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Progressive Care Sees 620% Annual Growth in COVID-19 Testing to $4.3 Million Revenue
FEBRUARY 1, 2022
Miami, FL – February 1, 2022 – Globe Newswire via NewMediaWire – Progressive Care, Inc. (OTCQB: RXMD) (the “Company” or “Progressive Care”), a personalized healthcare services and technology provider, is pleased to announce it has continued to experience strong demand for its COVID-19 testing. Fourth quarter and annual 2021 COVID-19 testing revenue increased 132% and 620%, to $1.4 million and $4.3 million, respectively.
Alan Jay Weisberg, Chairman and Chief Executive Officer of Progressive Care, commented, “During 2021, we launched an aggressive expansion of our COVID-19 testing service, which contributed to accelerated revenue growth rates. The fourth quarter was particularly strong, as we continued to market our PharmcoRx brand to corporate clients as a one-stop shop for COVID-19 testing and vaccine management solutions. We believe our positioning as a leading Florida health services organization and provider of COVID-19 testing and vaccine services will build additional value for our shareholders.”
Progressive Care currently operates over 40 COVID-19 Rapid PCR Test analyzers. The Company has built strong relationships with its corporate clients and successfully scaled its infrastructure capable of testing up to 1,000 patients a day, with results in as little as 15 minutes.
Progressive Care provides COVID-19 testing services using the FDA’s Emergency Use Authorization (“EUA”) guidelines, featuring Polymerase Chain Reaction (“PCR”) and Antigen testing systems that produce rapid detection of the SARS-CoV-2 virus, and Antibody testing to detect the presence of IGG and IGM antibodies in the blood.
The systems the Company uses for Rapid Detection of the SARS-CoV-2 virus is a molecular test using a lab technique called PCR, an antigen-based testing system designed to detect proteins from the virus that causes COVID-19, and COVID-19 IgG/IgM Rapid Test Cassette authorized for the detection of antibodies to SARS-CoV-2 in human venous whole blood.
Progressive Care testing sites are equipped with analyzers capable of detecting positive or negative COVID-19 results within minutes. Each Site is operated by clinically trained Pharmacy staff and administering tests on and off site. The Company has established a reputation as a reliable testing partner and currently provides testing services to international travelers and international airlines, chain restaurants, U.S. and international production and entertainment companies, and local healthcare communities. The Company has been able to build an Ecosystem that allows a patient, employer, or coordinator in-charge to chat with the Company’s support team, schedule a test, pay for the test, and at the point of arrival to the site create a profile and access test results by simply scanning a
QR code from a mobile device. Using the same Ecosystem, the Company’s support staff can manage the entire patient’s journey and provide automated reporting of the results to regulatory authorities, supervisors and coordinators in-charge.
Progressive Care, Inc.
Progressive Care, Inc. (OTCQB: RXMD), through its subsidiaries, is a Florida health services organization and provider of prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long-term care facilities, and health practice risk managemen
