Progressive Care's Strong Third Quarter Brings Revenues to $10 Million
MIAMI, FL--(Marketwired - October 13, 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 fourth consecutive month of record prescription sales.
The pharmacy filled over 17,000 prescriptions during the month, which is a 28% increase over the same month last year and 3.4% higher than last month. Through the third quarter of this year, PharmCo filled over 50,000 prescriptions marking the best sales quarter for the company to date.
Revenues for the quarter also were the highest since the company's inception. In the third quarter of 2015, the company posted a 14% increase over the same quarter last year at approximately $3.3 million. Through the first nine months of this year the company reached nearly $10 million in revenues, achieved positive cash flow and operating profitability.
"This year we have been able to truly capitalize on PharmCo's status as an industry leader in providing unmatched products and services. Our marketing efforts to healthcare institutions has proved fruitful in advancing the company's financial position as well cementing PharmCo as a preferred pharmacy for insurance carriers. As we enter our busiest quarter, we are excited to grow our operation and expand on our success," 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 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
