Progressive Care Reports Record $32M Revenues, 70% Jump in Gross Profits, Leadership in Contactless Prescription Delivery Accelerating Momentum
MIAMI, FL, March 31, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is very excited to announce the release of the Company’s audited Annual Report for 2019. The Company posted record-breaking data, which was defined by sequential quarterly improvement throughout the year in all major financial performance metrics, including EBITDA profitability in Q4 2019. In addition, the Company is pleased to report that this momentum has continued to define results so far in 2020, as the Company sees market share gains based on its established leadership position in-home delivery and disease prevention protocols which have become a critical competitive advantage due to concerns over the spread of Coronavirus Disease 2019 (“COVID-19”).
S. Parikh Mars, CEO of Progressive Care, commented, “2019 was an extraordinary year for Progressive Care. We confronted difficult challenges and put together the most impressive stretch of performance in our history in response. Each quarter – each month – was better than the last and now defines a fresh context for 2020.”
Key 2019 Annual Report Highlights
- Consolidated monthly gross sales across all locations for 2019 totaled $32.6 million, representing year-over-year growth of 58% compared to the twelve months ended 12/31/2018,
- Total Gross Profit across all locations for 2019 totaled $7.97 million, representing year-over-year growth of 70% compared to the twelve months ended 12/31/2018,
- EBITDA for Q4 2019 turned positive, at $300,904,
- 2019 was characterized by four consecutive quarters of declining overall net losses.
Management believes that Progressive Care is now leveraging a strong competitive advantage in its core pharmacy segment due to the COVID-19 crisis. The prescription drug prescriber community has quantifiable financial incentives driven and defined by the risk of patient infection rates. This is even more acute in the geographic area defining the Company’s primary operational footprint (Florida), where demographic variables confer a greater risk in COVID-19 patient outcomes due to age-related factors.
Progressive Care was the first mover in the space in terms of home delivery and disease prevention and management. Competitors in the space are behind the curve. The Company believes risk-based financial incentives at the clinic and prescriber level are actively translating into market share growth that should show up in Q1 and Q2 2020 financial data.
Mars continued, “It is paramount that our shareholders know we are uniquely well-positioned to thrive in the current tragic COVID-19 environment. We have been doing home delivery for 13 years and used our expertise in infectious disease to become one of the first to implement contactless protocols for the safety of our patients and staff. Our competitors are trying to cobble something together on the fly. At our pharmacies, free same-day and next day delivery are standard, remote health monitoring is standard, adherence coaching is standard, safe delivery is standard. We lead the way in best practices as more and more pharmacies look to adopt some form of our model in the short run. This is our bread and butter, and we already see very clear evidence of market share gains based on liability consideration in the prescriber channel as a result.”
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 subsidiaries, is a Florida technology and health services organization that provides 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
Public Relations Contact:
Carlos Rangel
