$RXMD - Progressive Care Announces October Growth in Net Revenues as COVID-19 Testing Ramps Up BY GlobeNewswire — 7:00 AM ET 12/07/2020 MIAMI, FL, Dec. 07, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire – Progressive Care Inc. ( RXMD Loading... Loading... ) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce performance data for the month of October, which featured a strong jump in operating margins, significant sequential monthly growth in net revenues, and the establishment of sales growth related to rapid results COVID-19 testing.
Consolidated net sales across all locations during October 2020 totaled $3,3M, representing a 7% sequential monthly growth. October margins increased to 27%, helping to drive a 53% sequential monthly jump in cash on hand. Prescriptions filled during October grew 1% on a sequential monthly basis. 340B pharmacy dispensing fees grew 119% in October on a year-over-year basis. The Company booked nearly $100K in revenues related to rapid results COVID-19 testing in October. Management notes that gross sales saw a minor drop, driven by the Company’s aggressive push to prioritize generic medication alternatives over expensive branded medications, which offer savings to customers as well as wider profit margins for the pharmacy.
October was also a significant month as the Company saw its rapid results virus testing service expand substantially. The Company is focused on building the PharmcoRx brand as a solution for COVID-19 rapid testing by adding two new analyzers for PCR Testing: Abbott ID NOW and Cepheid. The Cepheid analyzer will allow the Company to simultaneously test for four types of infections: COVID-19, Flu A, Flu B and RSV, providing rapid results in 15 minutes.
“October was another strong month characterized by expanding margins and strong execution,” commented Alan Jay Weisberg, CEO and Chairman of Progressive Care ( RXMD Loading... Loading... ). “We have secured a market-leading position in COVID-19 testing in Dade County and we look forward to becoming a major provider of COVID-19 vaccines next year.”
For more information about Progressive Care ( RXMD Loading... Loading... ), please visit the company’s website.
Connect and stay in touch with us on social media:
News 
Market Data 
Discover 
