Progressive
Care Reports November Performance: Q4 Maintains Record Pace, Net
Profitable for Consecutive
Months
MIAMI,
FL – December 17, 2019 – Progressive Care Inc. (OTCQB:
RXMD)
("Progressive Care" or the "Company"), a personalized healthcare
services and technology company, is pleased to provide current and
prospective shareholders with the Company's operational performance update
for November 2019:
- Consolidated monthly gross
sales across all four pharmacy locations totaled $3.15 million,
representing year-over-year growth of 70% compared to November
2018
- Prescriptions filled
during the month exceeded 43K, representing year-over-year growth
of 36% compared to November
2018.
"We continue to
see accelerating growth in sales and prescriptions, but we are also
very excited to report that all four operating locations have been
net profitable for two consecutive months now for the first
time this year," commented S. Parikh Mars, CEO
of Progressive Care. "In other words, following aggressive
investments in expansion, we have turned the corner, and cash is
starting to flow to the bottom line even as we move on a
pace this quarter
that will likely set new Company records for sales and
prescriptions."
The Company is
seeing expanding growth in sales and prescriptions driven, in part,
by the seamless integration of the Company's recent acquisition,
Family Physicians Rx (FPRX), which began to
directly impact performance data last quarter. However, October and
November are the first months of 2019 to feature EBITDA
profitability across all four pharmacy locations.
Management notes
that this is in line with the Company's stated strategic emphasis
in Q4 to target higher-margin opportunities with the explicit goal
of generating positive net cash flows from core
operations.
Mars continued,
"There is unquestionably core organic growth across the entire
business, but we have also made major investments
in expanding the scale of our operations this year, with FPRX being
the prime example. However, we also set a goal for ourselves in the
second half of this year – we made an explicit commitment to our
shareholders – to drive results on the bottom line.
That has been an execution story over the past two months, and we
are proud to report that execution to our shareholders as we get
ready to close out the year on a tremendous note."
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
Five Star
RX
https://www.fivestarrx.com/
https://www.facebook.com/fivestarrx/
About
Progressive Care Inc.
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 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:
Caitlin
Franscell, CMW Media
caitlin@cmwmedia.com
www.cmwmedia.com
Web and
Application Development Contact:
Marcello
Jaspan, Mass Ventures
Corp
Marcello@massventurescorp.com
www.massventurescorp.com
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