Progressive Care Announces October Growth in Net Revenues as COVID-19 Testing Ramps Up
December 07 2020 - 6:15AM
InvestorsHub NewsWire
MIAMI, FL -- December 7, 2020 -- InvestorsHub NewsWire --
Progressive Care Inc. (OTCQB:RXMD)
(“Progressive Care” or the “Company”), a personalized healthcare
services and technology company, is pleased to announce performance
data for the month of October, which featured a strong jump in
operating margins, significant sequential monthly growth in net
revenues, and the establishment of sales growth related to rapid
results COVID-19 testing.
- Consolidated net sales across all locations during October 2020
totaled $3,3M, representing a 7% sequential monthly
growth.
- October margins increased to 27%, helping to drive a 53%
sequential monthly jump in cash on hand.
- Prescriptions filled during October grew 1% on a sequential
monthly basis.
- 340B pharmacy dispensing fees grew 119% in October on a
year-over-year basis.
- The Company booked nearly $100K in revenues related to rapid
results COVID-19 testing in October.
Management notes that gross sales saw a minor drop, driven by
the Company’s aggressive push to prioritize generic medication
alternatives over expensive branded medications, which offer
savings to customers as well as wider profit margins for the
pharmacy.
October was also a significant month as the Company saw its
rapid results virus testing service expand substantially. The
Company is focused on building the PharmcoRx brand as a solution
for COVID-19 rapid testing by adding two new analyzers for PCR
Testing: Abbott ID NOW and Cepheid. The Cepheid analyzer will allow
the Company to simultaneously test for four types of infections:
COVID-19, Flu A, Flu B and RSV, providing rapid results in 15
minutes.
“October was another strong month characterized by expanding
margins and strong execution,” commented Alan Jay Weisberg, CEO and
Chairman of Progressive Care. “We have secured a market-leading
position in COVID-19 testing in Dade County and we look forward to
becoming a major provider of COVID-19 vaccines next year.”
For more information about Progressive Care, please visit the
company’s website.
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About Progressive Care 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 expansion in COVID-19 testing and expected distribution
of COVID-19 vaccines. 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.
Public Relations Contact:
Carlos Rangel
carlosr@pharmcorx.com
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