Positioned for Accelerated Revenue Growth and to Become an SEC Reporting Company in 2022
Miami, FL – March 29, 2022 – Globe Newswire via NewMediaWire – Progressive Care Inc. (OTCQB: RXMD) (the “Company”), a personalized healthcare services and technology provider, today announced financial and operational results for the year ended December 31, 2021.
Key Financial Highlights for Year Ended December 31, 2021
• Revenue at $38.9 million
o COVID-19 testing revenue of approximately $4.3 million
o ClearMetrX TPA and pharmacy dispensing revenue related to 340B earned $2.8 million on total billings of $19 million
• Gross margin increased to 26% in 2021, from 23% in 2020
• EBITDA increased to $167,000 in 2021 from $7,000 in 2020
• Cash balance of $1.4 million as of December 31,2021
Business Highlights for the Year Ended December 31, 2021
• Re-implemented upgraded pharmacy software system
• Expanded COVID-19 business into corporate-focused services and institutional clients
• Strengthened reputation in the 340B sector by adding eight new contracts
• Filed initial S-1 registration statement
• Submitted application for uplisting to Nasdaq
Q4 2021 Reflected a Positive Bounce Back in Business
• Increase of 10% in prescription revenue to $8.9 million in the fourth quarter of 2021, from $8.1 million in the third quarter of 2021
• Increase of 8% in prescriptions filled to 114,000 in the fourth quarter of 2021, from 106,000 in the third quarter of 2021
• Filed Form 10-12G registration statement with the SEC
Alan Jay Weisberg, Chairman and Chief Executive Officer of Progressive Care, commented, “In 2021 our team overcame many obstacles, macro and company-specific, and we exited the year in a much stronger position regarding our business and capital markets strategy. Our team was able to complete complex implementation of the pharmacy system and get back to growing the pharmacy business, successfully achieve significant revenue from COVID-19 services and position itself to become an SEC reporting
Mr. Weisberg, continued, “We believe that our 4th Quarter 2021 performance and activities have provided us with good momentum, and we expect 1st Quarter 2022 performance to reflect that. Again, I find it important to communicate our company’s mission - the healthier we make our patients, the more successful our business will be, and we will not lose sight of that vision, with the goal of enhancing and creating more value for our shareholders. Progressive Care believes that investments in technology and talent will provide the type of value the company and its shareholders deserve.”
Mr. Weisberg concluded, “We expect that our planed uplist to Nasdaq, once completed, will have an immediate and positive impact on growth of the company, enabling us to increase our operational pace by having access to institutional capital and to pursue the businesses we think will help us roll out our services nationwide at a faster pace. Meanwhile, we will do our part by staying on a steady course of growing our business. We strongly believe that optimism around Progressive Care will soon begin to be reflected in the share price of our stock.”
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.
For more information about Progressive Care, please visit the company’s website.
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Progressive Care Inc.
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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. 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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