Progressive Care Inc (RXMD)

[Charlie V]

Most likely this PR from 8-K...
https://www.sec.gov/Archives/edgar/data/1402945/000149315223010678/ex99-1.htm

Miami, FL – April 3, 2023 – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology provider, today announced financial results for the year ended December 31, 2022. Total revenue increased to $40.6 million, a 5% growth from the prior year.

2022 Annual Financial Highlights (at or for the year ended December 31, 2022, as compared to at or for the year ended December 31, 2021):

? Total pharmacy revenue increased by $1.7 million, or 5%, to $40.6 million, compared to $38.9 million in 2021.
? Prescription revenue increased by $2.5 million, or 7%, to $36.3 million in 2022, compared to $33.8 million in 2021, primarily reflecting a 5% year-over-year increase in the number of prescriptions filled for the year.
? 340B contract revenue was $3.8 million in 2022, an increase of $1.0 million, compared to $2.8 million in 2021. The increase was primarily attributable to an increase in our existing 340B contracts of approximately $0.4 million and an increase in new 340B contract revenue of approximately $1.0 million, partially offset by a decrease in reimbursement rates of approximately $0.4 million.
? Gross profit margin was approximately 24% in 2022, compared to approximately 26% in 2021. The decrease in gross profit margin was primarily attributable to the decrease in COVID-19 testing revenue during 2022.
? The Company completed a capital raise with NextPlat Corp, which resulted in approximately $5.4 million net proceeds and provided for the restructuring of the Company’s convertible debt, reducing the interest rate from 10% to 5%.
? Net cash provided by operating activities totaled $0.7 million reflecting the overall change in working capital for 2022.
? Cash balance at December 31, 2022 was $6.7 million.

Organizational Highlights and Recent Business Developments

? The Company appointed Charles M. Fernandez as Chairman of the Board of Directors and Chief Executive Officer and expanded the Board of Directors by appointing Rodney Barreto as Vice-Chairman.
? ClearMetrX, a wholly owned subsidiary of the Company, launched its 340MetrX platform to provide 340B covered entities with data insights to effectively operate and maximize the benefits of the 340B program.
? Secured long-term care contracts with all major payors.
? Forged a technology partnership with MedAvail to offer remote prescription medication dispensing.