidiaries.
Engagement
with The Benchmark Company, LLC as a financial advisor as it
moves forward with the process of re-registration with the U.S.
Securities and Exchange Commission and pursuing a listing on a
national securities exchange.
SECOND QUARTER 2018 FINANCIAL
RESULTS
Net Revenue: For the
six-month period ending June 30, 2018, Progressive Care showed net
sales of $10,268,886, as compared to net sales of $9,930,422 for
the six-month period that ended June 30, 2017, an increase of
3.41%.
Balance Sheet: Total Assets
for the company were $3,503,769 as of June 30, 2018, compared to
$2,447,865 as of June 30, 2017, an increase of
43.13%.
Net Cash Provided by Operating
Activities: Operating cash flow increased from
($272,769) to $69,444 year-over-year, which is an increase of over
125.45%.
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
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