MIAMI, FL -- August 17, 2020 -- InvestorsHub NewsWire --
Progressive Care Inc. (OTCQB:
RXMD) (“Progressive Care” or the “Company”), a personalized
healthcare services and technology company, is pleased to announce
operational performance data for the three months and six months
ended June 30, 2020.
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- Consolidated net revenues for the three months ended June 30
totaled $9.2 million (for the six months ended June 30, $18.3
million), representing year-over-year growth of 32% (and 50% for
the six-month period) compared to comparable periods in
2019
- Prescriptions filled in Q2 topped 126,000 (and 258,000 in the
six-month period), representing year-over-year growth of 23% in Q2
2020 (and 38% for the six-month period) compared to comparable
periods in 2019
- Income from services related to 340B Covered Entities increased
over $420,000 compared to the previous six-month period, a 191%
increase (314% increase in Q2 2020, quarter-over-quarter) totaling
$640,000
- Strong Cash position, boosted to over $2 million during Q2
2020
- Positive cash flow from operations of over $764,000 for the six
months ended June 30th, 2020
“Positive growth trends continued to define the metrics for Q2,
with another across-the-board win in terms of our forecasts and
benchmarks as Progressive Care continues to bloom into a major
technology-driven force in the pharmacy services marketplace,”
commented Alan J. Weisberg, Interim Chief Executive Officer. “Now,
with approximately $2 million in cash, we look forward to the
second half of the year, where we believe we will begin to see a
larger impact from our higher-margin initiatives, including
nationwide moves in TPA data analytics for our growing 340B client
business. Along the way, we have picked up thousands of new
prescriptions and providers in our core pharmacy business due to
our logistics leadership during the healthcare crisis.”
Management highlights strong net gains in new patients and new
healthcare organizations and providers since March as Progressive
Care takes up the mantle as the leader in COVID-19 measures in the
pharmacy services space, including free contactless same-day
prescription delivery, in-store social distancing through headcount
shift planning, and antibody testing.
The Company is focused on driving robust growth in the second
half of the year from traditional pharmacy services, but management
anticipates a materially increasing impact from health data
analytics as it accelerates the development in its new ClearMetRx
platform, Progressive Care’s wholly-owned data analytics company
with services designed to support health care organizations across
the country. The Company has unique expertise in health data
analytics and data management and has begun to market these
services to healthcare entities. Continued development of automated
systems and digital assets to support these data-driven products
and services is expected to drive future revenue and profitability
growth.
The impact of health data analytics services can be seen in
connection with the Company’s role serving as a Third-Party
Administrator for a growing number of 340B eligible clients. For
the three months ended June 30, Progressive Care saw total sales
related to 340B clients jump 314% on a year-over-year
basis.
The Company also commenced construction on the build-out of the
400 Ansin Blvd. building in Q2 2020. The purchased facility in
Hallandale Beach has over 11,000 square feet and will house the
operations of both the North Miami Beach and Davie, FL locations.
The transition of operations from leased space will result in
nearly $300,000 in savings in 2021. The Company plans to keep a
portion of its North Miami Beach location to support its growing
e-commerce and retail health products division.
Mr. Weisberg added, “Our focus right now is on continuing to
deliver the best service in the space, but also on driving tangible
returns from our technology-driven initiatives, where we see
revolutionary progress. Data analytics and reporting platforms
should have a major impact on how healthcare companies operate and
we believe these initiatives should drive increased
shareholder value engaging a much wider audience of market
participants.”
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 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 expected financial and operational results in the second
half of the year, the impacts of our data analytics products and
services on our performance and expected savings from our
transition to the Hallandale Beach facility. 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:
Carlos Rangel
carlosr@pharmcorx.com
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