SOURCE: Progressive Care Inc.

Progressive Care Inc.

July 09, 2015 08:00 ET

Progressive Care Sets New Sales Record During Second Quarter 2015

MIAMI, FL--(Marketwired - July 09, 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, announces record pharmacy sales for June 2015.

June 2015 marked the strongest pharmacy sales month in company history. Prescriptions filled during the month were over 15,000, a 41% increase over the same month last year and a nearly 10% increase over the all-time record set in December 2014. Pharmacy revenues for the month amounted to approximately $1.1 million.

Quarterly net pharmacy revenues increased nearly 24% over last year reaching just under $3.3 million after adjustments for new compound billing instructions by insurance carriers. Average prescriptions for the second quarter of 2015 edged upward to over 14,000. This marks a 32% increase over the same period last year and an 11% increase over the first quarter of 2015.

Much of the growth has been driven by the quick development of the compounded medication segment. This department within the Company produces products with higher price points and margins than traditional medications dispensed by the pharmacy industry as a whole. However, the landscape of the compounded medications is ever changing. Insurance carriers are constantly developing new benefits criteria for this segment, which make it difficult to predict the short and long term growth of revenues in this sector.

"June was a spectacular month for the company. We have consistently been able to increase prescriptions filled while limiting the growth in cost of production. This has been a strong quarter and we believe that the second half of the year will be even better," stated Shital Parikh Mars, COO.

Update to Investors on the Progress of 3(a)(10) Transaction:

To date the Company has issued 101,591,000 pursuant to the ongoing 3(a)(10) transaction. Of these shares 91,591,000 have generated nearly $880,000 in available funds for payment to creditors. As of today, approximately $620,000 has been paid to creditors with $260,000 yet to be allocated. The Company has eliminated nearly half of the debt associated with the 3(a)(10) transaction. Of the $1.9 million in original debt, just over $1 million remains.

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.

The forward-looking statements in this press release are based on management's assumptions and beliefs in light of information presently-available, and involve both known and unknown risks and uncertainties. Actual financial results may differ materially from those presented in this document, being dependent on a number of factors.