MIAMI, FL– January 16, 2020 – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”),a personalized healthcare services and technology company, is excited to updatecurrent and prospective shareholders with the Company’s operational performanceupdate for the month of December 2019:
· Consolidated monthlygross sales across all locations totaled $3.1 million, representingyear-over-year growth of 82% compared to December 2018,
· Prescriptions filledduring the month came in at roughly 45,000, representing year-over-year growthof 59% compared to December 2018,
· Third-party billingservices for not-for-profit client organizations generated an additional $1million in total transactions, representing a new Company record,
· December performancebrings 2019 sales to a close at $32.25 million (up 54% year-over-year) on morethan 450,000 prescriptions filled (up 50% year-over-year), with FamilyPhysicians Rx (FPRX) contributing from June 1 through December 31, 2019.
In addition, the Company has already begun theaudit of 2019 financial data for all consolidated operations. The processassociated with uplisting Progressive Care shares onto a major US-listedexchange in 2020 continues to move forward. Audited financials will besubmitted on or before March 31. The Company will then move to formally fileForm S-1 with the US Securities and Exchange Commission during April beforesubmitting an application for uplisting shares to either the Nasdaq or NYSE.
“We closed out 2019 with another month oftremendous growth and execution,” commentedS. Parikh Mars, CEO of Progressive Care. “December featured organic same-storegrowth in our core footprint in both sales and cash flows as well as additionalstrength from our seamless integration of recently acquired FPRX, which hasbegun to move the needle on all fronts. If we back the FPRX impact on anannualized basis into 2019, that gives us a baseline of $38 million in annualsales as a point of reference from which to grow in 2020.”
Third-party billing services fornot-for-profit clients hit new record levels for the Company in the month ofDecember, reaching the $1 million level in gross billing for the first timeever. The executive team believes this segment represents a strong value add interms of growth potential and diversification of revenues and will continue toexpand independent of the strong growth the Company is already seeing in itscore pharmacy operations.
Looking forward, management points to a focuson continued execution, leading to accelerating sales growth and expandingprofitability, the completion of fully-audited financials for the 2019 fiscalyear, movement toward another value-add acquisition or strategic partnership,and the build-out of the Company’s primary location at 400 Ansin Blvd. inHallandale Beach, FL, allowing for the full consolidation of operations in2020.
Mars continued, “The holidays were good to us,thanks in large part to the generous work of our community organizations, the supportof our providers and patients, and an unwavering focus by our staff andmanagement to run as tight a ship as possible.”
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AboutProgressive Care Inc.
Progressive Care Inc. (OTCQB: RXMD), throughits subsidiaries, is a Florida health services organization and provider ofprescription pharmaceuticals, compounded medications, provider of tele-pharmacyservices, the sale of anti-retroviral medications, medication therapymanagement (MTM), the supply of prescription medications to long-term carefacilities, and health practice risk management.
Cautionary Statement Regarding Forward-Looking Statements
Statementscontained herein that are not based upon current or historical fact areforward-looking in nature and constitute forward-looking statements within themeaning of Section 27A of the Securities Act of 1933 and Section 21E of theSecurities Exchange Act of 1934. Such forward-looking statements reflect theCompany’s expectations about its future operating results, performance, andopportunities that involve substantial risks and uncertainties. Thesestatements include but are not limited to statements regarding the intendedterms of the offering, closing of the offering and use of any proceeds from theoffering. When used herein, the words “anticipate,” “believe,” “estimate,”“upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, asthey relate to Progressive Care Inc., its subsidiaries, or its management, areintended to identify such forward-looking statements. These forward-lookingstatements are based on information currently available to the Company and aresubject to a number of risks, uncertainties, and other factors that could causethe Company’s actual results, performance, prospects, and opportunities todiffer materially from those expressed in, or implied by, these forward-lookingstatements.
Armen Karapetyan, Progressive Care
Senior Advisor Business Development
Caitlin Franscell, CMW Media
Weband Application Development Contact:
Marcello Jaspan, Mass Ventures Corp
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