SOURCE: Progressive Care Inc

Progressive Care Inc

May 16, 2016 08:00 ET

Progressive Care Reports Record First Quarter with Positive Earnings

MIAMI, FL--(Marketwired - May 16, 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, announces its first quarter of consolidated profitability since 2010.

The pharmacy filled nearly 51,000 prescriptions during the first quarter of 2016, which is a 32% increase over last year. During the first quarter, the Company marked its strongest month to date (March 2016) with over $1.5 million in net pharmacy revenues.

PharmCo brought in close to $4 million in net pharmacy revenues. This is a 27% increase over the same quarter in 2015. The compounded medication division continues to be the primary driver of revenue growth in addition to expanded marketing campaigns to large clinics and physicians networks.

This is the first quarter, since 2010, in which the Company has recorded consolidated profits. Net income for the quarter was nearly $100,000 or 2% of net revenues. This is a result of the elimination of all debt in 2015 and the ability of management to control and reduce fixed costs and extraneous liabilities. The Company currently does not have any debt or derivative liabilities on its balance sheet.

In addition, this is also the first quarter since 2011 which has undergone third party review from a PCAOB auditing firm. EisnerAmper completed its review of the first quarter and did not find any material modifications to financial statements. The Firm will continue to review the Company's financial statements as well as consult on accounting and control procedures.

"This is a momentous occasion for the Company! One of our biggest goals in 2016 was to achieve consolidated profitability and we are well on our way with this phenomenal quarter. We believe that this level of profitability will continue for the remainder of the year and we look forward to reporting positive earnings to our shareholders," stated S. Parikh Mars, CEO.

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.