RXMD - I can see us going green! NEWS! Progressive Care Announces Financial and Operational Performance for Three and Six Months Ended June 30, 2021
BY GlobeNewswire
— 7:00 AM ET 08/17/2021
MIAMI, FL, Aug. 17, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Progressive Care Inc. ( RXMD
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) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce the filing of the Company’s financial performance data for the three and six months ended June 30, 2021, which featured strong growth in Gross Profitability, as well as Revenues from Covid-19 Testing and 340B services.
“The quarter was phenomenal despite temporary setbacks in pharmacy prescription volume due to a technology platform transition as well as a shortage in available workers as people slowly shift gears in the wake of the pandemic,” commented Alan Jay Weisberg, CEO, and Chairman of Progressive Care ( RXMD
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). “Strong growth in profitability was highlighted by material operational efficiency improvements and dramatic sequential growth in testing revenues as well as robust 340B business expansion.”
Highlights for Three and Six Months Ended June 30, 2021
• Consolidated Revenue for the quarter was approximately $9.6 million, representing a year-over-year increase of 4% compared to the second quarter of 2020. Revenue for the six months was approximately $19.2 million, representing a 5% year-over-year increase.
• Gross Profits came in at over $2.6 million for the quarter, and over $5.0 million for the six months ended June 30, 2021, up 43% and 46% when compared to the same periods in 2020.
• 340B Revenue contribution for the quarter ended June 30, 2021, was approximately $725k, up 65% on a year-over-year basis. Total revenue for the six months under the 340B contracts were $1.4 million and $600k for 2021, and 2020, respectively. That is a 127% year-over-year increase.
• Revenues associated with COVID testing totaled approximately $1.1 million for the quarter, up over 120% on a sequential quarterly basis.
• Positive EBITDA of nearly $78k for the second quarter of 2021, and over $219k for the six months ended June 30, 2021. This was compared to negative EBITDA of $311k and $955k, respectively, for the same periods in 2020.
Results for the three months ended June 30 reflect very strong growth in all aspects of the business other than the volume of prescriptions filled, which was hampered by difficulties finding willing and available workers as well as the learning curve and challenges associated with integrating and implementing the Company’s new pharmacy management software platform. Management believes both of these dynamics are temporary and do not alter Company assumptions about long-term growth among core metrics.
Weisberg added, “We are very proud of our team from top to bottom. This is an uncertain time for many companies, with fears about the rise of the Delta variant and widespread problems finding new team members. We pass the mid-year point with tremendous growth evident in our alternative revenue drivers, growing margins, increasing profitability, and strong conviction in our major strategic assumptions and that our current obstacles are temporary and surmountable. In addition, we have recently hired a new investment banking firm that we believe will be able to help us complete the process of uplisting RXMD shares onto a major national listed exchange.”
