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| RXMD Reaches Another Major Milestone with Early Completion of Second Full Year of Audited Financials |
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 Hot Stock to Watch |
Company: Progressive Care Inc. (OTCQB: RXMD)
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Last:
Price: 0.222
Change (%): - 0.0233 (9.50)
Volume: 7,067,597 |
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Progressive Care Releases Audited 2017 Annual Report
MIAMI, March 22, 2018 (GLOBE NEWSWIRE) - Progressive Care Inc. (OTCQB:RXMD), a healthcare services and technology company, announces 2017 annual results.
The Company announced over 20 million dollars in net revenues, a 10% increase over 2016, and positive earnings of approximately $50,000. This represents the second consecutive year that the company has accomplished net positive earnings in its audited financial statements. Cost of goods sold increased relative to sales due to increases in DIR and other PBM fees implemented in 2017 as compared to 2016. Prescriptions filled increased 5% to over 225,000 during 2017. The company also filled over 2.7 million dollars worth of prescriptions (Not Included in Net Revenues) for 340B entities during 2017, generating fees to the pharmacy of approximately $113,000, which is over a 400 percent increase over 2016.
The annual report showcased the continued development of the Company’s portfolio of healthcare services. Noted within the Management Discussions are the key accomplishments of 2017 which include uplisting to OTCQB, the addition of independent board members, tele-pharmacy platform development, 12 non-resident state licenses and a 5 star pharmacy rating. The performance of the pharmacy has been recognized by Outcomes, the leading MTM platform, and Humana’s Quality Network for reaching performance metrics in key areas.
The Company has declared ambitious plans during the 2018 fiscal year starting with the announcement of a planned acquisition of a pharmacy in Palm Beach County. In addition to year-over-year sales growth and profitability, the Company plans to expand into the development of proprietary products and technologies that will further diversify the Company’s healthcare service model. Though there are many risks disclosed in the annual report that stem from changes in the industry and government regulation to unforeseen market turndowns, the Company has a positive outlook on the coming year.
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