Progressive Care Inc.
Reports Largest Single
Revenue Quarter in Company
History
- Florida-Based Healthcare,
Technology and Tele-Pharmacy Services Provider
Shows 24% Increase in Prescriptions Filled
- Reports March 2018 Revenue of $1.9M as Largest
Single Month in Company History
MIAMI,
FL. -- May
15,
2018 -- InvestorsHub NewsWire -- Progressive Care Inc.
(OTCQB:
RXMD),
a
healthcare services
and technology
organization providing
prescription
pharmaceuticals,
compounded medications,
health risk management and
tele-pharmacy services,
today
announced financial results for the quarter ending March 31, 2018,
and provided an overview of recent operational
highlights along with updates
on the Company's
strategies.
The
Company
dispensed a total of 64,000
prescriptions
in
Q1,
a
24%
increase
over Q1
2017.
Revenue
for the month of March 2018 was
the largest single month in the Company's history, totaling $1.9
million. For
the period ending March 31, 2018, Progressive Care
showed net revenue
of $5,147,345, which was an increase of 7.36%
year-over-year.
Progressive
Care's
total
assets
were $3,846,041 as of March 31, 2018, compared
to $2,581,113 as of March 31, 2017 -- an increase of
49%.
The
Company continues to grow its patient base by marketing to doctors'
offices and clinics who refer their patients to the pharmacy.
Healthcare providers are increasingly recommending
Progressive
Care subsidiary PharmCo
because of its high standards of patient care and attention to
performance measurements and their implications.
Based on the performance in the first quarter, management expects
that future growth will be driven by continued expansion into new
market territories, concentrated efforts toward developing our
compliance and adherence services provided to medical providers,
and enhancement of technological opportunities that boost loyalty
and customer satisfaction. growth
in the future."sustainable
maintain
will
help us in
new markets penetration
with customers expanding
breadth
of services and uniqueWe
believe that ourincreased
value to our shareholders. record
revenues and prescriptions filled, and deliver recognize
months
of the year we were able to secure a Palm Beach County
location, three
"During
the first said
S. Parikh Mars, CEO of Progressive Care Inc. "The
first quarter was a time of momentous growth for the
Company," Mars
continued: "We
are proud to
have
achieved
clarity
and efficiencies this
year in an
industry that is very difficult to navigate. We
have come a long way since December 2017, but the hardest work is
still ahead."
FIRST
QUARTER 2018 HIGHLIGHTS
During the
first quarter of 2018, Progressive Care Inc. achieved the following
milestones and significant events:
Reported
record-breaking sales and growth numbers
-
In March 2018,
the Company
reported $1.9 million in revenue, the largest
single month in its history to date.
Progressive Care also experienced increases in prescriptions
filled, reporting an 18% year-over-year increase in
February, 2018, and 34% increase in
January, 2018, as compared to the same
months last year. As a
result of the
Company's four-pillar structure (expertise in
healthcare, patient care, pharmaceutical
management, and customer
service), Progressive Care
reported a record $20 million in sales in
2017.
Officially
began accepting Bitcoin for pharmacy sales
-
As part of
Progressive Care's plans to evolve its retail pharmacy's technology
and operations and enhance its e-commerce
platform use, the company became one of the
few pharmacies in the country to enable and accept cryptocurrency for
daily purchases. PharmCo, LLC will use external payment providers,
such as BitPay, to process all Bitcoin
payments. This will allow the pharmacy to reach more customers who
are increasingly using cryptocurrencies for daily
purchases.
Furthered
growth and expansion plans
through pharmacy
acquisition
-
The Company signed
a letter of intent to acquire a Touchpoint RX
pharmacy in Palm
Beach County and executed definitive
agreements to close in the second quarter
of 2018. The acquisition will facilitate the Company's growth plans
by increasing the delivery radius into Martin County, which
includes Jupiter and Stuart, and will decrease costs of expansion
and increase prescription dispensing efficiency.
Investor
analyst upgraded Company's price target to $0.35 per
share
-
As a result
of
the Company's
significant progress with license applications in new markets,
expansion in Palm Beach, and continued innovations in tele-pharmacy
and the acceptance of Bitcoin for payment, SeeThruEquity
initiated updated
coverage and increased its price target to $0.35 per
share.
Maintained
steady investor relations activity
-
The Company
actively communicated with its customers and shareholders through
various investor announcements and also maintained
a presence at
industry events. These efforts included:
- Released
an open letter to
shareholders from the Company's Chief
Executive Officer, S. Parikh Mars, in January, 2018, highlighting significant
achievements, key highlights in 2017, and a forward-looking
statement for opportunities in 2018
- Provided
a progress report and
outlook for investors in an audio interview with
SmallCapVoice.com
to discuss the
business model, current market, achievements and goals
for the Company
- Company CEO S.
Parikh Mars participated in an interview with Everett Jolly on Uptick
Newswire's "Stock Day" Podcast to discuss its uplisting to the OTCQB
FIRST
QUARTER 2018 FINANCIAL RESULTS
Net Revenue: For the period ending March 31,
2018, Progressive Care
showed net revenue
of $5,147,345, as compared to revenue of
$4,794,376 for the period that ended March
31, 2017, an
increase of 7.36%.
Balance Sheet: Total Assets for the company
were $3,846,041 as of March 31, 2018, compared
to $2,581,113 as of March 31, 2017, an increase of
49%.
Net Cash
Provided by Operating Activities: Operating cash flow
increased from
$-8,641 to $309,827 year-over-year, which is an increase of over
3,000%.
For
more information about Progressive
Care,
please visit the company's
website.
Additional
commentary
on the company
and the industry as a whole can be found on the Progressive
Care blog.
About
Progressive Care, Inc.
Progressive
Care,
Inc. (RXMD),
through its PharmCo, LLC, is a South 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 intended terms of the offering, closing of the
offering and use of any proceeds from the offering. 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.
Contact: Public Relations
Tory
Patterson,
CMW Media
Public Relations
Consultant
Tory@cmwmedia.com
www.cmwmedia.com
Investor Relations
Contact:
Armen
Karapetyan,
Progressive Care
Senior Advisor
Business Development
Armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com
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