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Replies to post #121284 on Progressive Care Inc (fka RXMD)
07/11/19 2:15 PM
Progressive Care Inc. Completes Acquisition of Family Physicians Rx
MIAMI – June 4, 2019 -- InvestorsHub NewsWire -- Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, announced today that it has closed on the acquisition of Family Physicians RX, Inc.,dba Five Star RX and Florida corporation (FSRX) on June 1, 2019.
The consummation of the acquisition allows for the Company to begin consolidating financial results from FSRX occurring after June 1st into disclosure reports and news releases. In the month prior to closing, FSRX filled approximately 18,000 prescriptions servicing 7,500 patients. With the addition of the Davie, FL and Orlando locations, Progressive Care now boasts 4 physical pharmacy locations with 5 star performance ratings and nearly 125 employees from which to launch further expansion and sales growth.
"This is our biggest accomplishment to date," said S. Parikh Mars, CEO of Progressive Care. "Now that FSRX is part of the Progressive Care family of pharmacies, we can focus on getting to next level as an organization. I am honored to have this group of talented individuals join our team and to take our collective strength to bring about change and results in this industry."
07/11/19 2:29 PM
Progressive Care Inc. Executes Agreement to Purchase Florida Pharmacies
MIAMI March 12, 2019 Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, announced today the execution of a purchase agreement to acquire a Florida pharmacy with two locations.
On March 8, 2019, Progressive Care Inc. executed an agreement to purchase 100% of the stock in Family Physicians RX, Inc. aka Five Star RX, a Florida corporation (FPRX). FPRX has 2 locations in Florida: Davie and Orlando. FPRX has approximately $18 million in annual revenues and $500,000 in net income as of December 2018, the integration of which would yield $40 million in annual operating revenues for the Company.
MIAMI, FL -- June 25, 2019 -- InvestorsHub NewsWire -- Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announced further growth year-over-year in revenue and number of prescriptions filled for May 2019 and a record month for PharmCo revenue in Palm Beach, which increased at 98%.
May 2019 sales have remained solid after April’s record-breaking month. The Company filled nearly 28,500 prescriptions between the 2 locations, an increase of 13% over the same month last year. Progressive Care recorded over $1.8 million in net revenues exclusive of PBM fees.
“The Company is recording year-over-year growth despite drastic reimbursement contraction and aggressive PBM fees,” said S. Parikh Mars, Chief Executive Officer of Progressive Care Inc. “We are confident that our efforts to build momentum and market penetration is producing the desired results. We expect to leverage our capabilities and the positive growth trajectory to accelerate our progress once the 2 new locations are properly integrated.”
Progressive Care Inc. Issues 1st Quarter 2019 Quarterly Report Conference Call Highlights
MIAMI, FL -- May 16, 2019 -- Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today issued 1st 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 1st 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 1st, 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 umbrella. The Company will conduct an audited inventory count on the date of closing and begin releasing funds on June 3rd, 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. "In a few short weeks, Progressive Care 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."
Progressive Care OUTLOOK
The following are our strategic goals for 2019:
• Achieve 40,000 prescriptions filled in a single month
• Increase annual same store sales to $24 million
• Close on second acquisition leading to consolidated revenue of over $35 million
• Secure additional 340B contracts and long-term care facility relationships
• Achieve accreditation for non-sterile compounding
• Achieve full enterprise profitability and earnings growth
• Install Tele-PharmCo enabled kiosks and equipment in senior living communities and large-scale clinics
• Develop exclusive line of CBD products
• Conduct PharmCo evidence-based case studies
• Release PharmCo's first televised advertisement
• Become SEC registered and fully reporting
CBD news will be OUT SHORTLY! THEIR SUPPLIERS ARE UPDATING THEIR LABELS AS REQUESTED BY FDA RIGHT NOW!
May 15, 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.
Progressive Care will audit the new Orlando pharmacy’s financials now that the acquisition is complete. They will refile with SEC together. Prior to end of 2019, most likely much much sooner.
Progressive Care, Inc CEO Recognized by Forbes as a Unique Leader
MIAMI – April 29, 2019 – InvestorsHub NewsWire -- Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announced that it has garnered media coverage in Forbes in an article titled, A Unique Path Towards Leadership Creates a Unique Leader.
PharmCoRx Commercial in English and many other languages
Interviewing CEO Shital Mars, and compounding pharmacist Momina and PharmCo’s patient.
We're are going to be a technology company too. If you look five years from now, CVS, Walgreens, Walmart will be using the solutions we developed and we pioneered and they're going to have to look at us for what we just like the Xerox years ago, had developed all of this tech that were then used by other people.
I don't want to be the Xerox, we're going to own that tech. We're going to be the one you have to come to if you want to advance in the technology sphere of patient management, of healthcare management, of telemedicine, of tele-pharmacy, of whatever. If you're helping a patient and healthcare happens at home, somewhere PharmCo and Progressive Care is going to be involved. So that's the future. That's what we're working toward and that's what all of our shareholders have to look forward to.
Working directly with some of the best technological companies in the country, both pharmacy and software wise, to make an innovative step above, this is going to be a pharmacy that can handle business that is 3 times the volume we do today..we are prepping for the next 5 years. Going to move all of the Miami facility here in 2020 and likely some if not all of the Davie operation here as well.
Diversifying to cash based sales, business to business sales, and technology sales. That’s why we went into Tele-Pharmacy. Which by the way we took to idea share and Tele-pharmacy is now a thing, and we spearheaded it. We are the ones that brought it to the table, and we are seeing the market react to us. When we go to present ourselves now Tele-pharmacy is a legitimate thing. We are developing that technology to have the opportunity to leverage for financial results.
MIAMI, Feb. 27, 2019 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announced that its wholly owned subsidiary PharmCo, LLC has met all three of the performance measures and is in the top 10% in the nation evaluated by Humana Inc., a leading health and well-being company, as part of its Rx Quality Network program. As a result of PharmCo’s performance scores for 2018, the company will receive the maximum payout offered by Humana as part of the program’s rewards.
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