MIAMI, FL, May 17, 2022 (GLOBE NEWSWIRE) — via – Progressive Care Inc. (OTCQB: RXMD) (the “Company”), a personalized healthcare services and technology provider, today announced financial and operational results for the three months ended March 31, 2022.
Key Financial Highlights for the Three Months Ended March 31, 2022 compared to the same period in 2021
- Revenue increased by 5%, from $9.6 million in 2021 to $10.1 million in 2022
- Gross margin decreased slightly to 24% in 2022 from 25% in 2021
- Operating loss decreased by 79%, from $0.6 million in 2021 to $0.1 million in 2022
- Adjusted EBITDA increased by 53% from $66,349 in 2021 to $101,646 in 2022
- Strengthened management team with industry experts
- Expanded corporate services with enhanced COVID-19 platform capabilities
- Approved as COVID-19 test vendor in the U.S. for travel to Beijing Winter Olympic Games
- Engaged with Alteryx software implementation partner Aimpoint Digital to streamline healthcare data management workflows.
- Partnered with Podium to boost customer satisfaction, efficiency and brand awareness
- Gained long-term pharmacy contracts with major payors
- Announced expansion plans into the rapidly growing multi-billion dollar Remote Patient Monitoring space
- Gained SEC reporting status on April 11, 2022 through the filing of Form 10-12G Summary Financials for the Three Months
- Ended March 31, 2022, as Compared with the Three Months Ended March 31, 2021