SOURCE: Progressive Care Inc.

Progressive Care Inc.

June 25, 2015 08:00 ET

Progressive Care Announces Record Pharmacy Revenues for May 2015

MIAMI, FL--(Marketwired - June 25, 2015) - Progressive Care Inc. (OTC PINK: RXMD), through its subsidiary Pharmco LLC, a South Florida provider of prescription pharmaceuticals specializing in health practice risk management, the sale of anti-retroviral medications and related medication therapy management, the sale and rental of durable medical equipment ("DME") and the supply of prescription medications to long term care facilities, announces record pharmacy revenues for May 2015.

April through May 2015 has provided the company with its strongest prescription revenues to date. With an average of 13,800 prescriptions filled per month, of which approximately 45% are newly authorized prescriptions, PharmCo reached over $2.3 million in revenues for the 2 month period. In May alone, PharmCo achieved $1.4 million in revenues. With only a 28% increase in filled prescriptions over the same period last year, the Company grew revenues by over 30%.

Much of the growth has been driven by the quick development of the compounded medication segment. This department within the Company produces products with higher price points and margins than traditional medications dispensed by the pharmacy industry as a whole. However, the landscape of the compounded medications is ever changing. Insurance carriers are constantly developing new benefits criteria for this segment, which make it difficult to predict the short and long term growth of revenues in this sector.

"We are very proud of what we have been able to accomplish this year. We are on pace to post over $1 million per month in revenues and we believe we can improve on those results as we enter our busy season in the fall and winter," stated Shital Parikh Mars, COO.

The Company expects to provide an update on the second quarter's prescription and revenue figures in the second week of July 2015.

About Progressive Care

Progressive Care, Inc. (OTC PINK: RXMD), through its subsidiary PharmCo, LLC is a South Florida provider of prescription pharmaceuticals specializing in prescription pharmaceuticals specializing in health practice risk management, the sale of anti-retroviral medications and related medication therapy management, the sale and rental of durable medical equipment ("DME") and the supply of prescription medications to long term care facilities.