SOURCE: Progressive Care Inc.

Progressive Care Inc.

May 21, 2015 13:37 ET

Progressive Care Revenues Increase 17% and Reach Near Operating Profitability

MIAMI, FL--(Marketwired - May 21, 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, releases annual report today recording over $3 million in sales revenue for the first quarter of 2015.

Progressive Care reported a net revenue increase of 17% for the year-over-year, from approximately $2.66 million to approximately $3.12 million. Pharmacy revenues represented approximately 99% of total revenues for the quarter. Despite the loss in DME revenue, the Company's sales continued to rise throughout the quarter due to strong marketing efforts and focus on compounding medications.

Selling, general and administrative (SG&A) expenses increased 21% year over year to $0.65 million. SG&A expenses as a percentage of sales also increased slightly from 20% to just 21%. The increase in SG&A was primarily a result of increases in costs associated with the development of the compounded medication department.

Net loss from continuing operations before other income and income taxes decreased nearly 99% for the quarter ended March 31, 2015 as compared to the quarter ended March 31, 2014, from approximately $180,000 to approximately $2,700, effectively break even. Despite an increase in bad debt expense, this significant improvement in operating performance was a result of higher gross margins associated with compounded medications and a more efficient operational structure.

Net loss increased by 29% to just under $300,000 but remained relatively constant at 9% of revenues. This increase in net loss was substantially due to approximately $550,000 in interest expense and from the derivative liability calculated on the securities linked to the Tarpon 3(a)(10) transaction.

"This year we are on pace to do over $1 million in revenues per month. As the year progresses we expect to accelerate our growth as our marketing efforts yield more results. The company is close to reaching operating profitability and has reduced its debt by over $0.5 million. The short and long term stability of the company has greatly improved, and we believe our shareholders will see the benefits from these results," 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.

Contact Information

  • Contact
    Armen Karapetyan
    Senior Advisor Business Development
    Email contact