Progressive Care Delivers Record Sales of Over $13 Million
MIAMI, FL -- November 21, 2016 -- InvestorsHub NewsWire
-- Progressive Care Inc. (OTC PINK: RXMD), through its
subsidiary Pharmco LLC, a South Florida health services
organization and provider of prescription pharmaceuticals
specializing in health practice risk management, compounded
medications, the sale of anti-retroviral medications and related
medication therapy management, and the supply of prescription
medications to long term care facilities, achieves 2015 annual
results through the first nine months of 2016.
The pharmacy filled nearly 160,000 prescriptions during the nine
months ended September 30, 2016, with over 56,000 prescriptions
filled in the third quarter alone. Through September, 2016
prescriptions counts have increased an average of 22%. Sales have
increased as a result of on-going targeted marketing in the South
Florida as well as healthcare organizations independently seeking
the superior quality pharmacy services provided by PharmCo.
PharmCo brought in over $4.8 million in net pharmacy revenues
for the third quarter of 2016. This is a 45% increase over the same
quarter in 2015 as well as a 6% increase over last quarter. In
total, the Company has generated over $13 million in revenues
during the first nine months of the year, nearly surpassing the
revenues generated in the whole of 2015. The compounded medication
division continues to be the primary driver of revenue and gross
margin growth.
The Company reported a small loss of less than $3,000 for the
third quarter due significantly to the interest, amortization, and
derivative liability associated with securing the convertible note
from Chicago Venture Partners. This a 98% decrease over the same
period in 2015 when the Company reported a loss of $160,000. The
Company has maintained operating net income of approximately
$45,000 for the third quarter of 2016 and the Company remains
profitable through the nine months ended September 30, 2016. The
Company has positive EBITDA of approximately $72,000 and $302,000
for the three and nine months ended September 30, 2016
respectively.
The Company continues to be cash flow positive through the third
quarter of 2016 with nearly $670,000 in cash on hand, an increase
of approximately $290,000 from December 31, 2015.
During the third quarter of 2016, the Company received three
additional non-resident licenses: Connecticut, Georgia, and
Illinois. PharmCo has non-resident licenses to conduct business in
10 States including Colorado which became effective November 11,
2016. The Company received the building permits for the warehouse
space. Much of the warehouse build-out is complete and the
ScriptPro automation system is online and fully operational. The
Company also secured relationships with a funding partner, Chicago
Venture Partners, and a broker/dealer, Boustead Securities, to
facilitate the development of Progressive Care both publicly and
operationally.
"During the third quarter we achieved record breaking results,"
stated S. Parikh Mars, CEO. In August, we reached over 20,000
prescriptions filled in a single month, which has been a long held
goal of ours. We continue to exceed even our own expectations, with
strong sales growth, increasing profit margins, and net cash gains.
We are in a strong position to close out the year with the momentum
needed to deliver short and long term profitability.
About Progressive Care
Progressive Care, Inc. (OTC PINK: RXMD), through its subsidiary
PharmCo, LLC, is a South Florida health services organization and
provider of prescription pharmaceuticals specializing in health
practice risk management, compounded medications, the sale of
anti-retroviral medications and related medication therapy
management, and the supply of prescription medications to long term
care facilities.
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 Companys
expectations about its future operating results, performance and
opportunities that involve substantial risks and uncertainties.
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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
Armen Karapetyan
Senior Advisor Business Development
armen@progressivecareus.com