Progressive Care Reports November Performance: Q4 Maintains Record Pace, Net Profitable for Consecutive Months

MIAMI, FL, Dec. 17, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to provide current and prospective shareholders with the Company’s operational performance update for November 2019:

  • Consolidated monthly gross sales across all four pharmacy locations totaled $3.15 million, representing year-over-year growth of 70% compared to November 2018,
  • Prescriptions filled during the month exceeded 43K, representing year-over-year growth of 36% compared to November 2018.

“We continue to see accelerating growth in sales and prescriptions, but we are also very excited to report that all four operating locations have been net profitable for two consecutive months now for the first time this year,” commented S. Parikh Mars, CEO of Progressive Care. “In other words, following aggressive investments in expansion, we have turned the corner, and cash is starting to flow to the bottom line even as we move on a pace this quarter that will likely set new Company records for sales and prescriptions.”

The Company is seeing expanding growth in sales and prescriptions driven, in part, by the seamless integration of the Company’s recent acquisition, Family Physicians Rx (FPRX), which began to directly impact performance data last quarter. However, October and November are the first months of 2019 to feature EBITDA profitability across all four pharmacy locations.

Management notes that this is in line with the Company’s stated strategic emphasis in Q4 to target higher-margin opportunities with the explicit goal of generating positive net cash flows from core operations.

Mars continued, “There is unquestionably core organic growth across the entire business, but we have also made major investments in expanding the scale of our operations this year, with FPRX being the prime example. However, we also set a goal for ourselves in the second half of this year – we made an explicit commitment to our shareholders – to drive results on the bottom line. That has been an execution story over the past two months, and we are proud to report that execution to our shareholders as we get ready to close out the year on a tremendous note.”

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

Web and Application Development Contact:

Marcello Jaspan, Mass Ventures Corp