Progressive Care Inc (RXMD)

[Jimmy Quick]

Progressive Care Announces April 2020 Performance: Continued Strong Growth Amid Challenging Context
May 20 2020 - 07:27AM
www.progressivecareus.com/progressive-care-inc-investors-section

MIAMI, FL -- May 20, 2020 -- InvestorsHub NewsWire -- Progressive Care Inc. (RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce operational performance data for April 2020, which represented a very challenging context given clear COVID-19 factors, but also featured strong growth in net sales, prescriptions filled, 340B income, and total patients served, as well as the nationwide launch of our new e-commerce platform and antibody testing program.

1. Consolidated monthly gross sales across all locations totaled $2.97 million, representing year-over-year growth of 54% compared to April 2019
2. Prescriptions filled during the month came in at 41,637, representing year-over-year growth of 45% compared to April 2019
3. Same-store sales fell 12% on average as the COVID-19 measures impacted Key downside pressure related to reduced activity from health practitioners as patients clinics delay elective and routine healthcare
4. 340B income increased 111% as new contracts came online April 1
Strong Cash position, boosted to $2 million following PPP disbursement
5. 1000 new patients gained since lockdown measures were implemented
6. Successfully launched new e-commerce platform, seeing clear organic growth in traffic
Continue to expand recently launched new COVID-19 IgG/IgM rapid result antibody testing program

“April data was clearly impacted by COVID-19 policy measures and upstream delays at the provider level as clinics and patients pushed routine, elective, and diagnostic healthcare consumption out into the future, reducing the flow of new prescriptions,” stated S. Parikh Mars, CEO of Progressive Care. “However, we still saw strong overall growth, added new patients, secured support to improve our cash position, launched our e-commerce platform, and launched a COVID-19 antibody testing program. In addition, much of the pressure that hit our same store numbers likely represents a pent-up demand factor that may positively contribute to future performance.”

Management believes the Company fared extremely well relative to competitors and the overall business environment in April, managing to capitalize on its core advantages, including its contactless prescription delivery infrastructure. As a result, April data displayed very clear new patient growth underway suggesting growth in market share despite a temporary hit to same store sales data.
Mars continued, “We are in a great position.

Many other companies have suffered far more in the current environment than Progressive Care. Once restrictions ease and health care providers revert back to long-term trend levels on volume of care, we will reap the benefits of the groundwork laid during this period. Our pharmacies are increasingly seen as low-risk bedrock resources for critical pharmacy services in the communities we serve, and our reach continues to expand to new communities with new products and services.”