SOURCE: Progressive Care Inc

Progressive Care Inc

April 15, 2015 09:33 ET

Progressive Care Reaches Over $11 Million in Revenues in 2014

MIAMI, FL--(Marketwired - April 15, 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, released its annual report today recording over $11 million in sales revenue for fiscal year 2014.

Progressive Care reported a net revenue increase of 20.74% for the year ended December 31, 2014 as compared to year ended December 31, 2013, from approximately 9.33 million to approximately $11.27 million. Prescription counts for the year were over 140,000, a 33% increase over 2013 totals (approx. 105,000) and record for the company. Pharmacy revenues represented approximately 98% of total revenues for the year ended December 31, 2014 and 91% of total revenues for the year ended December 31, 2013. DME revenues represented 2% of total revenues in 2014 and 9% in 2013. Despite the loss in DME revenue, the Company's sales continued to rise throughout the year due to strong marketing efforts, a switch to 90-day supplies of medications, and a new focus on compounding medications.

Selling, general and administrative (SG&A) expenses decreased 16% year over year to 2.1 million in 2014. SG&A expenses as a percentage of sales also decreased from 27% to just 19% in 2014. The decrease in SG&A was primarily a result of decreases in costs associated with auditing and legal expenses caused by maintaining a public company. The Company also reduced certain overhead costs in order function more efficiently.

Net loss from continuing operations before income taxes decreased 30% for the year ended December 31, 2014 as compared to the year ended December 31, 2013, from approximately $.61 million to approximately $0.43 million. Net loss from continuing operations before income taxes increased 72% for the year ended December 31, 2014 as compared to the year ended December 31, 2013 from approximately $0.56 million to approximately $1.009 million. This increase in net loss was substantially due to approximately $0.8 million in interest expense from the derivative liability calculated on the securities linked to the Tarpon 3(a)(10) transaction.

"Last year was a successful year for the company and we accomplished many of our goals. We were able to adapt and retool quickly in response to changes in our industry and we began the process of eliminated debt and strengthening our balance sheet. We will continue to improve and believe that 2015 will be another remarkable year for the Progressive Care and 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 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.

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