Progressive Care Announces May 2020 Performance Data: 62% Y/Y Sales Growth on Robust Execution and Expanding Market Share
Miami, Florida--(Newsfile Corp. - June 23, 2020) - Progressive Care Inc. (OTCQB: RXMD) ("Progressive Care" or the "Company"), a personalized healthcare services and technology company, is pleased to announce operational performance data for May 2020, including strong year-over-year growth in the face of continued intense downward pressure from tightening provider prescription demand, with strong execution, patient growth, and expanding Federally Qualified Health Centers (FQHCs) dispensing fees driving robust systemwide performance.
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- Consolidated monthly gross sales across all locations totaled $3 million, representing year-over-year growth of 67% compared to May 2019
- Prescriptions filled during the month came in at 40,062, representing year-over-year growth of 41% compared to May 2019
- 340B claim processing from FQHCs increased to $1.1 million, generating roughly $127K in agency fees.
- Three new FQHCs will come online in July 2020 under dispensing and data analytics contracts
- Consolidation into 400 Ansin location now underway, set to drive savings exceeding $300K in early 2021
"Once again, we are proud to turn in another very strong month of growth, with sales increasing approximately 67% y/y despite very clear exogenous obstacles," stated S. Parikh Mars, CEO of Progressive Care. "According to our analysis, one might have reasonably expected a decline of 40% as an extrapolation in end-demand factors impacting performance a year ago. This performance data is a testament to our diversification and evolution as a company - something that will continue to define Progressive Care going forward."
The COVID-19 pandemic has caused significant service suppression amongst patients and providers for maintenance medical care. This has resulted in fewer new prescriptions being generated by health practitioners as less patients are being seen. While the company had expected scaled-back operations, our expertise in contactless home delivery and safe health practices, resulted in an influx of new patients from new prescribers and new FQHCs, which has buoyed the financial performance of the pharmacies.
In May, the Company saw strong growth in dispensing and data management fees from FQHCs, with nearly $1.1 million in processed claims, driving nearly $127K in related fee-based revenues. This factor is rapidly expanding, and management believes it will continue to represent a growing piece of the equation with powerful implications for top and bottom-line performance going forward.
The Company also notes that it began transitioning toward consolidating its North Miami Beach and Davie locations into a single large-scale pharmacy operation at its new 400 Ansin location in May, which will allow for an expansion of the pharmacy services offered, while driving growth and efficiency. As noted in the Company's release dated June 1, the consolidation is expected to drive cost savings of more than $300K, to be realized in Q1 2021 financial data.
Recently, CEO Ms. Mars sat down with Stuart Smith from Small Cap Voice. The company is in the process of filing an S-1 registration statement and had its CEO Ms. Mars offer an interview to SmallCap Voice with an update.
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 healthcare technology 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.
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