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| RXMD Announces a Massive March Revenue Result and Year to Year Consistent Growth |
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 Hot Stock to Watch |
Company: Progressive Care Inc. (OTCQB: RXMD)
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Last:
Price: 0.06
Change (%): + 0.002 (3.33)
Volume: 60,303 |
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Progressive Care Inc. Announces March Sales and Issues Acquisition Update
MIAMI, April 23, 2019 (GLOBE NEWSWIRE) — Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announced further growth year-over-year in revenue and number of prescriptions filled for March 2019.
In March, the company reported an 18% increase in prescriptions filled when compared to the same month last year, totaling nearly 27,000 prescriptions generating approximately $1.75 million in net revenue exclusive of PBM fees. Prescriptions filled have increased year over year for the last 18 months as a result of concentrated efforts to promote quality services to new entities including Management Services Organizations (MSOs) and large scale physicians’ practices. Industry wide reimbursement contraction and additional fees has continued to put pressure on net revenues. The Company is moving forward on monetizing core competencies such as B2B services in the healthcare industry and personalized medicinal solutions to insulate the operation from further cost cutting efforts by insurance companies and delivering profitability.
“Progressive Care’s March sales and prescription numbers are a result of our dedicated commitment to providing patients with a range of personalized medication therapies,” said S. Parikh Mars, Chief Executive Officer of Progressive Care Inc. “We are confident in our ability to continue to meet our patients’ needs by providing quality healthcare management services. We look forward to continuing to break company records as the year progresses.”
Update on Acquisition
The Company is nearing completion of its acquisition of Family Physicians RX (FPRX) a South Florida pharmacy with locations in Orlando and Davie, FL. The closing is scheduled to take place in the next 6 weeks to align with Medicaid advanced notification rules. After the closing, the Company will consolidate FPRX’s nearly $1.5 million in monthly sales into its financial statements. The resultant combined company is expected to yield benefits beyond financial results including expansion opportunities in the I-4 corridor of Florida, economies of scale, and development of complimentary relationships and suites of services.
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