MIAMI – April 23, 2019 – Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services andtechnology company, today announced further growth year-over-year in revenueand number of prescriptions filled for March 2019.
In March, the company reported an18% increase in prescriptions filled when compared to the same month last year,totaling nearly 27,000 prescriptions generating approximately $1.75 million innet revenue exclusive of PBM fees. Prescriptions filled have increased yearover year for the last 18 months as a result of concentrated efforts to promotequality services to new entities including Management Services Organizations(MSOs) and large scale physicians’ practices. Industry wide reimbursementcontraction and additional fees has continued to put pressure on net revenues. TheCompany is moving forward on monetizing core competencies such as B2B servicesin the healthcare industry and personalized medicinal solutions to insulate theoperation from further cost cutting efforts by insurance companies and deliverprofitability.
“Progressive Care’s March sales and prescription numbers are a resultof our dedicated commitment to providing patients with a range of personalizedmedication therapies,” said S. Parikh Mars, Chief Executive Officer ofProgressive Care Inc. “We are confident in our ability to continue to meet ourpatients’ needs by providing quality healthcare management services. We lookforward to continuing to break company records as the year progresses.”
Update on Acquisition
The Company is nearing completion of its acquisition of FamilyPhysicians RX (FPRX) a South Florida pharmacy with locations in Orlando andDavie, FL. The closing is scheduled to take place in the next 6 weeks to alignwith Medicaid advanced notification rules. After the closing, the Company willconsolidate FPRX’s nearly $1.5 million in monthly sales into its financialstatements. The resultant combinedcompany is expected to yield benefits beyond financial results includingexpansion opportunities in the I-4 corridor of Florida, economies of scale, anddevelopment of complimentary relationships and suites of services.
For more information about Progressive Care, pleasevisit the company’s website.
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Progressive Care Inc.
About Progressive CareInc.
Progressive Care Inc. (OTCQB: RXMD), through its PharmCo, LLC, is aSouth Florida health services organization and provider of prescriptionpharmaceuticals, 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 healthpractice risk management.
Cautionary Statement Regarding Forward-Looking Statements
Statements containedherein that are not based upon current or historical fact are forward-lookingin nature and constitute forward-looking statements within the meaning ofSection 27A of the Securities Act of 1933 and Section 21E of the SecuritiesExchange Act of 1934. Such forward-looking statements reflect the Company’sexpectations about its future operating results, performance, and opportunitiesthat involve substantial risks and uncertainties. These statements include butare not limited to statements regarding the intended terms of the offering,closing of the offering and use of any proceeds from the offering. When usedherein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,”“intend” and “expect” and similar expressions, as they relate to ProgressiveCare Inc., its subsidiaries, or its management, are intended to identify suchforward-looking statements. These forward-looking statements are based oninformation currently available to the Company and are subject to a number ofrisks, uncertainties, and other factors that could cause the Company’s actualresults, performance, prospects, and opportunities to differ materially fromthose expressed in, or implied by, these forward-looking statements.
Armen Karapetyan, Progressive Care
Senior Advisor Business Development
Public Relations Contact:
Kathleen Gonzales, CMW Media
Web and ApplicationDevelopment Contact:
Marcello Jaspan, Mass Ventures Corp
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