Progressive Care Revenue Soars to Over $13 Million on 180,000 Filled Prescriptions
MIAMI, FL--(Marketwired - January 14, 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 record revenues and prescriptions sales for 2015.
The pharmacy filled nearly 180,000 prescriptions in 2015, which is a 28% increase over last year. During the fourth quarter, PharmCo filled over 48,000 prescriptions resulting in record revenues for the quarter at $3.9 million. December marked the strongest month for the company since inception with over $1.4 million in net pharmacy revenues.
In 2015, PharmCo brought in over $13.5 million in net pharmacy revenues. This is almost a 24% increase over 2014. Revenue growth accelerated during the final month and quarter with over 61% and 35% increases in revenues, respectively, when compared to the same time periods last year. The compounded medication division is the primary driver of revenue growth in addition to major additions to company's marketing team and expanded marketing campaigns with large clinics and physicians networks.
"While I am supremely happy with the progress we have made over the past year, I know that this is merely a fraction of what the company is capable of in the future. I am excited about bringing the company into 2016 with an ambitious resolve to accomplish major goals and realize our utmost potential. Our shareholders should take this time to share in the company's joy, but ready themselves for major growth and expansion in the coming year," stated Shital 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.
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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.
