Progressive Care
Inc. Announces 2022 Annual Financial Results; $40.6 Million Total
Revenue
Miami, FL --
April 4,2023 -- InvestorsHub NewsWire -- Progressive Care Inc.
(OTCQB:
RXMD) ("Progressive Care" or the "Company"), a personalized
healthcare services and technology provider, today announced
financial results for the year ended December 31, 2022. Total
revenue increased to $40.6 million, a 5% growth from the prior
year. 2022 Annual Financial Highlights (at or for the year ended
December 31, 2022, as compared to at or for the year ended December
31, 2021):
Total
pharmacy revenue increased by $1.7 million, or 5%, to $40.6
million, compared to $38.9 million in 2021.
Prescription
revenue increased by $2.5 million, or 7%, to $36.3 million in 2022,
compared to $33.8 million in 2021, primarily reflecting a 5%
year-over-year increase in the number of prescriptions filled for
the year.
340B contract
revenue was $3.8 million in 2022, an increase of $1.0 million,
compared to $2.8 million in 2021. The increase was primarily
attributable to an increase in our existing 340B contracts of
approximately $0.4 million and an increase in new 340B contract
revenue of approximately $1.0 million, partially offset by a
decrease in reimbursement rates of approximately $0.4
million.
Gross profit
margin was approximately 24% in 2022, compared to approximately 26%
in 2021. The decrease in gross profit margin was primarily
attributable to the decrease in COVID-19 testing revenue during
2022.
The Company
completed a capital raise with NextPlat Corp, which resulted in
approximately $5.4 million net proceeds and provided for the
restructuring of the Company's convertible debt, reducing the
interest rate from 10% to 5%.
Net cash
provided by operating activities totaled $0.7 million reflecting
the overall change in working capital for 2022.
Cash balance
at December 31, 2022 was $6.7 million.
Organizational
Highlights and Recent Business Developments
-
The Company appointed
Charles M. Fernandez as Chairman of the Board of Directors and
Chief Executive Officer and expanded the Board of Directors by
appointing Rodney Barreto as Vice-Chairman.
-
ClearMetrX, a wholly
owned subsidiary of the Company, launched its 340MetrX platform to
provide 340B covered entities with data insights to effectively
operate and maximize the benefits of the 340B program.
-
Secured long-term care
contracts with all major payors.
-
Forged a technology
partnership with MedAvail to offer remote prescription medication
dispensing.
For
the Years Ended December 31,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
$
Change
|
|
%
Change
|
Total revenues,
net
|
|
$
|
40,601,859
|
|
|
$
|
38,852,580
|
|
|
$
|
1,749,279
|
|
|
5
|
%
|
Total cost of
revenue
|
|
|
30,898,783
|
|
|
|
28,678,742
|
|
|
|
2,220,041
|
|
|
8
|
%
|
Total gross
profit
|
|
|
9,703,076
|
|
|
|
10,173,838
|
|
|
|
(470,762
|
)
|
|
-5
|
%
|
Operating
expenses
|
|
|
12,281,874
|
|
|
|
11,418,668
|
|
|
|
863,206
|
|
|
8
|
%
|
Loss from
operations
|
|
|
(2,578,798
|
)
|
|
|
(1,244,830
|
)
|
|
|
(1,333,968
|
)
|
|
107
|
%
|
Other (loss)
income
|
|
|
(3,324,234
|
)
|
|
|
1,462,823
|
|
|
|
(4,787,057
|
)
|
|
-327
|
%
|
(Loss) income before
income taxes
|
|
|
(5,903,032
|
)
|
|
|
217,993
|
|
|
|
(6,121,025
|
)
|
|
-2808
|
%
|
Income taxes
|
|
|
(866
|
)
|
|
|
—
|
|
|
|
(866
|
)
|
|
-100
|
%
|
Net (loss)
income
|
|
|
(5,903,898
|
)
|
|
|
217,993
|
|
|
|
(6,121,891
|
)
|
|
-2808
|
%
|
Series A Preferred
Stock dividend associated with induced conversion
|
|
|
(541,278
|
)
|
|
|
—
|
|
|
|
(541,278
|
)
|
|
-100
|
%
|
Net (loss) income
attributable to common shareholders
|
|
$
|
(6,445,176
|
)
|
|
$
|
217,993
|
|
|
$
|
(6,663,169
|
)
|
|
-3057
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
Results for the Year Ended December 31, 2022
For the years
ended December 31, 2022 and 2021, we recognized overall revenue
from operations of approximately $40.6 million and $38.9 million,
respectively. Net pharmacy revenues increased by approximately $1.7
million during the year ended December 31, 2022 when compared to
the same period in 2021. The increase in revenue was primarily
attributable to an increase in pharmacy revenue of approximately
$2.4 million, an increase in 340B contract revenue of approximately
$1.0 million, and a decrease in PBM fees of approximately $0.7
million, which was offset by a decrease in COVID-19 testing revenue
of approximately $2.4 million, when compared to the prior year
period.
We have
filled approximately 463,000 and 443,000 prescriptions during the
years ended December 31, 2022 and 2021, respectively, a 5%
year-over-year increase in the number of prescriptions
filled.
Gross profit
margins decreased from 26% for the year ended December 31, 2021, to
24% for the year ended December 31, 2022. The decrease in gross
profit margins was primarily attributable to the decrease in
COVID-19 testing revenue during 2022.
The loss from
operations increased by approximately $1.3 million for the year
ended December 31, 2022, when compared to 2021, as a result of
increased non-cash stock-based compensation.
Net
(Loss) Income
Our net loss
was negatively impacted by non-recurring and non-cash items. For
the year ended December 31, 2022 we had a net loss of $5.9 million
compared to net income of $0.2 million for 2021. The increase in
net loss is primarily attributable to non-operating items such as
grant revenue and interest expense, offset by other financing
costs, noncash stock-based compensation, abandoned offering costs,
loss from the adverse change in the fair value of derivative
liability, and day one losses on issuance of stock units and debt
modification.
Annual
Report on Form 10-K Available
The Company's
Annual Report on Form 10-K, available at
www.sec.gov and on the Company's
website, contains a thorough review of its financial results for
the year ended December 31, 2022.
About
Progressive Care
Progressive
Care Inc. (OTCQB:
RXMD), through its subsidiaries, is a Florida health services
organization and provider of Third-Party Administration (TPA), data
management, COVID-19 related diagnostics and vaccinations, 340B
contracted pharmacy services, prescription pharmaceuticals,
compounded medications, provider of telepharmacy 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.
Forward-Looking
Statements
Forward-Looking
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.
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
discussed in our Annual Report on Form 10-K for the year ended
December 31, 2022 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
Progressive Care (QB) (USOTC:RXMD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Progressive Care (QB) (USOTC:RXMD)
Historical Stock Chart
From Jul 2023 to Jul 2024