RXMD - Progressive Care Announces October Growth in Net Revenues as COVID-19 Testing Ramps Up
MIAMI, FL, Dec. 07, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire – Progressive Care Inc. (OTCQB:RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce performance data for the month of October, which featured a strong jump in operating margins, significant sequential monthly growth in net revenues, and the establishment of sales growth related to rapid results COVID-19 testing.
- Consolidated net sales across all locations during October 2020 totaled $3,3M, representing a 7% sequential monthly growth.
- October margins increased to 27%, helping to drive a 53% sequential monthly jump in cash on hand.
- Prescriptions filled during October grew 1% on a sequential monthly basis.
- 340B pharmacy dispensing fees grew 119% in October on a year-over-year basis.
- The Company booked nearly $100K in revenues related to rapid results COVID-19 testing in October.
Management notes that gross sales saw a minor drop, driven by the Company’s aggressive push to prioritize generic medication alternatives over expensive branded medications, which offer savings to customers as well as wider profit margins for the pharmacy.
October was also a significant month as the Company saw its rapid results virus testing service expand substantially. The Company is focused on building the PharmcoRx brand as a solution for COVID-19 rapid testing by adding two new analyzers for PCR Testing: Abbott ID NOW and Cepheid. The Cepheid analyzer will allow the Company to simultaneously test for four types of infections: COVID-19, Flu A, Flu B and RSV, providing rapid results in 15 minutes.
“October was another strong month characterized by expanding margins and strong execution,” commented Alan Jay Weisberg, CEO and Chairman of Progressive Care. “We have secured a market-leading position in COVID-19 testing in Dade County and we look forward to becoming a major provider of COVID-19 vaccines next year.”
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About Progressive Care Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a 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 expansion in COVID-19 testing and expected distribution of COVID-19 vaccines. 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:
Carlos Rangel
carlosr@pharmcorx.com?