Progressive Care Inc (RXMD)

[Charlie V]

https://www.sec.gov/Archives/edgar/data/1402945/000149315223016738/ex99-1.htm

MIAMI, FL , May 12, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- ?Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology provider, today announced financial results for the first quarter ended March 31, 2023 . The Company experienced record quarterly revenues of $11.4 million , a 13% growth from the first quarter ended March 31, 2022 .
First Quarter 2023 Financial Highlights:
Total pharmacy revenue increased by $1.3 million , or 13%, to $11.4 million during the three months ended March 31, 2023 , compared to $10.1 million in the prior year period.
Prescription revenue increased by $1.8 million , or 21%, to $10.4 million during the first quarter of 2023, compared to $8.6 million in the prior year period, primarily reflecting an 8% year-over-year increase in the number of prescriptions filled period-over-period.
340B contract revenue was $1.6 million during the first quarter of 2023, an increase of $1.2 million , compared to $0.4 million in the prior year period. The increase was primarily attributable to an increase in our existing 340B contracts of approximately $0.9 million and an increase in new 340B contract revenue of approximately $0.3 million .
Gross profit margin increased from 24% for the three months ended March 31, 2022 , to 28% for the three months ended March 31, 2023 , primarily due to the increase in 340B contract revenue, which has higher margins than revenue generated from pharmacy operations.
Cash balance as of March 31, 2023 was approximately $7.5 million as compared to $6.7 million at December 31, 2022 , a $0.8 million increase
Organizational Highlights and Recent Business Developments
On May 1, 2023 , the Company appointed Dr. Pamela Roberts as Chief Operating Officer. Dr. Roberts formerly served as the Company’s Director of Pharmacy and Pharmacist in Charge.
On May 9, 2023 , the Company successfully completed a transaction of $1.0 million investment from NextPlat Corp.