Im talking about the fact that what LOI means and its limitation. Besides that im NOT because out then want to talk it down for buyback reason, although sometimes i do take profit in my trading account, but most are locked and see how high it could fly after a few years......
Press Release: Progressive Care Inc. Issues 1st Quarter 2019 Quarterly Report Conference Call Highlights BY Dow Jones & Company, Inc. — 8:00 AM ET 05/16/2019 Progressive Care Inc. ( RXMD Loading... Loading... ) Issues 1st Quarter 2019 Quarterly Report Conference Call Highlights
MIAMI, May 16, 2019 (GLOBE NEWSWIRE) -- Progressive Care Inc. ( RXMD Loading... Loading... ) , a personalized healthcare services and technology company, today issued 1(st) Quarter 2019 Quarterly Report Conference Call highlights.
The Company announced nearly $5.2 million in net revenues, a 3% increase over 2018. Revenues net nearly $275,000 in PBM fees charged during the quarter, which is an 89% increase over 2018. Prescriptions filled increased 28% to 84,500 during 1(st) quarter 2019. The company also filled over $1.9 million worth of prescriptions (Not Included in Net Revenues) for 340B entities during the quarter, generating fees to the pharmacy of approximately $115,000 which is a 91% increase over the same period last year. The Company reported a net loss of approximately $750,000, which included nearly $300,000 of non-cash interest on notes payable and depreciation, $125,000 in increased PBM fees, inclusion of $ 120,000 of net losses from PharmCo 1002, and decreased gross margins on prescription services to 20%.
The Company updated the shareholders that the advanced notification period to Medicaid has elapsed as of May 12, 2019. The acquisition is on track for a hard close on June 1(st) , 2019 at which point FPRX, with its 2 cash flow positive Florida locations, will consolidate in the Company financial results which is projected to bring the Company to over $30 million in annual revenues for fiscal year 2019, add approximately $250,000 in net earnings, and 50 new employees under the Progressive Care ( RXMD Loading... Loading... ) umbrella. The Company will conduct an audited inventory count on the date of closing and begin releasing funds on June 3(rd) , 2019.
The Company announced plans to market current CBD brands and leverage the cash buying customer base to fortify against insurance rate compression and increase profitability. The Company is continuing to proceed on plans to produce an exclusive line of products that incorporates the Company's brand and mission to further develop its core market base and healthcare capabilities.
"2019 is moving at an unprecedented pace," said S. Parikh Mars, CEO of Progressive Care ( RXMD Loading... Loading... ). "In a few short weeks, Progressive Care ( RXMD Loading... Loading... ) will double in size in almost every measurable way. We will not only be gaining sales, locations, or economies, but a wealth of talent that includes expertise in pharmaceutical logistics, operational management, and clinical awareness. We look forward to learning from this impressive group of individuals and believe that the combination of our two organizations will produce an unstoppable force."
For more information about Progressive Care ( RXMD Loading... Loading... ), please visit the company's website.
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