Progressive Care Announces 2020 Annual and Quarterly Financial and Operational Performance Highlights
APRIL 1, 2021
MIAMI, FL – April 1, 2021 – Progressive Care Inc. (OTCQB:RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce the filing of the Company’s audited 2020 financial performance data, closing the books on a momentous year that featured strong execution in the face of historic obstacles, the establishment of new executive leadership, the successful establishment of new scalable strategies, and tremendous gains in net cash, EBITDA, and topline results, which have helped to drive shareholder value so far in 2021.
Financial Highlights for Quarter Ended Dec 31, 2020
• Consolidated Revenue for the quarter was $10.1 million, representing an increase of 1% compared to Q4 2019.
• Prescriptions filled during Q4 totaled approximately 134,000, representing an increase of 1% compared to Q4 2019.
• 340B revenue was approximately $879k, representing a sharp increase of 200% compared to Q4 2019.
• EBITDA increased 104% to $667k in Q4 2020 when compared to the same period in 2019.
Financial Highlights for Fiscal Year Ended Dec 31, 2020
• Consolidated Revenue was $40.3 million, representing an increase of 22% compared to fiscal 2019.
• Prescriptions filled was approximately 530,000, representing an increase of 16% compared to fiscal 2019.
• 340B revenue was approximately $2.8 million, representing a sharp increase of over 300% compared to fiscal 2019.
• COVID testing revenue was approximately $600K, most of which was earned in Q4 2020.
• Realized positive EBITDA of $7K when compared to $479K negative EBITDA in 2019.
• Cash provided by operations was $1.1 million in 2020, compared to $600K cash used in 2019.
• Net Cash balances as of Dec 31, 2020 was $2.1 million vs $816K compared to 2019.
Operational Highlights for the Year Ended Dec 31, 2020
• Fundamental changes in management: Alan Jay Weisberg named CEO; Cecile Munnik named CFO.
• Finished year with 5-Star rating earning Humana bonus of approximately $904K.
• Paid off note for the building of $300K plus interest.
• Generated $700K in third party administration fees through services provided to 340B Covered Entities.
• Strong execution and pro-growth strategic path resulted in shareholder value, with RXMD shares rising more than 300% during 2020.
