MIAMI, FL -- August 17, 2021 -- InvestorsHub NewsWire --
Progressive Care Inc. (OTCQB:RXMD)
(“Progressive Care” or the “Company”), a personalized healthcare
services and technology company, is pleased to announce the filing
of the Company’s financial performance data for the three and six
months ended June 30, 2021, which featured strong growth in Gross
Profitability, as well as Revenues from Covid-19 Testing and 340B
services.
“The quarter was phenomenal despite temporary setbacks in
pharmacy prescription volume due to a technology platform
transition as well as a shortage in available workers as people
slowly shift gears in the wake of the pandemic,” commented Alan Jay
Weisberg, CEO, and Chairman of Progressive Care. “Strong growth in
profitability was highlighted by material operational efficiency
improvements and dramatic sequential growth in testing revenues as
well as robust 340B business expansion.”
Highlights for Three and Six Months Ended June 30, 2021
• Consolidated Revenue for the quarter was approximately $9.6
million, representing a year-over-year increase of 4% compared to
the second quarter of 2020. Revenue for the six months was
approximately $19.2 million, representing a 5% year-over-year
increase.
• Gross Profits came in at over $2.6 million for the quarter,
and over $5.0 million for the six months ended June 30, 2021, up
43% and 46% when compared to the same periods in 2020.
• 340B Revenue contribution for the quarter ended June 30, 2021,
was approximately $725k, up 65% on a year-over-year basis. Total
revenue for the six months under the 340B contracts were $1.4
million and $600k for 2021, and 2020, respectively. That is a 127%
year-over-year increase.
• Revenues associated with COVID testing totaled approximately
$1.1 million for the quarter, up over 120% on a sequential
quarterly basis.
• Positive EBITDA of nearly $78k for the second quarter of 2021,
and over $219k for the six months ended June 30, 2021. This was
compared to negative EBITDA of $311k and $955k, respectively, for
the same periods in 2020.
Results for the three months ended June 30 reflect very strong
growth in all aspects of the business other than the volume of
prescriptions filled, which was hampered by difficulties finding
willing and available workers as well as the learning curve and
challenges associated with integrating and implementing the
Company’s new pharmacy management software platform. Management
believes both of these dynamics are temporary and do not alter
Company assumptions about long-term growth among core metrics.
Weisberg added, “We are very proud of our team from top to
bottom. This is an uncertain time for many companies, with fears
about the rise of the Delta variant and widespread problems finding
new team members. We pass the mid-year point with tremendous growth
evident in our alternative revenue drivers, growing margins,
increasing profitability, and strong conviction in our major
strategic assumptions and that our current obstacles are temporary
and surmountable. In addition, we have recently hired a new
investment banking firm that we believe will be able to help us
complete the process of uplisting RXMD shares onto a major national
listed exchange.”
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.progressivecareus.com/
https://www.facebook.com/ProgressiveCareUS/
https://twitter.com/ProgressCareUS
PharmCoRx
https://www.pharmcorx.com/
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 Third Party Administration (TPA), data
management, COVID-19 related diagnostics and vaccinations,
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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