Progressive Care Inc (RXMD)

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Progressive Care Announces Nine Month Sales of $30.2 Million, Increase of 31% And Updates September Performance

MIAMI, FL – November 4, 2020 – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce preliminary topline performance data for the three- and nine month periods ended September 30, 2020, reflecting strong overall growth in sales and prescriptions, breakout expansion in the Company’s 340B segment, and anticipated progress towards the launch of telemedicine services before year-end.

• Consolidated gross sales across all locations during the nine months ended September 30, 2020 , totaled $30.2 million, representing a 31% increase in total revenues compared to the nine months ended September 30, 2019.

• Consolidated gross sales across all locations during the three months ended September 30, 2020, totaled $10.72 million, representing a 2% increase in total revenues compared to the three months ended September 30, 2019.

• Fees for 340B services during the month of September 2020 jumped to $390k, an increase of 520% on a year-over-year basis.

• Monthly gross sales across all locations for the month of September 2020 increased 8% on a year-over-year basis

• Prescriptions filled during the month of September 2020 were 45,162, representing a 6% jump in total prescriptions on a year-over-year basis

“In very basic terms, so far this year, we have nearly equaled our total gross sales from all of last year, and we still have a quarter to go,” commented Alan Jay Weisberg, CEO and Chairman of Progressive Care. “That’s certainly a welcome accomplishment, as we are continuing to pick up steam in our telemedicine and health data management initiatives with a nationwide target reach.”

The Company anticipates a full live launch of its enhanced telemedicine platform later this quarter, with the initial launch focused on the Florida market, and a wider nationwide launch to follow shortly thereafter.

“While this represents an extremely challenging time for our country, Progressive Care remains grateful to be making a positive contribution to the communities we serve,” added Mr. Weisberg. “We have established a leadership brand in delivering a rapid COVID-19 testing solution, providing testing results to over 1000 people just in the last 30 days. We are committed to expanding testing capabilities to all our locations as soon as the Company receives more analyzers and we are preparing our team for participation in distribution and administration of COVID-19 vaccines, once approved by FDA.”

https://www.progressivecareus.com/post/progressive-care-announces-nine-month-sales-of-30-2-million-increase-of-31-and-updates-september-performance