MIAMI, Oct. 24, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Progressive Care Inc. RXMD, a personalized healthcare services and technology company, today announced further growth year-over-year in revenue and number of prescriptions filled for September 2019.
September 2019 sales continued to increase with $3.1 Million in gross revenue and over 42,000 prescriptions filled between the 4 locations in Florida. Gross revenue does not include PBM clawbacks for DIR or other fees. Revenues increased by 94% over the same month last year and prescriptions filled increased 73%.
"September's performance was better than expected," said S. Parikh Mars, Chief Executive Officer of Progressive Care Inc. "During the month sales were impacted by the hurricane threat and observed holidays. We are pleased with the resilience of the business and are optimistic about the future outlook."
The Company is devoting further efforts to improve profitability and cash flow. Some of these efforts are already yielding beneficial results such as prioritizing specialized health and administrative services, securing new contracts with better payment terms, and promoting products with higher margins. The Company is also cutting costs in all departments which includes labor, consultants, advertising, and any area where the quality of service will not be sacrificed. The Company's control shareholder has cut his salary and is also committed to cutting his contractual compensation.
"We believe that the work we are doing to reduce costs and increase sales will yield beneficial results in 2020," said S. Parikh Mars, Chief Executive Officer of Progressive Care Inc. "In the coming months, the Company will benefit from a reduced cost of goods, increased sales in more profitable areas, and better contractual relationships. We are securing all licenses and contracts necessary to further expand into long term care, which presents a great opportunity to broaden the client base and improve cash flow. Our ultimate goal is to be cash-flow positive by the end of the first quarter of 2020."
For more information about Progressive Care, please visit the company's website.
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About Progressive Care Inc.
Progressive Care Inc. RXMD, through its subsidiaries, is a South 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
Armen@progressivecareus.com
Public Relations Contact:
Caitlin Franscell, CMW Media
caitlin@cmwmedia.com
Web and Application Development Contact:
Marcello Jaspan, Mass Ventures Corp
Marcello@massventurescorp.com
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