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Progressive Care Inc. Reports Largest Six-Month Revenue Period in Company History in Q2 2018 Financial Filing
MIAMI, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announced financial results for the quarter ending June 30, 2018, and provided an overview of recent operational highlights along with updates on the Company’s strategies.
Progressive Care dispensed more than 67,000 prescriptions in Q2 2018, a 21.45% increase over Q2 2017, and 133,000 prescriptions for the six-month period ending June 30, a 23% increase over the same period in 2017. Pharmacy revenue for the six-month period ending June 30, 2018, was approximately $10.3 million, the largest six-month period in the Company’s history and an increase of 3.41%. Progressive Care’s total assets were $3,503,769 as of June 30, 2018, compared to $2,447,865 as of June 30, 2017 — an increase of 43.13%. The Company continues to generate positive cash flow from its operations, with positive operational cash flow of approximately $69,000 for the six-month period ending June 30, 2018.
Progressive Care also reported raising over $1.4 million for 340B charitable organizations during Q2 2018, and $2.7 million total for the six-month period ending June 30, 2018. The Company’s total reported revenue included approximately $125,000 in fees earned on dispensing prescription medications to patients under 340B programs managed by two non-profit healthcare organizations in Florida. The Company expects expanded revenue growth through the signing of two new 340B contracts in July 2018. The contracts with Hope and Help Center of Central Florida and Care 4 U Management will begin on Oct. 1, 2018.
“We are proud to announce another quarter of significant growth compared to last year,” said S. Parikh Mars, CEO of Progressive Care Inc. “During this quarter, we completed our acquisition of Touchpoint Rx, continued developing our healthcare technological offering with the introduction of the PharmCo Smart-Pack Pouch Packaging system and the development of our own proprietary tele-pharmacy software called Tele-PharmCo.”
Mars continued: “Finally, through the launch of our alternative pain management therapies, we were able to begin diversifying Progressive Care’s suite of services and further position ourselves as a preferred online provider of healthcare resources for patients, physicians and providers. We hope that through these efforts, Progressive Care will be able to continue delivering increased value to our shareholders.”
Progressive Care anticipates that future growth will be driven by continued expansion into new market territories, concentrated efforts toward developing its compliance and adherence services provided to medical providers, and enhancement of technological opportunities that boost loyalty and customer satisfaction. Areas of current development include market penetration of Palm Beach and Martin Counties through the acquisition of Touchpoint Rx, LLC; the development of its Tele-PharmCo platform for its wholly owned subsidiary, PharmCo, LLC; the development and deployment of its online prescription management solution; and implementation of MTM protocols.
SECOND QUARTER 2018 HIGHLIGHTS
During the second quarter of 2018, Progressive Care Inc. achieved the following milestones and significant events:
Reported record-breaking year-over-year sales and growth numbers
In Q2 2018, the Company reported a total of $10.3 million in revenue, the largest single six-month period in its history to date. Progressive Care also experienced increases in prescriptions filled, reporting a 21.45% increase compared to the same quarter in 2017. Progressive Care’s pharmacy services revenue growth is a result of the Company’s expanding breadth of services, manufacturer price increases, new drugs coming to market, new indications for existing drugs, volume growth with current clients, and addition of new customers due to its focus on higher patient engagement and clinical expertise.
The Company dispensed a total of 66,800 prescriptions in Q2 2018, a 21.45% increase over Q2 2017. Progressive Care’s total assets were $3,503,769 as of June 30, 2018, compared to $2,447,865 as of June 30, 2017 — an increase of 43.13%.
Furthered growth and expansion plans through pharmacy acquisition
The Company executed a definitive agreement to purchase the Touchpoint Rx pharmacy in Palm Beach County. Under this agreement, PharmCo assumed all day-to-day management of the pharmacy, which included assumption of all revenue and expenses. The acquisition will facilitate the Company’s growth plans by decreasing the cost of servicing its delivery radius into Martin County, which includes Jupiter and Stuart, and will decrease costs of expansion and increase prescription dispensing efficiency.
Expansion of robot pharmacy machinery fleet
The Company purchased and installed a new Automated Pouch Packaging System for its Miami-Dade County PharmCo location. Progressive Care’s wholly-owned subsidiary, PharmCo, LLC, is one of the first in South Florida to offer this new packaging system PharmCo Smart-Pack that allows patients to receive customized dosage pouches according to their daily prescription needs.
Continued development of technology driven healthcare service options
The Company rolled out its online prescription management solution allowing PharmCo patients to visit www.pharmcopharmacy.com and access the company’s prescription management platform, making the prescription request process even easier. The web-based forms are user-friendly and fully integrated for easy processing and quick turn-around on new, transfer and refill prescriptions.
Additionally, the Company started the development of its own proprietary tele-pharmacy software, Tele-PharmCo, to digitally communicate with patients, physicians, pharmacists and caretakers across the world. This state-of-the-art multi-platform technology will be capable of running on kiosk, desktop and mobile devices. The move comes as part of Progressive Care’s overall effort to expand its current kiosk program.
Provided further education on alternative treatments to opioids
The Company launched a new program designed to educate patients and providers on treatment alternatives to opioids available through the company. The campaign is part of the Company’s initiative to spread awareness of available alternative therapies that can improve a person’s quality of life and, in many cases, prevent tragedy caused by opioid abuse and solve the nationwide epidemic.
Maintained steady investor relations activity
The Company actively communicated with its customers and shareholders through various investor announcements.
These efforts included:
- Acting to alleviate pressure caused by naked short positions in the Company’s stock. The Company contacted several broker/dealers, clearing firms and reached out to FINRA’s Division of Market Regulation about the problem naked shorting is causing in the market for the Company’s securities.
- Partnering with CMW Media as its public relations agency of record as part of Progressive Care’s overall effort to expand marketing and communications activities for the company and all subsidiaries.
- Engagement with The Benchmark Company, LLC as a financial advisor as it moves forward with the process of re-registration with the U.S. Securities and Exchange Commission and pursuing a listing on a national securities exchange.
SECOND QUARTER 2018 FINANCIAL RESULTS
Net Revenue: For the six-month period ending June 30, 2018, Progressive Care showed net sales of $10,268,886, as compared to net sales of $9,930,422 for the six-month period that ended June 30, 2017, an increase of 3.41%.
Balance Sheet: Total Assets for the company were $3,503,769 as of June 30, 2018, compared to $2,447,865 as of June 30, 2017, an increase of 43.13%.
Net Cash Provided by Operating Activities: Operating cash flow increased from ($272,769) to $69,444 year-over-year, which is an increase of over 125.45%.
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
Investor Relations Contact:
Armen Karapetyan, Progressive Care
Senior Advisor Business Development