MIAMI, FL--(Marketwired - August 15, 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, delivers consecutive quarter of record sales and positive earnings.
The pharmacy filled over 52,000 prescriptions during the second quarter of 2016, which is a 22% increase over last year. For the first six months of the year, the pharmacy has filled over 100,000 prescriptions, an increase of nearly 27% over same period in 2015. PharmCo has seen an increase in demand for its services as more doctors transition from fee-for-service to capitated rate contracts with insurance companies. These contracts require providers to manage compliance, adherence, and optimize therapies, all of which are the specialty of PharmCo.
PharmCo brought in over $4.5 million in net pharmacy revenues for the second quarter of 2016. This is a 38% increase over the same quarter in 2015. In total, the Company has generated over $8.5 million in revenues during the first six months of the year, surpassing its annual objectives at this point in the year. The compounded medication division continues to be a strong driver of revenue growth in addition to expanded demand from large clinics and physicians networks.
This is the second consecutive quarter in which the Company has recorded consolidated profits. Net income as of June 30, 2016 was nearly $220,000 or 3% of net revenues. The Company is also cash flow positive, producing over $160,000 during the first six months of the year.
Through June 30, 2016, the Company accomplished several objectives. Progressive Care became current with OTC Markets and hired EisnerAmper to conduct third party reviews of the Company's financial statements. The Company also decreased the number of shares outstanding by processing the return of over 12 million shares that were issued but unsold by Tarpon Bay during the 3(a)(10) transaction.
PharmCo replaced its delivery fleet using cash flows from operations and received non-resident state licenses from New York, Texas, New Jersey, and Pennsylvania which allows the pharmacy to conduct business in a total of six states including Massachusetts and Florida. PharmCo also purchased a pharmacy automation systems (Script Pro) capable of dispensing over 200 unique medications. This system is set to be installed upon completion of the warehouse expansion. As of July 28th, PharmCo, LLC has cleared all requirements of the County of Miami-Dade. The final approval process has begun with the City of North Miami Beach.
"We had an outstanding quarter. We are delivering results that are outpacing our initial expectations for the year. As we move forward into the two busiest quarters of the year, we will look to take advantage of our momentum and accelerate our growth and development," stated S. Parikh Mars, CEO. "We continue to see increases in demand for our products and services as our track record for improving provider performance increases in visibility. Our dedication to excellence and exemplary service is propelling the Company to new heights and we are now realizing the benefits from our achievements."
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.