Trxade Group, Inc. Reports 3rd Consecutive Quarter of Positive Operating Income
TAMPA, FL / ACCESSWIRE / November 7, 2017 / Trxade Group, Inc. (OTCQB: TRXD), a web-based market platform with over 8,300 registered independent pharmacy customers that enables its customers to quickly source and purchase pharmaceuticals, accessories, and services from a wide range of manufacturers and drug distributors, today reported financial results for the quarter ending September 30, 2017, delivering positive operating income driven by improved operations for the third quarter in a row.
Highlights Include:
Net income from continuing operations was $76,193 for the quarter ended September 30, 2017, compared to a loss of $(295,477) for the same period a year ago.
Revenues for the third quarter were $735,869, compared with revenues of $610,832 in the same period last year, an increase of 13%, with YTD revenue growth of 17%.
Operating expenses (SG&A and R&D expenses) were $646,254 for the third quarter, a 24% reduction compared to the prior-year third quarter.
Operating income for the third quarter of 2017 was $89,615, compared to the third quarter loss of $(245,220) in 2016 from continuing operations.
Company launched several new product lines, including controls and other favorable functionalities, that assist customers in their daily purchases.
Trxade continues to make significant investments in the business operations and IT for future developments which should drive revenue growth.
"We achieved strong results in the third quarter due in large part to successfully delivering on our 2017 execution priorities, including successfully divesting non profitable line of business, improving our competitive positioning across online B2B pharmaceuticals trading and commercializing key technologies and new product lines," said Suren Ajjarapu, CEO. "Additionally, we completed a strategic review and initiated a business pivot to move more of our resources behind our most sizable growth opportunities."
Net income from continuing operations improved to $149,077, compared to a loss of $(1,111,633) for the nine months ended September 30, 2016. This was due to improved operating efficiency and increase in customer base. "Additionally, we have refined our framework for deploying capital and internal resources to support the growth objectives of our businesses," said Howard Doss, Chief Financial Officer.
About Trxade Group, Inc.
Headquartered in Tampa, Florida, Trxade Group, Inc. (TRXD) is a web-based market platform that enables trade among healthcare buyers and sellers of pharmaceuticals, accessories, and services. Founded in 2010, Trxade Group currently operates the trading platform with over 8,300 registered members. For additional information, please visit us at http://www.trxadegroup.com.
Forward-Looking Statements
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. Except as may be required by applicable law, 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. The company undertakes no duty to update forward-looking statements.
Investor Relations Contact:
Max Pashman
818-280-6800
mpashman@irpartnersinc.com
SOURCE: Trxade Group, Inc
