Progressive
Care Inc. Reports Record $7 Million Revenue for Q2
2019
MIAMI,
FL -- August 15, 2019 -- InvestorsHub NewsWire
-- Progressive
Care Inc. (OTCQB:
RXMD), a
personalized healthcare services and technology company,
today issued
2nd
Quarter
2019 Quarterly
Report
Conference Call highlights.
The Company
announced nearly $7 million in net revenues,
a 40% increase over
the second quarter
of 2018. Prescriptions filled
increased 46% to 98,000 during 2nd
quarter
2019. The
Company reported a non-GAAP loss of
$368,00 for the six month period ending June 30,
2019, which is caused by decreasing
reimbursements and increasing fees associated with insurance
prescription claims resulting in a reduction of net gross
margins to approximately
21% for
2019. This loss is partially offset by the addition of Family
Physicians Rx (FPRX) which carries higher gross profit margins and
net profitability.
The Company
completed the acquisition of FPRX on June 1st,
2019,
at which time $1
million was released from escrow. FPRX has lower relative operating
costs and higher gross margins than the Company as a whole and is
poised to add cash flow and profitability to financial performance
of the Company through the rest of the year. The Company recorded
approximately $1.4 million in sales from FPRX for June 2019 and
estimates that $9.8 million in revenues will be added in total for
2019. FPRX will also add approximately $300,000 in net
profitability to the bottom line of the Company.
The Company
reiterated to listeners that it is focused on expansion in other
geographical areas of Florida and is exploring opportunities in
Georgia. These areas present opportunities for better
reimbursements and avenues for securing revenue streams not directly
tied to insurance billing. The Company continues to pursue the
development of its own CBD line through local manufacturers that
abide by state regulations. In the interim term the pharmacy does
offer access to 4 CBD brands that is has verified the purity and
analysis. The pharmacy is actively promoting its expertise in CBD
therapies as well other herbal and OTC products to increase the
flow of cash-based purchases.
A
dedication
to performance scores with
insurance carriers like Humana continue to be a bright spot for the
Company. Humana is the only carrier which offers the opportunity to
earn all DIR fees back through performance. Performance metrics
have not yet been released for 2019, resulting in over $200,000 in
Humana DIR fees being charged to net revenues for the first 6 months
of 2019. The
Company currently expects to receive the bulk of these fees plus a
bonus in the 4th
Quarter of
2019.
The Company
discussed 340B contracts during the call, explaining that new
contracts have been signed to bolster the profitability of
the Company. The Company intents to expand its 340B offerings by
showcasing its expertise in compliance in accounting which is
needed by covered entities subject to increasing audits from
regulating agencies.
Other opportunities
for growth include indications of interest in the Company's
Tele-PharmCo and Discharge Rx programs by hospitals and large-scale
clinics. Telepharmacy
is being recognized
in Florida as way of improving care in rural parts of the state and
the Company is working to secure the ability to provide our
services virtually to these areas without the need of additional
physical brick and mortar pharmacies. Satellite offices
and digital kiosks will allow the Company to expand its delivery
capabilities throughout Florida at lower costs than establishing
new stand-alone pharmacies.
"2019
has presented new challenges and opened new
doors," said
S. Parikh Mars, CEO of Progressive Care. "We are pushing with great
intensity to increase revenues across the board by focusing on
avenues with greater gross profitability. We expect to achieve
efficiency and financial gains through addition of FPRX and will
leverage them to achieve greater
growth."
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.
Investor Relations Contact:
Armen
Karapetyan, Progressive Care
Senior Advisor
Business Development
Armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com
Public Relations Contact:
Kathleen
Gonzales, CMW
Media
Kathleen@cmwmedia.com
www.cmwmedia.com
Web and Application Development Contact:
Marcello Jaspan,
Mass Ventures Corp
Marcello@massventurescorp.com
www.massventurescorp.com