MIAMI, Aug. 21, 2019 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announced record revenues of approximately $3.4 million for July 2019 and an 73% increase in prescriptions filled at over 46,400 total.
The Company recorded an 88% increase in gross revenues at $3.4 million exclusive of PBM fees and over 46,000 prescriptions filled. The Company has been actively pursuing growth strategies that will enhance our core business. We are currently working to optimize profitability by focusing sales efforts on patients whose medication benefits are managed by PBMs that have sustainable reimbursement rates or do not charge excessive fees.
“We have aggressively pursued sales and prescription growth throughout the year,” said S. Parikh Mars, Chief Executive Officer of Progressive Care Inc. “While we feel that growth is in our best interest, it is important that we make gains in the right way. By presenting ourselves to patients enrolled in drug benefit programs that adequately compensate the pharmacy, we will be able to improve our quality of care while also increasing our bottom line.”
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About Progressive Care Inc.
Progressive Care Inc. (RXMD), through its PharmCo and Five Star pharmacies, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long-term care facilities, and health practice risk management.
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.
Investor Relations Contact:
Armen Karapetyan, Progressive Care
Senior Advisor Business Development
Public Relations Contact:
Kathleen Gonzales, CMW Media
Web and Application Development Contact:
Marcello Jaspan, Mass Ventures Corp