Progressive Care Surpasses $32M in 2019 Sales After Record-Breaking December, Provides Update on Uplisting Process Print E-mail
Thursday, 16 January 2020 03:00


MIAMI, FL, Jan. 16, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is excited to update current and prospective shareholders with the Company’s operational performance update for the month of December 2019:

  • Consolidated monthly gross sales across all locations totaled $3.1 million, representing year-over-year growth of 82% compared to December 2018,
  • Prescriptions filled during the month came in at roughly 45,000, representing year-over-year growth of 59% compared to December 2018,
  • Third-party billing services for not-for-profit client organizations generated an additional $1 million in total transactions, representing a new Company record,
  • December performance brings 2019 sales to a close at $32.25 million (up 54% year-over-year) on more than 450,000 prescriptions filled (up 50% year-over-year), with Family Physicians Rx (FPRX) contributing from June 1 through December 31, 2019.

In addition, the Company has already begun the audit of 2019 financial data for all consolidated operations. The process associated with uplisting Progressive Care shares onto a major US-listed exchange in 2020 continues to move forward. Audited financials will be submitted on or before March 31. The Company will then move to formally file Form S-1 with the US Securities and Exchange Commission during April before submitting an application for uplisting shares to either the Nasdaq or NYSE.

“We closed out 2019 with another month of tremendous growth and execution,” commented S. Parikh Mars, CEO of Progressive Care. “December featured organic same-store growth in our core footprint in both sales and cash flows as well as additional strength from our seamless integration of recently acquired FPRX, which has begun to move the needle on all fronts. If we back the FPRX impact on an annualized basis into 2019, that gives us a baseline of $38 million in annual sales as a point of reference from which to grow in 2020.”

Third-party billing services for not-for-profit clients hit new record levels for the Company in the month of December, reaching the $1 million level in gross billing for the first time ever. The executive team believes this segment represents a strong value add in terms of growth potential and diversification of revenues and will continue to expand independent of the strong growth the Company is already seeing in its core pharmacy operations.

Looking forward, management points to a focus on continued execution, leading to accelerating sales growth and expanding profitability, the completion of fully-audited financials for the 2019 fiscal year, movement toward another value-add acquisition or strategic partnership, and the build-out of the Company’s primary location at 400 Ansin Blvd. in Hallandale Beach, FL, allowing for the full consolidation of operations in 2020.

Mars continued, “The holidays were good to us, thanks in large part to the generous work of our community organizations, the support of our providers and patients, and an unwavering focus by our staff and management to run as tight a ship as possible.”

For more information about Progressive Care, please visit the company’s website.

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Progressive Care Inc.

PharmCo, LLC

Five Star RX

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 the intended terms of the offering, closing of the offering and use of any proceeds from the offering. 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.

Investor Relations Contact:  Armen Karapetyan, Progressive Care  Senior Advisor Business Development  [email protected]     Public Relations Contact:  Caitlin Franscell, CMW Media  [email protected]     Web and Application Development Contact:  Marcello Jaspan, Mass Ventures Corp  [email protected]  

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