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$RXMD - PROFITS!!!! Progressive Care Reports Full Year 2021 Financial Results Highlighted by $38.9 Million in Revenue
BY GlobeNewswire
— 11:16 AM ET 03/29/2022
Positioned for Accelerated Revenue Growth and to Become an SEC Reporting Company in 2022
See on website
Miami, FL, March 29, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Progressive Care Inc. (the “Company”), a personalized healthcare services and technology provider, today announced financial and operational results for the year ended December 31, 2021.
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
Subsequent Events
• Filed Form 10-12G registration statement with the SEC
Management Commentary
Alan Jay Weisberg, Chairman and Chief Executive Officer of Progressive Care ( RXMD
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), commented, “In 2021 our team overcame many obstacles, macro and company-specific, and we exited the year in a much stronger position regarding our business and capital markets strategy. Our team was able to complete complex implementation of the pharmacy system and get back to growing the pharmacy business, successfully achieve significant revenue from COVID-19 services and position itself to become an SEC reporting company.”
Mr. Weisberg, continued, “We believe that our 4th Quarter 2021 performance and activities have provided us with good momentum, and we expect 1st Quarter 2022 performance to reflect that. Again, I find it important to communicate our company’s mission - the healthier we make our patients, the more successful our business will be, and we will not lose sight of that vision, with the goal of enhancing and creating more value for our shareholders. Progressive Care ( RXMD
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) believes that investments in technology and talent will provide the type of value the company and its shareholders deserve.”
Mr. Weisberg concluded, “We expect that our planned uplist to Nasdaq, once completed, will have an immediate and positive impact on growth of the company, enabling us to increase our operational pace by having access to institutional capital and to pursue the businesses we think will help us roll out our services nationwide at a faster pace. Meanwhile, we will do our part by staying on a steady course of growing our business. We strongly believe that optimism around Progressive Care ( RXMD
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) will soon begin to be reflected in the share price of our stock.”
Progressive Care Inc. ( RXMD
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)
Progressive Care Inc. ( RXMD
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) , 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.
For more information about Progressive Care ( RXMD
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), please visit the company’s website.
Connect and stay in touch with us on social media:
Progressive Care Inc. ( RXMD
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)
https://www.progressivecareus.com/
https://twitter.com/ProgressCareUS
PharmCoRx
https://www.pharmcorx.com/
https://twitter.com/PharmCoRx
ClearMetrX
https://www.clearmetrx.com/
https://www.facebook.com/clearmetrx/
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. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Progressive Care Inc. ( RXMD
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), 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.
Public Relations Contact:
Carlos Rangel
carlosr@pharmcorx.com
Investor Relations Contact:
ClearThink Capital
This PPS is ridiculously undervalued......................
We finally turned a profit and have almost $40 million in revenues. There should be no reason to doubt this company now. Long have been waiting for profits...we should easily be $.10 in the next few weeks or higher with a profitable Q1 also.
March monthly report will be out in a few weeks along with the 1Q report. Looks like profits will keep rolling in!
RD kicking A$$ in Florida! Great for businesses there!
Profits were a good thing...this should have been over 5....still holding strong.
Thanks for posting!
I would agree
Turbo - I believe we will see profits, I'm not sure what the gas of price is in FL so that could eat into some delivery costs. Hopefully this record inflation isn't effecting them....
Overall I see a positive call today.
I would have liked to have seen it pre-bell this morning, but I have nothing but time. Been here long so can wait a few more hours/days/months.....
"RXMD Fair Market Value now = 44 cents/share (up to 91 cents per share*)"
Easy........
Yup! Great Looking Chart!
Speaking of boats, I might have to sell a few on something past $.30 this year for a new boat! Maybe a nice center console with twin outboards on the rear....or smaller.
Capt - Most of us are are in the same boat. I have a few decades for this to be all tax free in some accounts. Other's I'm still willing to hold for a while.
This should be a very good call!
They need to step up big time and now is their time!
Let's hope we get some good news on Monday. Profits I'm assuming are a definite.
If you own more than 1 share you are an eliete.
Mike - I hope you didn't buy into this when it was at it's high like I did....let's hope this has a good pop soon!
Is this POS coming back alive?!?!?!?!?!!? Please finally do something!!!!
I'm not either. Most here quietly are adding and holding for $$$$$. I'm in no rush.
Someone really smacked the ask earlier! .0475! News coming very soon.......
When some of if will become rich it will not be a person, but a company.
...............and?
This will be big Turbo.....just wait. I know you want that new chevy spark!
Only a matter of time when I can afford bacon again!
Thanks Capt!
He is still around...another green finish. Hopefully we keep this up.
Nice buys this morning....green!
I have been! Just a waiting game now...I have PLENTY of time..
Thanks for the shares whoever weak sold!
So close to filling my orders today!!!
Hopefully RXMD goes up faster than inflation does.....smh.
It will be ok...I have a problem where I keep buying shares down at these levels....
Bid filled!!!!!!!!!!!!!
No one selling today! lol!
We could get news after hours today or Tuesday morning....no trading on Monday!
Market's closed Monday...get your shares now!
Agree!
I'm bid sitting also! Fill me!
Good Response!