MIAMI, FL – November 4, 2020 – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce preliminary topline performance data for the three- and nine month periods ended September 30, 2020, reflecting strong overall growth in sales and prescriptions, breakout expansion in the Company’s 340B segment, and anticipated progress towards the launch of telemedicine services before year-end.
• Consolidated gross sales across all locations during the nine months ended September 30, 2020 , totaled $30.2 million, representing a 31% increase in total revenues compared to the nine months ended September 30, 2019.
• Consolidated gross sales across all locations during the three months ended September 30, 2020, totaled $10.72 million, representing a 2% increase in total revenues compared to the three months ended September 30, 2019.
• Fees for 340B services during the month of September 2020 jumped to $390k, an increase of 520% on a year-over-year basis.
• Monthly gross sales across all locations for the month of September 2020 increased 8% on a year-over-year basis
• Prescriptions filled during the month of September 2020 were 45,162, representing a 6% jump in total prescriptions on a year-over-year basis
“In very basic terms, so far this year, we have nearly equaled our total gross sales from all of last year, and we still have a quarter to go,” commented Alan Jay Weisberg, CEO and Chairman of Progressive Care. “That’s certainly a welcome accomplishment, as we are continuing to pick up steam in our telemedicine and health data management initiatives with a nationwide target reach.”
The Company anticipates a full live launch of its enhanced telemedicine platform later this quarter, with the initial launch focused on the Florida market, and a wider nationwide launch to follow shortly thereafter.
“While this represents an extremely challenging time for our country, Progressive Care remains grateful to be making a positive contribution to the communities we serve,” added Mr. Weisberg. “We have established a leadership brand in delivering a rapid COVID-19 testing solution, providing testing results to over 1000 people just in the last 30 days. We are committed to expanding testing capabilities to all our locations as soon as the Company receives more analyzers and we are preparing our team for participation in distribution and administration of COVID-19 vaccines, once approved by FDA.”
For more information about Progressive Care, please visit the company’s website. Connect and stay in touch with us on social media:
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About Progressive Care Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a Florida health services organization and provider of prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long-term care facilities, and health practice risk management.
Cautionary Statement Regarding Forward-Looking Statements Statements 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 Company’s performance data for the three and nine month ended September 30th, 2020, as well as the projected launch of the Company’s telemedicine platform during the 4th quarter of 2020. 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.
Public Relations Contact: Carlos Rangel carlosr@pharmcorx.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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