Positioned for Accelerated Revenue
Growth and to Become an SEC Reporting Company in 2022
Miami, FL -- March 29, 2022 -- InvestorsHub NewsWire --
Progressive Care Inc. (OTCQB:
RXMD) (the “Company”), a personalized healthcare services and
technology provider, today announced financial and operational
results for the year ended December 31, 2021.
Key Financial Highlights for Year Ended December 31,
2021
• Revenue at $38.9 million
- COVID-19 testing revenue of approximately $4.3 million
- ClearMetrX TPA and pharmacy dispensing revenue related to 340B
earned $2.8 million on total billings of $19 million
• Gross margin increased to 26% in 2021, from 23% in 2020
• EBITDA increased to $167,000 in 2021 from $7,000 in 2020
• Cash balance of $1.4 million as of December 31, 2021
Business Highlights for the Year Ended December 31,
2021
• Re-implemented upgraded pharmacy software system
• Expanded COVID-19 business into corporate-focused services and
institutional clients
• Strengthened reputation in the 340B sector by adding eight new
contracts
• Filed initial S-1 registration statement
• Submitted application for uplisting to Nasdaq
Q4 2021 Reflected a Positive Bounce Back in
Business
• Increase of 10% in prescription revenue to $8.9 million in the
fourth quarter of 2021, from $8.1 million in the third quarter of
2021
• Increase of 8% in prescriptions filled to 114,000 in the
fourth quarter of 2021, from 106,000 in the third quarter of
2021
Subsequent Events
• Filed Form 10-12G registration statement with the SEC
Management Commentary
Alan Jay Weisberg, Chairman and Chief Executive Officer of
Progressive Care, commented, “In 2021 our team overcame many
obstacles, macro and company-specific, and we exited the year in a
much stronger position regarding our business and capital markets
strategy. Our team was able to complete complex implementation of
the pharmacy system and get back to growing the pharmacy business,
successfully achieve significant revenue from COVID-19 services and
position itself to become an SEC reporting company.”
Mr. Weisberg, continued, “We believe that our 4th Quarter 2021
performance and activities have provided us with good momentum, and
we expect 1st Quarter 2022 performance to reflect that. Again, I
find it important to communicate our company’s mission - 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.
Progressive Care believes that investments in technology and talent
will provide the type of value the company and its shareholders
deserve.”
Mr. Weisberg concluded, “We expect that our planned uplist to
Nasdaq, once completed, will have an immediate and positive impact
on growth of the company, enabling us to increase our operational
pace by having access to institutional capital and to pursue the
businesses we think will help us roll out our services nationwide
at a faster pace. Meanwhile, we will do our part by staying on a
steady course of growing our business. We strongly believe that
optimism around Progressive Care will soon begin to be reflected in
the share price of our stock.”
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.
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://twitter.com/ProgressCareUS
PharmCoRx
https://www.pharmcorx.com/
https://twitter.com/PharmCoRx
ClearMetrX
https://www.clearmetrx.com/
https://www.facebook.com/clearmetrx/
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. 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
Investor Relations Contact:
ClearThink Capital
nyc@clearthink.capital
p917-658-7878
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