SOURCE: Progressive Care Inc.

Progressive Care Inc.

August 19, 2015 08:00 ET

Progressive Care Announces Record Prescription Sales for July 2015

MIAMI, FL--(Marketwired - August 19, 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 prescription sales for July 2015.

July 2015 marked the highest number of prescription filled in a single month since inception of the company. The pharmacy filled over 16,000 prescriptions during the month resulting in approximately $1 million in revenues. This is a 30% increase over the same month last year. Prescriptions filled in July were also 28% higher than the beginning of the year and 5% over last month, which was another record breaking month for the Company. At the outset of the year, PharmCo set a goal of reaching 20,000 prescriptions filled per month. As of the end of July, the Company is half way and remains on pace toward reaching that goal.

Revenues are slightly lower when compared to the last few months due to new changes to compound claims billing that became effective on July 1, 2015. The Company has been working diligently to expand its payor base by exploring provider relationships with non-commercial payors like Medicare for compounded medications. However, despite the changes, PharmCo has been steadily increasing the number of prescriptions filled month after month due to the strong marketing efforts in the area and the strategic relationships that have been fruitful this year.

"Despite the ongoing changes that are occurring in the pharmaceutical industry, PharmCo continued to build the business and maintain growth. We remain proactive to create best practices and are always finding new avenues for success. As we proceed in the second half of the year, we are confident that we will be able to achieve the growth goals we have set for ourselves and provide meaningful results to our shareholders," stated Shital Parikh Mars, COO.

About Progressive Care

Progressive Care, Inc. (OTC PINK: RXMD), through its subsidiary PharmCo, LLC is 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.