Progressive Care Reports $1.8 Million Revenues on 20,000 Prescriptions in August
Sep 19, 2017 08:30:00 (ET)
Progressive Care Reports $1.8 Million Revenues on 20,000 Prescriptions in August
MIAMI, Sept. 19, 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), the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management, announces over $1.8 million in net revenues during August 2017.
PharmCo, LLC filled over 20,000 prescriptions during the month of August, generating over $1.8 million in net revenues. Revenue increased approximately 3.7% while prescription counts remained flat year-over-year. The company is working on growing 3 keys segments: Palm Beach County prescription sales, 340B, and Medication Therapy Management (MTM). Though a small portion of the company's revenues, 340B income increased just under 50% in the month of August. PharmCo, has assigned more personnel to MTM to accommodate increasing demand for completed cases by insurance companies and providers.
The Company is in varying stages of the negotiating process with potential acquisition targets. The Company has focused on acquisition opportunities that have the ability to increase the service radius of the company in the state of Florida while also adding synergistic sales. The current outlook is to close on at least one opportunity before the end of the year.
"Success is not for those weary of arduous progress," stated S. Parikh Mars, CEO. "We set ambitious goals for ourselves at the beginning of the year and we have only added to those goals since then. We are determined to uplist to OTCQB and to close on an acquisition before the end of the year. Despite all of the twists and turns in the healthcare industry this year, we are still set on delivering growth and expansion in Florida and throughout the country. It will take a lot more than a hurricane to slow us down."
About Progressive Care
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), the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, 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.
Contact
Armen Karapetyan
Senior Advisor Business Development
armen@progressivecareus.com
(END) Dow Jones Newswires
September 19, 2017 08:30 ET (12:30 GMT)
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