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Net Income Up 137%, EBITDA up 136% Year Over Year. Gross Margins Jump to 30% as Third-Party Services and Testing Show Increased Growth
MIAMI, FL, Nov. 16, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Progressive Care Inc. (OTCQB: RXMD)(“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce the filing of the Company’s financial performance data for the three and nine months ended September 30, 2021.
Financial Highlights for Three and Nine Months Ended September 30, 2021
Consolidated Net Revenues were $9.8 million and $29 million for the three and nine-month periods ended September 30, 2021, respectively.
Gross Margins increased to 30% for the three months ended September 30, 2021, up from 27% compared to the same period in 2020.
EBITDA for the three months ended September 30, 2021 was nearly $695k, up 136% year over year.
EBITDA for the nine months ended September 30, 2021 was $767k, up 203% from negative EBITDA of ($745k) when compared to the same period in 2020.
340B fees for the three months ended September 30, 2021 were $2.1 million, up 8% when compared to the same period in 2020.
COVID-19 testing revenues for the three months ended September 30, 2021 were $2.9 million.
Management cites continued strong operational performance in the Company’s 340B pharmacy services and third-party administration services, as well as in providing COVID-19 testing services.
Progressive Care’s 340B business continues to excel in 2021: the Company added five new contracts for 340B pharmacy services and third-party administrative services performed for 340B covered entities during the nine months ended September 30, 2021.
The growth in these newer revenue streams (340B pharmacy services, third-party administration services and COVID-19 testing services) is driving increased profitability across the Company’s business model, resulting in strong EBITDA growth and a sharp rise in gross margins.
The Company has filed a registration statement on a Form S-1 and is working diligently with its team of SEC attorneys and the Company’s investment banker to complete an uplist to NASDAQ.
The CEO of the Company, Alan Jay Weisberg, stated, “We believe that our year-to-date performance and activities will allow us to finish the year strong. Again, I find it important to communicate our company’s vision. The healthier we make our patients, the more successful our business will be, and we will not lose sight of that vision, with the goal of enhancing and creating more value for our shareholders. I have no doubt in my mind that our investments in technology and talent will provide the type of value the company and its shareholders deserve.”
For more information about Progressive Care, please visit the company’s website. Connect and stay in touch with us on social media:
About Progressive Care: Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a 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 Disclosure Regarding Forward-Looking Statements
Forward-Looking 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. 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.
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