MIAMI, FL--(Marketwired - November 21, 2016) - Progressive Care Inc. (OTC PINK: RXMD), through its subsidiary Pharmco LLC, a South Florida health services organization and provider of prescription pharmaceuticals specializing in health practice risk management, compounded medications, the sale of anti-retroviral medications and related medication therapy management, and the supply of prescription medications to long term care facilities, achieves 2015 annual results through the first nine months of 2016.
The pharmacy filled nearly 160,000 prescriptions during the nine months ended September 30, 2016, with over 56,000 prescriptions filled in the third quarter alone. Through September, 2016 prescriptions counts have increased an average of 22%. Sales have increased as a result of on-going targeted marketing in the South Florida as well as healthcare organizations independently seeking the superior quality pharmacy services provided by PharmCo.
PharmCo brought in over $4.8 million in net pharmacy revenues for the third quarter of 2016. This is a 45% increase over the same quarter in 2015 as well as a 6% increase over last quarter. In total, the Company has generated over $13 million in revenues during the first nine months of the year, nearly surpassing the revenues generated in the whole of 2015. The compounded medication division continues to be the primary driver of revenue and gross margin growth.
The Company reported a small loss of less than $3,000 for the third quarter due significantly to the interest, amortization, and derivative liability associated with securing the convertible note from Chicago Venture Partners. This a 98% decrease over the same period in 2015 when the Company reported a loss of $160,000. The Company has maintained operating net income of approximately $45,000 for the third quarter of 2016 and the Company remains profitable through the nine months ended September 30, 2016. The Company has positive EBITDA of approximately $72,000 and $302,000 for the three and nine months ended September 30, 2016 respectively.
The Company continues to be cash flow positive through the third quarter of 2016 with nearly $670,000 in cash on hand, an increase of approximately $290,000 from December 31, 2015.
During the third quarter of 2016, the Company received three additional non-resident licenses: Connecticut, Georgia, and Illinois. PharmCo has non-resident licenses to conduct business in 10 States including Colorado which became effective November 11, 2016. The Company received the building permits for the warehouse space. Much of the warehouse build-out is complete and the ScriptPro automation system is online and fully operational. The Company also secured relationships with a funding partner, Chicago Venture Partners, and a broker/dealer, Boustead Securities, to facilitate the development of Progressive Care both publicly and operationally.
"During the third quarter we achieved record breaking results," stated S. Parikh Mars, CEO. "In August, we reached over 20,000 prescriptions filled in a single month, which has been a long held goal of ours. We continue to exceed even our own expectations, with strong sales growth, increasing profit margins, and net cash gains. We are in a strong position to close out the year with the momentum needed to deliver short and long term profitability."
About Progressive Care
Progressive Care, Inc. (OTC PINK: RXMD), through its subsidiary PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals specializing in health practice risk management, compounded medications, the sale of anti-retroviral medications and related medication therapy management, and the supply of prescription medications to long term care facilities.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.