Progressive Care Posts Record January Performance, Will Begin Major Exchange Uplisting Process in April
MIAMI, FL, Feb. 21, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – () (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is excited to announce operational performance data for January 2020, which represented a record-breaking monthly performance for Progressive Care:
- Consolidated monthly gross sales across all locations totaled $3.05 million, representing year-over-year growth of 60.5% compared to January 2019,
- Prescriptions filled during the month came in at 43,933, representing year-over-year growth of 42% compared to January 2019,
- Approximately $700k in claim submissions for not-for-profit entities*
- Top performance scores achieved with major PBMs,
- All stores placed in the top 20% in the nation for 2019 resulting in an additional $600k in fees returned to the company,
- Total performance payout is about $800k and will be reflected in 2019 full-year financial results,
- Will file with SEC for fully reporting status and begin the process of uplisting to NYSE or Nasdaq in April.
*All claims processed for not-for-profit entities are conducted on an agency basis. Thus the gross value of the submissions are excluded from gross sales. Transaction fees due to the company as a result of these claims are included in gross sales calculations.
S. Parikh Mars, CEO of Progressive Care, remarked, “In terms of growth and efficiency, January was a strong continuation of the core trends that defined our record-breaking performance in the second half of 2019. We continue to see organic growth at all locations, and our evolution toward widening gross margins through incremental gains in efficiency in all phases continues to drive our results. It was another great month.”
The Company will file fully-audited fiscal 2019 financial results on or before March 31, 2020. The Company will then file a Form S-1 registration statement with the US Securities and Exchange Commission to obtain fully reporting status, and then move to uplist shares onto a major US exchange.
Management continues to value opportunities to present Progressive Care’s larger vision in front of an upcoming move to a major US exchange. To that end, the Company’s CEO, Mars, presented at NobleCon16 - Noble Capital Markets’ Sixteenth Annual Investor Conference, on February 18 in Hollywood, Florida. You can download a copy of the presentation using the following link:
“Our time at the conference was very productive,” continued Mars. “We are extremely optimistic that any obstacles in front of us can be overcome as we strive to bring our big ideas to fruition and complete our evolution from a pharmacy model to a more scalable, technology-driven comprehensive health services model.”
For more information about Progressive Care, please visit the company’s.
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About Progressive Care Inc.
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 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.
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Investor Relations Contact: Armen Karapetyan, Progressive Care Senior Advisor Business Development Public Relations Contact: Caitlin Franscell, CMW Media
