Subject: RXMD Conference Call Highlights: 2018 Was a Huge Success

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RXMD Conference Call Highlights: 2018 Was a Huge Success
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Company: Progressive Care Inc. (OTCQB: RXMD)


Price: 0.069

Change (%): - 0.001 (1.43)

Volume: 443,786
RXMD Chart

Progressive Care Inc. Issues 2018 Annual Report Conference Call Highlights

MIAMI, March 29, 2019 (GLOBE NEWSWIRE) — Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today issued 2018 Annual Report Conference Call highlights.

The Company announced nearly $21 million in net revenues, a 4% increase over 2017. Prescriptions filled increased 35% to 304,000 during 2018. The company also filled over $6 million worth of prescriptions (Not Included in Net Revenues) for 340B entities during 2018, generating fees to the pharmacy of approximately $300,000, which is over a 150% increase over 2017. The Company reported a net loss of $1.6 million, which included nearly $600,000 of stock based compensation, $150,000 depreciation, $300,000 in growth expenses for conversion and integration of PharmCo Rx 1002, $120,000 of retroactive contractual adjustments, $100,000 increases in advertising and other related marketing expenses, and decreased gross margins on prescription services to 22%.

The Company has plans to lessen or eliminate some of these losses caused by industry wide reimbursement contraction and PBM fees through revenue growth across all PharmCo stores, introduction of revenues and earnings from the acquisition in progress, and diversify its revenue stream to cash based products and business-to-business health services. The Company does not anticipate any stock-based compensation to its management or employees in 2019.

“2018 had many challenges, but it was still one of our most successful on many levels,” said S. Parikh Mars, CEO of Progressive Care. “We completed our first acquisition, met all of our Humana performance measures, bought our first building, and had year-over-year prescription and revenue growth. We are building our brand, and becoming an acknowledged leader in the pharmacy space. 2019 is full of opportunity and we are working diligently to take advantage of every single one of them.”

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