- Achieved 15% Revenue growth from year-over-year periods and the seventh consecutive quarter of positive operating income
- Completed a strategic acquisition of a retail specialty pharmacy with mail order service and drug delivery capabilities in October
TAMPA, Fla., Nov. 05, 2018 (GLOBE NEWSWIRE) -- Trxade Group, Inc., (OTCQB: TRXD) a web-based market platform with 9,300 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, announced quarterly results ended September 30, 2018.
2018 Third Quarter Results Summary:
- Revenues from continuing operations of $847,471, compared to $735,869, a 15% increase over the previous same quarter in 2017
- Net Income was $94,249, compared to $76,193 in third quarter of 2017.
“We continue to see good momentum in the business, with continued year-to-date growth as well as new technology enhancements and improved profitability in Pharmacy Solutions,” said Suren Ajjarapu, Trxade’s CEO and Chairman. “We are realizing operating margin and earnings growth while also making great progress in how we operate, invest, and innovate. We are driving more value and scale from our existing businesses but also targeting new strategic and market opportunities as the US drug industry continues to increase transparency and drug price efficiency.”
3Q Business Highlights:
- Trxade Launched new enhancements to the B2B platform
- Trxade added new categories to the B2B platform
- Trxade continues to expand the reach of its trading platform through organic expansion, with over 200 new independent pharmacies registered in third quarter 2018.
In October we acquired retail specialty pharmacy that expands Trxade group business into the “B-to-C” consumer market of direct purchasing, mail order and physical delivery to consumers. Trxade will improve the efficiency of selling and buying, as well as customer experience, by integrating e-commerce, brick and mortar retail, and logistics. We began the transformation from a pure “B-to-B” business model to a comprehensive New “full service” retail platform.
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 9,300 registered members. For additional information please visit us at http://www.trxadegroup.com.
Supplemental Financial Data
The Attached Selected Supplemental Financial Data tables disclose amounts reflected in our historical financial results and include the results of operations for a comparable period. Trxade utilizes certain financial measures that are not calculated in accordance with accepted accounting principles (GAAP) to access its financial performance such as working capital. This presentation should be viewed as a supplement to and not a substitute for the results of operations presented on a GAAP basis. Shareholders are encouraged to review the company’s filings with the Securities and Exchange Commission.
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:|
|Trxade Group, Inc.|
|Selected Consolidated Financial Data|
|Three months and nine months ended September 30, 2018 and 2017|
|Three months ended||Nine months ended|
|Cost of Sales||2,345||-||2,345||-|
|General and Administrative||753,297||646,254||2,313,734||1,906,692|
|Loss on Extinguishment of Debt||(7,444||)||(5,044||)||(7,444||)||(16,556||)|
|Net Income per Common Share |
|Net Income per Common Share |
|Weighted average Common Shares Outstanding Basic||32,083,629||31,985,827||32,083,629||31,945,168|
|Weighted average Common Shares Outstanding Diluted||34,737,964||34,076,003||34,732,540||34,076,003|
|Balance Sheet Data:||September 30, 2018||September 30, 2017|
|Shareholders” Equity (Deficit)||$||325,590||$||(311,933||)|