MIAMI, FL, -- February 8, 2021 -- InvestorsHub NewsWire --
Progressive Care Inc. (OTCQB:RXMD)
(“Progressive Care” or the “Company”), a personalized healthcare
services and technology company, is pleased to report performance
data for the month of December and the full year of 2020, which
featured robust growth in sales and prescriptions, as well as
breakout growth in emerging income streams, including 340B
administration fees and COVID-19 Rapid Testing services.
Full Year 2020 Performance Highlights
- Consolidated gross sales across all locations for the twelve
months ended December 31, 2020 totaled a Company record $40.6
million, representing year-over-year growth of 23% compared to the
twelve months ended December 31, 2019.
- Total prescriptions for the twelve months ended December 31,
2020 totaled 530,700, representing year-over-year growth of 16%
compared to the twelve months ended December 31, 2019.
- 340B revenue was $2.8 million, representing year-over-year
growth of 300% compared to the twelve months ended December 31,
2019.
- Revenues from COVID-19 Rapid Testing totaled approximately
$600,000 during 2020 with over 5000 tested.
December 2020 Performance Highlights
- Consolidated gross sales for the month of December 2020 totaled
$3.5 million, representing 9% year-over-year growth (compared to
December 2019), and 3% sequential monthly growth (compared to
November 2020).
- Total prescriptions for the month of December 2020 totaled
46,200, representing 3% year-over-year growth (compared to December
2019), and 8.5% sequential monthly growth (compared to November
2020).
- 340B revenue was approximately $230,000 for the month of
December 2020, representing 109% year-over-year growth (compared to
December 2019).
- Revenues from COVID-19 Rapid Testing totaled a record $345,000
for the month of December 2020, representing 115% sequential
monthly growth (compared to November 2020).
In response to a challenging 2020 context, the Company was able
to respond with flexibility and strong execution, capitalizing on
Progressive Care’s built-in competitive advantages, including its
established delivery infrastructure, to drive a seamless transition
into a pandemic-ready operational vision. The Company’s strong
results owe in part to its ability to shift in stride to a model
centered on contactless prescription delivery, a range of digital
solutions, and an overall experience for providers and customers
that met the needs of its surrounding communities during an
uncertain and unpredictable period.
The Company sees its December performance as particularly
important given that it closed the year with one of its strongest
months, suggesting both momentum and growing resilience.
Progressive Care stands ready to deliver the same strong service
to its clients, patients, and providers in 2021 as the pandemic
recedes and a more normalized operating environment reasserts
itself, providing a further opportunity for the Company to serve
its community as a continued strong force on the virus testing
front as well as a key player in the effort to efficiently
distribute critical vaccine resources.
Alan Jay Weisberg, CEO and Chairman of Progressive Care,
commented, “At some point, you’re going to face a test, and 2020
was a litmus test for many companies. We identified it as such at
Progressive Care and worked proactively to innovate, and we emerged
stronger than ever. It’s hard to find words to express how proud I
am of our team, and we all look forward to a gradually normalizing
operational environment in 2021.”
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.pharmcorx.com/get-tested-now
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx
ClearMetrX
https://www.clearmetrx.com/
https://www.facebook.com/clearmetrx/
About Progressive Care: 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 Disclosure Regarding Forward-Looking
Statements
Forward-Looking 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.
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.
Public Relations Contact:
Carlos Rangel
carlosr@pharmcorx.com
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