Progressive Care Continues to Break Records with Over $20 Million in SalesMIAMI, January 10, 2018 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTCQB:RXMD), through its subsidiary PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management, announces over $20 million in net revenues on approximately 225,000 prescriptions filled in 2017. PharmCo, LLC filled over 19,500 prescriptions during the month of December, generating approximately $1.6 million in net revenues. Prescriptions filled increased by approximately 8% over the same month last year. The company also filled over $360,000 (not included in net revenues) worth of prescriptions for 340B entities in December, generating fees to the pharmacy of over $15,000. The company has been successful in breaking records in 2017. The company announced over $20 million in net revenues, an 11% increase over 2016. The company is expecting to achieve increased growth through 2018 as well as continued reporting of strong operational and financial performance. These all-time high sales figures indicate a positive outlook for the company into the coming year.During the Earnings Call held on November 14, 2017, S. Parikh Mars (CEO), discussed avenues of expansion and advancement for the company during the coming year. In addition to record breaking sales, the company has been successful in its efforts to upgrade its OTCMarkets listing tier to OTCQB. The sales reported are recognized from diversified revenue streams and ongoing development of the Company’s portfolio of healthcare services. Innovation is also a factor as the company launched numerous new and exciting programs in 2017, such as its tele-pharmacy platform. “2017 was a year of accomplishment and we are proud of all that this company has achieved,” stated S. Parikh Mars, CEO. "Reaching $20 million in sales was a challenge this year given the ever changing climate in the healthcare industry. However, we have elevated our level of service and secured our footing for continued growth and expansion in 2018. We now embark on a new set of ambitious goals for the year. Our hard work and dedication will continue to drive us as we prepare for many possible and exciting outcomes.” About Progressive CareProgressive Care Inc. (OTCQB: RXMD), through its subsidiary PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management.Cautionary Statement Regarding Forward Looking StatementsStatements 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. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. 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 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.ContactArmen KarapetyanSenior Advisor Business Developmentarmen@progressivecareus.com
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Forward-looking Statements – This website contains forward-looking statements about our business. These forward-looking statements do not relate strictly to historical or current facts. Forward-looking statements involve risks and uncertainties and include statements regarding, among other things, our projected revenue growth and profitability, our growth strategies and opportunity, anticipated trends in our market and our anticipated needs for working capital. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “anticipate,” “estimate,” “plans,” “potential,” “projects,” “continuing,” “ongoing,” “expects,” “management believes,” “we believe,” “we intend” or the negative of these words or other variations on these words or comparable terminology. You should not put undue reliance on these forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those reflected in such statements including: risks associated with current and potential future healthcare reforms; risks relating to technology failures or breaches; aspects of our business which are outside, risks relating to management and key personnel changes including attracting and retaining key personnel; failure to comply with legal and regulatory requirements; risks relating to access to capital and credit markets; risks related to indebtedness; exposure to claims and liabilities; changes in industry pricing benchmarks; and other risks and uncertainties that are described in the Risk Factors section of our recently filed Form 10-12G, including the presentation of financial statements and notes thereto, and other reports we have filed with the U.S. Securities and Exchange Commission. These reports are available at www.sec.gov or by calling our Investor Relations department at (888) 919-7411 ext. 221. Forward-looking statements speak only as of the date they are posted to this website, unless an earlier date is indicated, and we do not undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP FinancialMeasures–This presentationincludes certain “non-GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934. Schedules are attached that reconcile the non-GAAP financial measures included in this presentation to the most directly comparable financial measures calculatedand presentedin accordancewith Generally Accepted Accounting Principles in the United States. You should carefully read Progressive Care’s periodic and currentfilings on the OTCQB website for definitions and further explanation and disclosure regarding our use of non-GAAP financial measures and such filings should be read in conjunction with this presentation.
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