Progressive
Care Surpasses $32M in 2019 Sales After Record-Breaking December,
Provides Update on Uplisting Process
MIAMI,
FL -- January 16, 2020 -- InvestorsHub NewsWire
-- Progressive
Care Inc. (OTCQB:
RXMD)
("Progressive Care" or the "Company"), a personalized healthcare
services and technology company, is excited to update current and
prospective shareholders with the Company's operational performance
update for the month of December 2019:
·
Consolidated
monthly gross sales across all locations totaled $3.1 million,
representing year-over-year growth of 82% compared to December
2018,
·
Prescriptions
filled during the month came in at roughly 45,000, representing
year-over-year growth of 59% compared to December 2018,
·
Third-party
billing services for not-for-profit client organizations generated
an additional $1 million in total transactions, representing a new
Company record,
·
December
performance brings 2019 sales to a close at $32.25 million (up 54%
year-over-year) on more than 450,000 prescriptions filled (up 50%
year-over-year), with Family Physicians Rx (FPRX) contributing from
June 1 through December 31, 2019.
In addition, the
Company has already begun the audit of 2019 financial data for all
consolidated operations. The process associated with uplisting
Progressive Care shares onto a major US-listed exchange in 2020
continues to move forward. Audited financials will be submitted on
or before March 31. The Company will then move to formally file
Form S-1 with the US Securities and Exchange Commission during
April before submitting an application for uplisting shares to
either the Nasdaq or NYSE.
"We closed out
2019 with another month of tremendous growth and execution,"
commented S.
Parikh Mars, CEO of Progressive Care. "December featured organic
same-store growth in our core footprint in both sales and cash
flows as well as additional strength from our seamless integration
of recently acquired FPRX, which has begun to move the needle on
all fronts. If we back the FPRX impact on an annualized basis into
2019, that gives us a baseline of $38 million in annual sales as a
point of reference from which to grow in 2020."
Third-party
billing services for not-for-profit clients hit new record levels
for the Company in the month of December, reaching the $1 million
level in gross billing for the first time ever. The executive team
believes this segment represents a strong value add in terms of
growth potential and diversification of revenues and will continue
to expand independent of the strong growth the Company is already
seeing in its core pharmacy operations.
Looking forward,
management points to a focus on continued execution, leading to
accelerating sales growth and expanding profitability, the
completion of fully-audited financials for the 2019 fiscal year,
movement toward another value-add acquisition or strategic
partnership, and the build-out of the Company's primary location at
400 Ansin Blvd. in Hallandale Beach, FL, allowing for the full
consolidation of operations in 2020.
Mars continued,
"The holidays were good to us, thanks in large part to the generous
work of our community organizations, the support of our providers
and patients, and an unwavering focus by our staff and management
to run as tight a ship as possible."
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