MIAMI, FL – October 2nd, 2020 – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company today announced operational performance data for August 2020, which was flat to down on a year-over-year basis due to a resurgence of Covid-19 factors driving providers to reduce patient visits. However, the Company is pleased to have made important advances toward future growth and continued to build strong positive cash flows.
• Consolidated monthly gross sales across all locations during the month of August totaled $3.56 million, representing a 6% drop in total revenues compared to August 2019.
• Prescriptions filled during the month of August totaled 45,452, representing a 4% drop in total prescriptions filled compared to August 2019.
• ClearMetrX Third-Party Administration fees grew 2% on a sequential monthly basis to $149,226 in August.
• 340B claim submissions totaled $2.77 million, up 444% compared to August 2019, generating roughly $458K in revenues in August 2020.
Management notes that a resurgence in Covid-19 cases and related measures caused reduced patient visits and more restricted physician office protocols in August, particularly in the Orlando region, driving a drop in new prescription orders, which are often dependent upon recent doctor visits. Refill prescription orders performed well during the month. The Company anticipates a seasonal boost through year-end driven by increased provider relationships related to PharmCoRX physician/patient management systems and resources, which have gained a well-earned reputation among providers seeking to obtain five-star annual ratings with insurers.
“August is always a bit soft due to seasonality effects, but this August was also impacted sharply by a resurgence in Covid-19 effects, especially in our Orlando-area operations, where we saw a number of key providers shift to treating patients on an emergency-only basis, reducing our new prescriptions metrics,” commented Alan Jay Weisberg, interim CEO and Chairman of the Board at Progressive Care. “However, we believe that this suggests a pent-up demand factor that should contribute to results in the future. In addition, we are entering a seasonally strong period for Progressive Care fueled by increasing provider attention through year-end on HEDIS, a widely used set of performance measures in the managed care industry, and optimizing ratings with insurers, which is our bread and butter. And we should begin seeing benefits from opening our new full-size PharmCo location in Orlando, which has major advantages over our current location in terms of developing a much wider network of provider relationships in the area.”
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 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 pent-up demand and an expected boost in sales through year-end and expected benefits from the full service PharmCo location in Orlando. 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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