Progressive Care Reports July 2020 Performance Data: $3.62M in Gross Sales, and 106% Monthly Growth in 340B Income

MIAMI, FL, Aug. 25, 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 July 2020, which continued to demonstrate a trend of robust growth in sales, prescriptions, and 340B income in both sequential monthly and year-over-year terms.

• Consolidated monthly gross sales across all locations during the month of July totaled $3.62 million, representing monthly sequential growth of 8% compared to June 2020, and 7% year-over-year growth compared to July 2019

• Prescriptions filled during the month of July was 47,573, representing monthly sequential growth of 8% compared to June 2020, and 3% year-over-year growth compared to July 2019

• July set a new all-time Company record for total prescriptions filled

• 340B claim processing from 340B covered entities produced roughly $473K in revenue in July 2020, up 106% on a monthly sequential basis. This includes ClearMetRx third party administrator fees of over $146,000

• Total 340B claim submissions booked in July grew to almost $3 million*

“July was another strong month for Progressive Care, featuring the continued emergence of our 340B strategy and a strong contribution from our ClearMetRx data analytics subsidiary,” commented Alan J. Weisberg, Interim CEO and Chairman of the Board of Progressive Care.

Management notes that the Company continues to see extremely encouraging signs from its 340B strategy, which saw more than a doubling of revenues on a sequential monthly basis in July driven by new client relationships and an increasingly productive integration of the Company’s new ClearMetRx third party administration business.

The Company continues to pursue increasing efficiency in its core pharmacy services business while establishing multiple technology solutions that present more scalable long-term growth potential, including nationwide healthcare data analytics. Looking ahead, management believes Progressive Care will benefit from new client acquisition on a national level in its data analytics strategy as well as new patient and provider market share gains due to its continued leadership in contactless same-day prescription delivery service.

Weisberg added, “With strong cash levels in place, multiple scalable growth strategies underway, and core trends continuing to support strong expectations for the second half of the year, we believe we are poised to capitalize on opportunities for further growth in the months ahead.”

*All claims processed for not-for-profit entities are conducted on an agency basis. 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.

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 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 month of July, 2020 and the Company’s future growth and strategies. 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 for Business Development

Public Relations Contact:

Carlos Rangel