SOURCE: Progressive Care Inc.

Progressive Care Inc.

November 10, 2015 08:23 ET

Progressive Care: PharmCo, LLC Delivers Fourth Consecutive Quarter of Profitability

MIAMI, FL--(Marketwired - November 10, 2015) - Progressive Care Inc., 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 four consecutive quarters of profitability for PharmCo, LLC.

Through the first nine months of 2015, PharmCo, LLC has recorded nearly $350,000 in net income. This is a significant turnaround when compared to net losses of $114,000 for PharmCo during the same time period in 2014. PharmCo has recorded profits in every quarter for the past 12 months. Profitability and positive cash flow in PharmCo has been achieved through concentrated marketing efforts, expansion of the compounded medication department and month over month of net increases in prescription sales. Progressive Care's consolidated income was nearly break even in the third quarter when adjusted for stock based compensation of $147,000.

Due to dramatic increases in demand, PharmCo initiated plans to expand the pharmacy this quarter. The facility currently fills approximately 50,000 prescriptions per quarter with minimal square footage devoted to compounding and long term care operations. The expansion plan would nearly double the amount of general filling space plus expand the compounding department. The company also is in the process of choosing and purchasing a robotic dispensing system. This system will allow PharmCo to tremendously increase production and save on labor cost. To take advantage of its marketing capabilities the company plans to expand to Palm Beach County. PharmCo expects the expansion to produce numerous positive results including improvements to efficiency and capacity as well as increased revenues.

Recently, PharmCo began the process of establishing 340B sales. Both PharmCo and its 340B provider are installing the vendor data necessary to start purchasing inventory for 340B patients. The Company anticipates that we will be realizing sales in this area before the end of the year. PharmCo is also quickly increasing its footprint in the Medication Therapy Management (MTM) industry. On a monthly basis, the company is seeing increases in the number of MTM cases provided by Medicare plans. While the company does not expect a material impact on this year's sales from MTM cases, MTM will be an important part of the business in 2016.

"Our PharmCo team is continuing to stay focused on profitability, sales growth and expansion. Our efforts have strengthened PharmCo's financial position and allowed the company to build on the momentum established earlier in the year. We were able to solidify PharmCo as a unique solution for healthcare providers and their patients. PharmCo will remain an industry leader by providing exceptional and innovative services and by creating new revenue streams," 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.

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