Progressive Care Doubles March Sales, Successfully Utilizing Its Market Leading Contactless RX Delivery Due to Covid-19 Pandemic
MIAMI, FL– April 14, 2020 – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”),a personalized healthcare services and technology company, is pleased toannounce operational performance data for March 2020, which featured breakthrough growth in total sales and a new Company record in total number of prescriptions filled on sharp market share gains:
· Consolidated monthly gross sales across all locations totaled $3.6 million, representing year-over-year growth of 105%compared to March 2019,
· Prescriptions filled during the month came in at 47,467, representing year-over-year growth of 76% compared to March 2019,
· Prescriptions filled hit a new all-time monthly record for the Company in March,
· “Ready, Set, PrEP” Program for HIV prevention launched,
· Seeing continued growth in services targeting non-profit organizations,
· Will file with SEC for fully reporting status.
“Our market-leading contactless delivery experience has positioned Progressive Care to truly thrive in this uniquely challenging context, and that really showed through in March,” commented S.Parikh Mars, CEO of Progressive Care. “Much of this growth is the result of patients and physicians choosing our pharmacies over grocery store and chain pharmacies to better protect themselves from exposure during this time. We have worked steadily to deliver prescriptions securely while adhering to contactless protocols during the pandemic.”
Management notes that March was a record-breaking month driven largely by heavy incentivization at the prescriber level to recommend pharmacy services that minimize the risk of patient infections. Progressive Care has earned a reputation in the physician community for safeguarding the health and well being of patients.
The Company believes that this explosive wave of growth is best understood as a market share phenomenon, which is a dynamic that may continue to define results over the intermediate term. The Company expects continued influxes of new patients over the next 30 days as patients are encouraged to stay at home. Furthermore, it does not expect added attrition of patients once the current crisis conditions wain as patients of the Company have high satisfaction rates.
“We have also launched our Ready, Set, PrEP Program for HIV prevention, and we have worked steadily to add new relationships with not-for-profit clinics,” continued Mars. “We expect to haveseveral of these clinics actively engaged with this service in Q3.”
For more information about Progressive Care, please visit the company’s website.
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About Progressive Care Inc.
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 27 A 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.
Investor Relations Contact:
Armen Karapetyan, Progressive Care
Senior Advisor Business Development
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