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Progressive Care Inc. Reports Best Nine-Month Revenue Period in Company History in Q3 2018 Financial Filing
MIAMI, Nov. 15, 2018 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announced financial results for the quarter ending Sept. 30, 2018, as well as provided an overview of recent operational highlights along with updates on the Company’s strategies.
Progressive Care dispensed 212,000 prescriptions during the nine-month period ending Sept. 30, 2018, an increase over the same period last year of 30%. During Q3 2018, the Company experienced continued growth over last year, showing a 6% increase in total revenue over Q3 2017. Total revenue for the nine-month period ending Sept. 30, 2018, was approximately $15.6 million, the largest nine-month period in the Company’s history and an increase of 4% over 2017. Additionally, Progressive Care’s total assets were $3,221,368 as of Sept. 30, 2018, compared to $2,492,125 as of Sept. 30, 2017 — an increase of 29.26%.
Progressive Care also reported raising over $1.4 million for 340B charitable organizations during Q3 2018, and $4.1 million total for the nine-month period ending Sept. 30, 2018. The Company’s total reported revenue included approximately $188,000 in fees earned on dispensing prescription medications to patients under 340B programs. The Company expanded its revenue growth in this area through the signing of two new 340B contracts that it began fulfilling in Q4 2018.
“We are thrilled to announce that we have seen significant year-over-year growth in Q3 and record-breaking sales during another quarter of significant growth compared to last year,” said S. Parikh Mars, CEO of Progressive Care Inc. “The Company is also generating other significant value, including the diversity of its service offerings and investing in initiatives including advertising, staffing, technology and consulting for our future plans for expansion. Our revenue is up, new technology is being developed and we are working on the deployment of our Tele-PharmCo proprietary patient software through Kiosks placed strategically in hospitals and healthcare facilities. Even though the industry is facing a significant headwind, our topline sales are up 4% and we are investing in the future of the pharmacy industry. Since the beginning of 2018, we’ve seen the biggest nine-month revenue period to date with the most prescriptions filled and the most revenue and sales to date with the acquisition of our second location.”
Progressive Care is preparing for continuous growth by expanding into new market territories, advancing the Company’s compliance and adherence services provided to medical providers, and heightened technological opportunities to drive even more customer satisfaction. Active developments range from market penetration in Palm Beach and Martin Counties through the Palm Beach location; the development of its Tele-PharmCo platform; the development and deployment of its online prescription management solution; and implementation of MTM protocols.
THIRD QUARTER 2018 HIGHLIGHTS
During the third quarter of 2018, Progressive Care Inc. achieved the following milestones and significant events:
Reported record-breaking year-over-year sales and growth numbers
- In Q3 2018, Progressive Care’s wholly owned subsidiary PharmCo, LLC saw an 18.75% increase in prescriptions filled over the same period in 2017, totaling approximately 22,500 prescriptions.
- Progressive Care drew down a tranche against the Chicago Venture note in the amount of $636,304 on Feb. 15, 2018. The issuance of 1,974,297 shares of Progressive Care stock on Aug. 8, 2018, brought the company balance to zero and the total number of shares issued to 15,503,604.
- Progressive Care 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 the addition of new customers due to its focus on higher patient engagement and clinical expertise.
- The company brought in a total of $1.877 million in net revenue, an increase of 10.5% from last year, totaling approximately 23,390 prescriptions.
- The company’s Touchpoint Pharmacy has seen a 15.5% increase in prescriptions filled totaling 23,390.
Received top pharmacy performance scores from leading health and well-being company
- The Company’s wholly owned subsidiary PharmCo, LLC met all three of the performance measures evaluated by Humana Inc., a leading health and well-being company, as part of its Rx Quality Network program. As a result of PharmCo’s performance scores in the first measurement period, the company will receive the maximum payout offered by Humana as part of the program’s rewards.
Continued development of technology-driven healthcare service options
- The Company announced that it has launched an updated website for its wholly owned subsidiary, PharmCo LLC, dedicated to providing their patients with additional knowledge on its growing platform of offered products and suite of services. The newly redesigned website now features more detailed information on the company’s offered services, such as custom compounding, Home health risk management and the Company’s growing tele-pharmacy initiative.
Received international media coverage for its efforts to offer alternative treatments to opioids and technology expertise
- The Company garnered notable international media coverage in top pharmacy industry publication World Pharma Today around the company’s efforts to combat the nationwide opioid epidemic. In a contributed article published in World Pharma Today, Mars explored the history of the opioid crisis and shares her perspective on what more can be done to provide patients with better access to pain management alternatives in lieu of prescription opioid medications.
Additionally, the company received notable coverage in MD+DI, Pharmacy Business, and Medical Design Technology around its healthcare technology services and expertise.
THIRD QUARTER 2018 FINANCIAL RESULTS
Net Revenue: For the nine-month period ending Sept. 30, 2018, Progressive Care showed net sales of $15,682,576 as compared to net sales of $15,034,683 for the nine-month period that ended Sept. 30, 2017 — an increase of 4%.
Balance Sheet: Total assets for the company were $3,221,368 as of Sept. 30, 2018, compared to $2,492,125 as of Sept. 30, 2017 — an increase of 29.26%.
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.
Investor Relations Contact:
Armen Karapetyan, Progressive Care
Senior Advisor Business Development