MIAMI, FL -- Augist 26, 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 July 2020, which continued to
demonstrate a trend of robust growth in sales, prescriptions, and
340B income in both sequential monthly and year-over-year
terms.
• Consolidated monthly gross sales across all locations during
the month of July totaled $3.62 million, representing monthly
sequential growth of 8% compared to June 2020, and 7%
year-over-year growth compared to July 2019
• Prescriptions filled during the month of July was 47,573,
representing monthly sequential growth of 8% compared to June 2020,
and 3% year-over-year growth compared to July 2019
• July set a new all-time Company record for total prescriptions
filled
• 340B claim processing from 340B covered entities produced
roughly $473K in revenue in July 2020, up 106% on a monthly
sequential basis. This includes ClearMetRx third party
administrator fees of over $146,000
• Total 340B claim submissions booked in July grew to almost $3
million*
“July was another strong month for Progressive Care, featuring
the continued emergence of our 340B strategy and a strong
contribution from our ClearMetRx data analytics subsidiary,”
commented Alan J. Weisberg, Interim CEO and Chairman of the Board
of Progressive Care.
Management notes that the Company continues to see extremely
encouraging signs from its 340B strategy, which saw more than a
doubling of revenues on a sequential monthly basis in July driven
by new client relationships and an increasingly productive
integration of the Company’s new ClearMetRx third party
administration business.
The Company continues to pursue increasing efficiency in its
core pharmacy services business while establishing multiple
technology solutions that present more scalable long-term growth
potential, including nationwide healthcare data analytics. Looking
ahead, management believes Progressive Care will benefit from new
client acquisition on a national level in its data analytics
strategy as well as new patient and provider market share gains due
to its continued leadership in contactless same-day prescription
delivery service.
Weisberg added, “With strong cash levels in place, multiple
scalable growth strategies underway, and core trends continuing to
support strong expectations for the second half of the year, we
believe we are poised to capitalize on opportunities for further
growth in the months ahead.”
*All claims processed for not-for-profit entities are conducted
on an agency basis. The gross value of the submissions is excluded
from gross sales. Transaction fees due to the Company as a result
of these claims are included in gross sales calculations.
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
PharmCoRx
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 the Company’s performance data for the month of July,
2020 and the Company’s future growth and strategies. 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 for Business Development
Armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com
Public Relations Contact:
Carlos Rangel
carlosr@pharmcorx.com
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