Progressive Care Reports Financial and Operational Highlights for Three and Nine Months Ended September 30, 2021
November 16 2021 - 7:19AM
InvestorsHub NewsWire
Net Income Up 137%, EBITDA up 136% Year Over Year. Gross Margins
Jump to 30% as Third-Party Services and Testing Show
Increased Growth
MIAMI, FL -- November 16, 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 nine months ended September 30, 2021.
Financial Highlights for Three and Nine Months Ended September
30, 2021
- Consolidated Net Revenues were $9.8 million and $29 million for
the three and nine-month periods ended September 30, 2021,
respectively.
- Gross Margins increased to 30% for the three months ended
September 30, 2021, up from 27% compared to the same period in
2020.
- EBITDA for the three months ended September 30, 2021 was nearly
$695k, up 136% year over year.
- EBITDA for the nine months ended September 30, 2021 was $767k,
up 203% from negative EBITDA of ($745k) when compared to the same
period in 2020.
- 340B fees for the three months ended September 30, 2021 were
$2.1 million, up 8% when compared to the same period in 2020.
- COVID-19 testing revenues for the three months ended September
30, 2021 were $2.9 million.
Management cites continued strong operational performance in the
Company’s 340B pharmacy services and third-party administration
services, as well as in providing COVID-19 testing services.
Progressive Care’s 340B business continues to excel in 2021: the
Company added five new contracts for 340B pharmacy services and
third-party administrative services performed for 340B covered
entities during the nine months ended September 30, 2021.
The growth in these newer revenue streams (340B pharmacy
services, third-party administration services and COVID-19 testing
services) is driving increased profitability across the Company’s
business model, resulting in strong EBITDA growth and a sharp rise
in gross margins.
The Company has filed a registration statement on a Form S-1 and
is working diligently with its team of SEC attorneys and the
Company’s investment banker to complete an uplist to NASDAQ.
The CEO of the Company, Alan Jay Weisberg, stated, “We believe
that our year-to-date performance and activities will allow us to
finish the year strong. Again, I find it important to communicate
our company’s vision. The healthier we make our patients, the more
successful our business will be, and we will not lose sight of that
vision, with the goal of enhancing and creating more value for our
shareholders. I have no doubt in my mind that our investments in
technology and talent will provide the type of value the company
and its shareholders deserve.”
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
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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