Progressive Care Reports October 2019 Performance: Q4 on Record Pace with Expanding Margins
Miami, FL - ( NewMediaWire ) - November 19, 2019 - Progressive Care Inc. ( OTCQB: RXMD ) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is excited to report another month of exceptional growth and expanding margins. October sales and prescriptions filled set a new record performance pace for Q4 results.
“The annualized pace we set in October equates to new records across the board as we continue to see broad-based top-line expansion on improving margins,” stated S. Parikh Mars, Progressive Care CEO. “Our $3.4 million in overall sales for October is an understatement because it leaves out the cash flows we took in during the month related to third-party billing activity. With all factors included, the number of gross billing would be closer to $4.2 million. And our 46k prescriptions filled puts Q4 on pace to handily surpass our breakout Q3 performance already. Execution continues to be tremendous, and I am very proud of our talented and dedicated team.”
The Company achieved over $3.4 million in overall October sales (not including an additional $800,000 third-party related billing activity), representing 78% annual growth in sales compared to October 2018, and 10% monthly growth in sales on a sequential monthly basis.
The Company is also excited to report over 46,000 in filled prescriptions during the month, representing a 48% annual growth rate, and a 12% sequential monthly growth rate. In addition, the Company continues to see expanding bottom-line results, with gross margins tracking over 24% for October operations.
“Shareholders will also be very happy to know that our performance bonus payment is now in the Company’s hands,” continued Mars. “We just took in an additional $191K in performance awards based on our exceptional performance at each of our core locations from January thru June 2019. It’s no longer a hypothetical idea. In addition, November is already off to a spectacular start, and we look forward to our next 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 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
Public Relations Contact:
Caitlin Franscell, CMW Media
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