Progressive Care Announces Nine Month Sales of $30.2 Million, Increase of 31% and Updates September Performance
MIAMI, FL, Nov. 05, 2020 (GLOBE NEWSWIRE) -- via – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce preliminary topline performance data for the three- and nine-month periods ended September 30, 2020, reflecting strong overall growth in sales and prescriptions, breakout expansion in the Company’s 340B segment, and anticipated progress towards the launch of telemedicine services before year-end.
- Consolidated gross sales across all locations during the nine months ended September 30, 2020, totaled $30.2 million, representing a 31% increase in total revenues compared to the nine months ended September 30, 2019.
- Consolidated gross sales across all locations during the three months ended September 30, 2020, totaled $10.72 million, representing a 2% increase in total revenues compared to the three months ended September 30, 2019.
- Fees for 340B services during the month of September 2020 jumped to $390k, an increase of 520% on a year-over-year basis.
- Monthly gross sales across all locations for the month of September 2020 increased 8% on a year-over-year basis
- Prescriptions filled during the month of September 2020 were 45,162, representing a 6% jump in total prescriptions on a year-over-year basis
“In very basic terms, so far this year, we have nearly equaled our total gross sales from all of last year, and we still have a quarter to go,” commented Alan Jay Weisberg, CEO and Chairman of Progressive Care. “That’s certainly a welcome accomplishment, as we are continuing to pick up steam in our telemedicine and health data management initiatives with a nationwide target reach.”
The Company anticipates a full live launch of its enhanced telemedicine platform later this quarter, with the initial launch focused on the Florida market, and a wider nationwide launch to follow shortly thereafter.
“While this represents an extremely challenging time for our country, Progressive Care remains grateful to be making a positive contribution to the communities we serve,” added Mr. Weisberg. “We have established a leadership brand in delivering a rapid COVID-19 testing solution, providing testing results to over 1000 people just in the last 30 days. We are committed to expanding testing capabilities to all our locations as soon as the Company receives more analyzers and we are preparing our team for participation in distribution and administration of COVID-19 vaccines, once approved by FDA.”
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Progressive Care Inc.
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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 the Company’s performance data for the three and nine-month ended September 30th, 2020, as well as the projected launch of the Company’s telemedicine platform during the 4th quarter of 2020. 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
