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| RXMD Announces Another Quarter of Significant Revenue Growth |
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 Hot Stock to Watch |
Company: Progressive Care Inc. (OTCQB: RXMD)
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Last:
Price: 0.0782
Change (%): - 0.0017 (2.19)
Volume: 738,944 |
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Progressive Care Inc. Reports Largest Six-Month Revenue Period in Company History in Q2 2018 Financial Filing
MIAMI, Aug. 14, 2018 (GLOBE NEWSWIRE) - Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announced financial results for the quarter ending June 30, 2018, and provided an overview of recent operational highlights along with updates on the Company’s strategies.
Progressive Care dispensed more than 67,000 prescriptions in Q2 2018, a 21.45% increase over Q2 2017, and 133,000 prescriptions for the six-month period ending June 30, a 23% increase over the same period in 2017. Pharmacy revenue for the six-month period ending June 30, 2018, was approximately $10.3 million, the largest six-month period in the Company’s history and an increase of 3.41%. Progressive Care’s total assets were $3,503,769 as of June 30, 2018, compared to $2,447,865 as of June 30, 2017 - an increase of 43.13%. The Company continues to generate positive cash flow from its operations, with positive operational cash flow of approximately $69,000 for the six-month period ending June 30, 2018.
Progressive Care also reported raising over $1.4 million for 340B charitable organizations during Q2 2018, and $2.7 million total for the six-month period ending June 30, 2018. The Company’s total reported revenue included approximately $125,000 in fees earned on dispensing prescription medications to patients under 340B programs managed by two non-profit healthcare organizations in Florida. The Company expects expanded revenue growth through the signing of two new 340B contracts in July 2018. The contracts with Hope and Help Center of Central Florida and Care 4 U Management will begin on Oct. 1, 2018.
“We are proud to announce another quarter of significant growth compared to last year,” said S. Parikh Mars, CEO of Progressive Care Inc. “During this quarter, we completed our acquisition of Touchpoint Rx, continued developing our healthcare technological offering with the introduction of the PharmCo Smart-Pack Pouch Packaging system and the development of our own proprietary tele-pharmacy software called Tele-PharmCo.”
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