Progressive Care Inc. Reports Strong February Sales and Leads Efforts to Combat Novel Coronavirus Infections
MIAMI, FL, March 16, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE ‒ (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is proud to announce several updates regarding business continuity amid the growing novel Coronavirus outbreak and an over 64% increase in February 2020 sales figures.
- Consolidated monthly gross sales across all locations totaled $2.8 million, representing year-over-year growth of 64.7% compared to February 2019,
- Prescriptions filled during the month came in at approximately 41,000, representing year-over-year growth of 50%
- Approximately $640k in claim submissions for not-for-profit entities*
- The Company plans to file audited 2019 financial statements on time on or before March 30, 2020 with its earnings call slated for March 31, 2020 at 4:30 PM
- The Company still expects to move forward with filing its S-1 registration statement with SEC within 45 to 60 days of filing its audited financial statements for 2019
- The Company expects to operate at full capacity amid growing concerns over the novel Coronavirus
*All claims processed for not-for-profit entities are conducted on an agency basis. Thus, the gross value of the submissions is excluded from gross sales. Transaction fees due to the company as a result of these claims are included in gross sales calculations
Novel Coronavirus
The Company remains vigilant in not only leading Coronavirus response in Florida but also educating and applying best practices among all locations and referring physicians. We have encouraged all patients and physicians to do what is necessary to prevent acute health care episodes resulting from chronic conditions. The Company has recommended all patients secure 90-day supplies of all maintenance medications during this time. The Company has been procuring additional supplies of medications in the event shortages occur in the supply chain due to the pandemic.
Progressive Care’s pharmacies are also uniquely capable of mobilizing its infrastructure to deliver thousands of prescriptions per day in Florida. The Company has issued several PSAs in support of the effort to contain the virus in the community and believes that limiting patient exposure to public spaces is critical to that effort. All locations have increased their sanitation and disinfection efforts while encouraging patients to utilize its free home delivery service. We are in the process of establishing a line of communication with CDC and Florida Department of Health as we prepare our locations to be utilized to coordinate emergency responses.
Florida House Bill 389- Authorization of Florida pharmacists to test and treat certain diseases
The new law signed by Gov. Ron Desantis will enable pharmacists to treat certain diseases while under contract with a physician. The company has been working on its Tele-medicine endeavor for the expressed purpose of enhancing access and quality of care in the community. The new law will further benefit this project.
PrEP Program
The Company’s pharmacies were approved to be included in a program created by Gilead to donate 200,000 bottles of PrEP medication a year for the next 10 years. Beginning April 1st, Progressive Care’s current network of doctors and pharmacists will be able to provide PrEP treatment services to Florida communities. The campaign to lower infection rates in Florida will be supported by outreach efforts to physicians as well as digital assets to encourage patient engagement with services.
“We have always been at the forefront of combating infectious diseases in our communities. We stand ready to do our part to support healthcare officials, physicians, and patients during this time of crisis,” said S. Parikh Mars. “We are taking all necessary precautions to ensure we are able to mobilize at a large scale without interruption.”
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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
