Progressive Care Gains SEC Reporting Status
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Miami, FL – April 12, 2022 – Globe Newswire via NewMediaWire – Progressive Care, Inc. (OTCQB: RXMD) (the “Company”), a personalized healthcare services and technology provider, today announced that, effective April 11, 2022, its Registration Statement on Form 10 filed with the U.S. Securities and Exchange (the “SEC”) to register its shares of common stock under Section 12(g) of the Securities Exchange Act of 1934 (the “Exchange Act”) became automatically effective.
The effective Form 10 obligates the Company to file Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, in addition to complying with all other obligations under the Exchange Act. In addition, management and certain shareholders are subject to the beneficial ownership reporting requirements of Section 13 and 16 of the Exchange Act.
Alan Jay Weisberg, Chairman and Chief Executive Officer of the Company said, “For me, it was always important to have the Company become fully reporting with the SEC. I know how critical it is for individual and institutional investors to have the Company file its financial reports with the SEC as it provides a higher level of confidence in the information reported by the Company and a superior level of transparency. I believe that the Company’s compliance with the Exchange Act will ultimately help drive shareholder value and enable us to access higher quality institutional capital. We remain committed to strong corporate governance and steadfast in pursuit of our journey to Nasdaq.”
To view the Form 10 filling, please click:
Key Financial Highlights for Year Ended December 31, 2021
• Revenue at $38.9 million
- COVID-19 testing revenue of approximately $4.3 million
- ClearMetrX TPA and pharmacy dispensing revenue related to 340B earned $2.8 million on total billings of $19 million
• Gross margin increased to 26% in 2021, from 23% in 2020
• EBITDA increased to $167,000 in 2021 from $7,000 in 2020
• Cash balance of $1.4 million as of December 31, 2021
Business Highlights for the Year Ended December 31, 2021
• Re-implemented upgraded pharmacy software system
• Expanded COVID-19 business into corporate-focused services and institutional clients
• Strengthened reputation in the 340B sector by adding eight new contracts
• Filed initial S-1 registration statement
• Submitted application for uplisting to Nasdaq
Q4 2021 Reflected a Positive Bounce Back in Business
• Increase of 10% in prescription revenue to $8.9 million in the fourth quarter of 2021, from $8.1 million in the third quarter of 2021
• Increase of 8% in prescriptions filled to 114,000 in the fourth quarter of 2021, from 106,000 in the third quarter of 2021
PRODUCTS AND SERVICES
Advances in HIV/AIDS treatment has greatly increased the ability of those suffering from the disease to manage their symptoms and live longer, healthier lives. Effective management of the disease begins with taking the right medications with the right dose at the right times. For those in the HIV/AIDS community, adhering to the very strict dietary and medicinal requirements can be extremely difficult. Normal activities are often interrupted and sometimes prevented by the struggle to be in compliance.
PharmCo wants to ease this burden on those impacted by this life altering disease. We aim to make compliance with prescription regiments as easy as possible. By understanding the sensitive nature of HIV/AIDS and the needs of those afflicted, PharmCo provides the following services to patients with these special needs:
1. Confidential packaging
2. Packaging tailored to suit a patient's individual life style
3. Free delivery from a variety of sources including PharmCo's proprietary delivery fleet
4. A staff that is well trained in acute illnesses, who understands the patient's needs and
5. 24 hour emergency support
6. Timely availability of specialty medications due to our extensive inventory
7. Access to newly developed medications
PharmCo is a fully accredited DME supplier. In November 2010, as part of Medicare's competitive bidding, PharmCo was awarded a three year contract to supply hospital beds, oxygen supplies, power wheelchairs, scooters, walkers, and other related equipment and accessories in South Florida. PharmCo carries an extensive inventory of equipment and accessories with most special requests being honored with same day or next day delivery. The company offers both sales and rentals with size, color, style, and brand options available on the majority of products. Most importantly, the staff is knowledgeable, helpful and dedicated to providing superior customer service.
PharmCo offers home service and maintenance, defective product replacements, and free home installation and instruction.
PharmCo's institutional clients have come to depend on the company's proven accuracy, dispensing methods, and immediate response time. With PharmCo compliance and efficiency assistance, long term care institutions are able to provide the highest level of continued care to their patients. PharmCo provides purchasing, repackaging and dispensing of both prescription and non-prescription pharmaceutical products. PharmCo utilizes a unit-of-dose packaging system as opposed to traditional vials used for its retail customers. This method of distribution improves control and patient compliance with recommended drug therapy by increasing the timeliness and accuracy of medication dispensing. PharmCo also provides computerized maintenance of patient prescription histories, third party billing and consultant pharmacist services. Its consulting services consist primarily of evaluation of monthly patient drug therapy and monitoring the institution’s drug distribution system.
Long term care institutions can count on PharmCo for the following services:
1. On time, same day deliveries available twice a day with 24 hour emergency support
2. Language assistance in English, Spanish, French, Creole, Portuguese, Russian, and Hebrew
3. Unit-dose packaging options tailored the facility's needs
4. Prescription data accuracy
5. Extensive medication and DME inventory
6. Access to OTC medications, nutritional products and personal hygiene items
7. Provision and review of medication carts
8. Monthly pharmacy consultations- drug interactions, redundant therapies, side effects, etc.
9. Compliance updates and consultations
10. Staff Training
11. Exceptional customer service.
Toll Free: 888-919-7411 Phone: 305-919-7399 Fax: 305-919-7424
Monday- Thursday 8:30 AM - 6:30 PM
Friday 8:30 AM - 6:00 PM
Saturday 11:00 AM - 4:00 PM
PharmCo currently services: Miami-Dade, Broward, Palm Beach, Martin, and St. Lucie Counties.
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