MIAMI, FL – September 16, 2020 – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to provide current and prospective shareholders with an update on the hiring process for its new CEO and its acquisition of MyApps Corp. (“MyApps”) (myapps.solutions), a leading developer of healthcare software, which includes the emerging telehealth service app, CallingDr™ (callingdr.com).
New CEO Process
The Company is also now in advanced discussions regarding the hiring of a new Chief Executive Officer with the experience and skill set to take Progressive Care to the next level. The Company is focused on installing a CEO able to drive financial strength, cultivate constructive communication with the business and investment community, and reinforce core values, with the ultimate goals of uplisting to a major exchange and taking the Company to over $100 million in sales.
“We expect revenues of more than $40 million in 2020 at this point, given our growth rate and what we have accomplished so far this year,” noted Alan Jay Weisberg, interim CEO and Chairman of the Board at Progressive Care. “Several years ago, when our revenue was $15 million, we saw our path to $40 million in sales and described this to our shareholders. Now, we are running at over $40 million on the top line and see a path to $100 million and beyond as a basic extrapolation of our organic growth curve paired with our strategic agenda, which provides for an open run to serve all 50 states in prescriptions and data management, capitalize on strong deregulatory tailwinds. We are deep in the process of establishing this new leadership, and we have strong reason to believe we will have an exceptional executive team in place, with the experience, skills, and drive to foster that next step, very soon.”
As announced in its release dated September 8, Progressive Care is in the process of acquiring MyApps, a leading commercial-stage app developer that has full control over CallingDr, a complete telehealth platform providing multiple levels of service with a suite of products currently in use in single-physician clinics, multi-physician clinics, emergency room centers, nursing homes, and home health setups across multiple US states. While working towards the completion of the acquisition, Progressive Care will be taking necessary regulatory steps to participate in the prescription drug business in all 50 US states (the Company is currently licensed in 14 US states) on a mail-order basis. In-house Company research suggests that nearly one-third of all prescriptions in the US are filled on a mail-order basis, suggesting that this transition will increase Progressive Care’s total addressable market by over $200 billion (based on Company data along with data from the US Department of Health and Human Services).
According to information from MyApps management, MyApps serviced 3,448 new patients over the six months between March 1 and September 1, 2020, with some having multiple sessions, amounting to over 10,500 remote healthcare sessions in the past six months.
Along with CallingDr™, MyApps also has a portal named FindingDr™, which helps providers connect with new patients. Following the closing of the acquisition, Progressive Care will be able to offer healthcare providers across the country and in its network of business with access to this portal to connect them with new patients.
Weisberg added, “GoodRX, which is comparable to a stock in the pharmacy services space, recently filed for an IPO with a pre-IPO valuation of $2.8 billion on under $390 million in 2019 sales, trading at nearly 7 times trailing sales. The 2019 acquisition of `HeyDoctor` appears to be an important part of its growth plan and future valuation. Pairing pharmacy services with a powerful telehealth platform unlocked the prospect of fresh growth potential relative to the space, especially as federal and state regulations on telemedicine were stripped from the equation after the onset of the COVID-19 pandemic health crisis in March. We believe CallingDr is a superior telemedicine platform. We also believe we have an even more potent mix of assets that present a similar formula for powering shareholder value over the coming decade. Yet, Progressive Care shares trade under 0.5 times 2019 sales. I believe that our valuation has been greatly impacted by recent trading volume, which is not a result of insider selling. With enormous year-over-year growth, a coming $200 billion expansion in total addressable market, and the acquisition and integration of an active cutting-edge telehealth platform with a national customer footprint already established, and with the goal of uplisting to a major exchange, Progressive Care continues to aggressively strive toward leadership as an innovative technology and personalized healthcare company.”
Management also notes that, according to a recent report by Fortune Business Insights, the global telemedicine market is projected to grow from $34.28 billion in 2018 to $185.66 billion by 2026, exhibiting a CAGR of 23.5% over that period. Another report from Global Market Insights notes that nearly half of this overall market size and growth is attributable to activity within the US market alone. According to multiple market research publications, the mail-order prescription market is growing nearly twice as fast as any other segment of the prescription drug market.
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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 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 corporate update and potential telemedicine acquisition. 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.
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