TAMPA, FL--(Marketwired - May 14, 2014) - Trxade Group, Inc., (PINKSHEETS: XCEL) a company offering independent pharmacies a solution for managing their drug inventories by creating an open market exchange where buyers and sellers can easily trade pharmaceutical supplies, announced today its financial and operational results for first quarter 2014 showing a staggering 120% annualized growth rate to date.
"The first quarter financial results reflect 25% growth month on month for our supplier to pharmacy trade (S2P), and 10% growth month on month for our pharmacy to pharmacy (P2P) trade. We continue to add 100-125 new pharmacies per month validating our original concept to provide independent pharmacies an open exchange market to balance inventories easily and rapidly. The growth we are enjoying proves our concept was right on the money and sets us up for profitability this year," said CEO Suren Ajjarapu.
"Our main focus is on the accelerating growth of our disruptive technology platform and data analytics solving supply and distribution problems facing independent pharmacies. We have the potential to reach out to the nation's 24,000 independent pharmacies with combined annual pharmaceutical purchases of $93 billion," said Mr. Ajjarapu.
"To conclude, the first quarter results are, of course, exciting, but I believe opportunities we have in front of us will dwarf such impressive results. We are seeing consistent growth in the numbers of customers testing our trading platform and now we are also seeing an increase in repetitive buying activities as well as larger dollar transaction size providing a positive indicator of the business model growth and market acceptance. We expect the revenue potential from S2P sales to ramp up rapidly going forward. I am highly optimistic that we'll be able to monetize these testing opportunities into larger, multi-year contracts in the coming quarters," stated Mr. Ajjarapu.
HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2014.
- Revenue for the three-month period ended March 31, 2014 and 2013 was $244,196 and $176,195, respectfully.
- Gross profit from the three-month period ended March 31, 2014 and 2013 was $97,406 compared to $(24,191), respectfully.
- The net operating loss for the three-month period ended March 31, 2014 and 2013 was $(344,517) and $(184,230), respectfully.
2014 OPERATION HIGHLIGHTS TO DATE:
- Launched RxGuruTM application in the first quarter of 2014 and complements Trxade.com's efforts of delivering timely information at time of purchase.
- Launched InventoryRx launched in January 2014 for supplier-to-supplier trading.
- Signed warehouse relationship with RxTPL, which gives us capabilities to inventory products with improved logistics.
- Appointed of Mr. Charles Pope as a Board Member, He comes to Trxade with more than 34 years of Auditing experience with PWC and running public companies.
About Trxade Group, Inc.
Trxade Group, Inc., is a company proving to be one of the most sophisticated marketplaces in the industry today. Trxade is a web based market platform that enables trade among healthcare buyers and sellers of pharmaceuticals, accessories and services. "Our Platform has heavy integration with UPS, Automated Clearing House providers, EDI capability with supply chain partners, digitized transactional pedigree automation," stated Suren Ajjarapu, Chairman and CEO of Trxade Group. We have the potential to reach out to the nation's 24,000 independent pharmacies with combined pharmaceutical purchases of $93 billion per year. Supplier participation with Trxade.com and/or InventoryRx.com allows for a vibrant marketplace. Headquartered in Tampa, FL Trxade Group provides web based trading platform for Independent Pharmacies was founded in 2010. Please visit http://www.trxadegroup.com .
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements.
Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.