RXMD - .0214
Progressive Care Reports First Quarter 2017 Results
MIAMI, May 17, 2017 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTC PINK:RXMD),
through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a
South Florida health services organization and provider of prescription
pharmaceuticals, compounded medications, the sale of anti-retroviral
medications, medication therapy management (MTM), and the supply of prescription
medications to long term care facilities, administration and practice
management, utilization management, quality assurance, EHR Implementation,
billing and coding, health practice risk management, announces first quarter
2017 results.
The Company announced just under $5 million in net revenues, a 23% increase over
the same quarter in 2016, and positive earnings of approximately $160,000 or
approximately 3% of revenues. The quarterly report also showed a modest decrease
in cash flows attributable to an increase in accounts receivable and a decrease
in accounts payable. As of March 31, 2017, the Company had nearly $800,000 in
cash on hand.
The quarterly report showed sustained growth in the Company’s core business with
advances coming from increasing physician referrals due to PharmCo’s “5 star”
pharmacy performance rating. Targeted marketing and community recognition
continue to yield revenues from a diverse range of pharmacy products including
maintenance medications, specialty pharmaceuticals, topical analgesics, and
custom compounds.
During the Earnings Call held on May 15, 2017, Ms. Mars (CEO), discussed several key objectives in 2017:
The Company is taking steps to meet the listing requirements of OTCQB which includes recruiting qualified independent board members in the near term.In regard to the note issued by Chicago Ventures, the Company is taking careful consideration of the impact potential repayment terms may have on existing shareholders. The Company believes it would be preferable to repay the debt in cash upon maturity should circumstances allow.The Company plans to increase its brand awareness and market share in Palm Beach County through targeted outreach and new market support for accountable care organizations.
“It is astounding what this company continues to achieve amid an ever changing
healthcare environment,” stated S. Parikh Mars, CEO. “While we are always
mindful that there is more work to do and expectations to meet, we find that
taking time to reflect on our accomplishments reinvigorates our desire to
succeed. As we come upon the 10th Anniversary of PharmCo’s first sale, we know
that we have come a long way from our “mom and pop” roots. Yet, it is precisely
that spirit that will allow us to lead the next evolution in healthcare.”
About Progressive Care
Progressive Care, Inc. (OTC PINK:RXMD), through its subsidiary PharmCo, LLC, is
a South Florida health services organization and provider of prescription
pharmaceuticals specializing in health practice risk management, compounded
medications, the sale of anti-retroviral medications and related medication
therapy management, and the supply of prescription medications to long term care
facilities.
