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Progressive Care Inc. Reports 47% Increase in Prescriptions Filled During July 2018
MIAMI, Aug. 21, 2018 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announced further growth year-over-year in both revenue and number of prescriptions filled for July 2018. July brought a total of $1.887 million in net revenue, an increase of 10.5% from last year in the same month, and a 47% increase in prescriptions filled over the same month last year, totaling approximately 26,777 prescriptions.
Progressive Care’s wholly owned subsidiary PharmCo, LLC has seen a 28.46% increase in prescriptions filled in July over the same month last year, totaling approximately 23,390 prescriptions.
The company’s Touchpoint Pharmacy has seen a 15.5% increase in prescriptions filled over the same month last year, totaling approximately 3,387 prescriptions, and a 35% increase in revenue, totaling approximately $138,000. This growth is a result of Progressive Care’s increased management involvement following the completed acquisition of the pharmacy in early July of this year.
“Progressive Care’s strong July sales and prescription numbers are a result of our dedicated commitment to providing patients a full range of personalized medication therapies,” said S. Parikh Mars, Chief Executive Officer of Progressive Care Inc. “We are proud that in just the first month of having Touchpoint Pharmacy as part of our offering, we were able to see an increase in both revenue and prescriptions filled at that location. We anticipate that the new pharmacy will greatly contribute to our ongoing expansion success in the next 12 months.”
The release of July 2018 sales figures follows Progressive Care’s recently released Q2 2018 financial results, where the company reported its largest six-month revenue period in company history and the beginning of its uplisting process to one of the national exchanges with the start of registering with SEC.
Earlier this month, the company also announced that it had paid off its convertible note to Chicago Venture Partners through an issuance of common stock. The issuance of 1,974,279 shares of Progressive Care stock on August 8, 2018, brought the company to a balance of zero.
For more information about Progressive Care, please visit the company’s website.
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About Progressive Care, Inc.
Progressive Care Inc. (OTCQB: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.
Public Relations Contact:
Tory Patterson, CMW Media
Public Relations Consultant
Investor Relations Contact:
Armen Karapetyan, Progressive Care
Senior Advisor Business Development