Progressive Care Reports June 2020 Performance Data: Preliminary Q2 Sales Up 33% to $9.32M

MIAMI, FL, July 27, 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 operational performance data for June 2020, along with preliminary fiscal Q2 performance data, both of which demonstrate a continued robust trend of growth in sales, prescriptions, 340B income, and COVID- 19 testing service revenues.

• Consolidated monthly gross sales across all locations during the month of June totaled $3.35 million, representing monthly sequential growth of 12% compared to May 2020
• Consolidated preliminary sales for the three months ended June 30, 2020, totaled $9.32 million, representing quarterly year-over-year growth of 33.2%
• Prescriptions filled during the month of June came in at 44,251, representing monthly sequential growth of 11% compared to May 2020
• 340B claim processing from FQHCs produced roughly $229K in net income, up over 80% on a monthly sequential basis
• Expanded COVID-19 testing service to additional counties with strong demand, additional expansion underway

PharmcoRx locations performing COVID-19 tests:

“We had a tremendous quarter with another great month, and calendar Q3 is off to a busy start on all fronts, particularly as we continue to step to the frontline in COVID-19 testing services,” remarked S. Parikh Mars, CEO of Progressive Care. “Preliminary numbers on Q2 look strong with growth on a consolidated y/y basis topping 33%. That is particularly gratifying given the extraordinary nature of the context that will forever define those three months. That said, for Floridians, the struggle is still very much ongoing, and we will continue to be there in the trenches with our valued patients, clients, customers, and provider partners.”

Management notes that the Company has been aggressively expanding its antibody testing operations. As noted in its release dated July 14, Progressive Care expanded its antibody testing regional footprint to include Palm Beach County. The Company plans to further expand this territory in the near future as well.

This service has been met with extremely strong demand at its Dade County location, depleting testing kit inventories through on-site administrations. In response to both this surge in demand and the expansion in regional coverage, the Company has implemented processes to ensure supply of antibody testing kits for sale and administration across all four counties.

“We have now established leadership in contactless delivery of pharmacy services and access to rapid results antibody testing in Dade, Broward, and Palm Beach counties,” added Mars. “We are grateful for the opportunity to extend the scope of that commitment wherever we can.”

For more information about Progressive Care, please visit the company’s website.

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