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Ø Significant Business Expansions and Rapid Covid Testing
Services.
Progressive Care Inc.
(OTCQB: RXMD), through its subsidiaries, is a personalized healthcare
services and technology company which provides prescription pharmaceutical
services including Covid-testing, risk management and data analytics to
healthcare organizations and providers.
RXMD seeks to define a new level of service and
healthcare that is driven by the needs of patients and families. As the
healthcare system changes and adjusts, gaps form in the delivery of care
leaving patients, providers, and even payors behind to deal with negative
health outcomes. RXMD works to eliminate obstacles and inadequacies in
care by delivering innovative, patient-centric services that improve the health
and well-being of our communities.
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On August 17th RXMD
announced operational performance data for the three months and six months
ended June 30, 2020. Highlights included the following milestones:
- Consolidated net revenues for the three months
ended June 30 totaled $9.2 million (for the six months ended June 30,
$18.3 million), representing year-over-year growth of 32% (and 50% for the
six-month period) compared to comparable periods in 2019
- Prescriptions filled in Q2 topped 126,000 (and
258,000 in the six-month period), representing year-over-year growth of
23% in Q2 2020 (and 38% for the six-month period) compared to comparable
periods in 2019
- Income from services related to 340B Covered
Entities increased over $420,000 compared to the previous six-month
period, a 191% increase (314% increase in Q2 2020, quarter-over-quarter)
totaling $640,000
- Strong Cash position, boosted to over $2
million during Q2 2020
- Positive cash flow from operations of over
$764,000 for the six months ended June 30th, 2020
These results highlight
strong net gains in new patients and new healthcare organizations and providers
since March as RXMD takes up the mantle as the leader in COVID-19
measures in the pharmacy services space, including free contactless same-day prescription
delivery, in-store social distancing through headcount shift planning, and
antibody testing.
RXMD is focused on driving robust growth in the second
half of the year from traditional pharmacy services, but management anticipates
a materially increasing impact from health data analytics as it accelerates the
development in its new ClearMetRx platform, the RXMD wholly-owned data
analytics company with services designed to support health care organizations
across the country. The company has unique expertise in health data analytics
and data management and has begun to market these services to healthcare
entities. Continued development of automated systems and digital assets to
support these data-driven products and services is expected to drive future
revenue and profitability growth.
The impact of health data
analytics services can be seen in connection with the RXMD role serving
as a Third-Party Administrator for a growing number of 340B eligible clients.
For the three months ended June 30, RXMD saw total sales related to 340B
clients jump 314% on a year-over-year basis.
RXMD recently commenced construction on the build-out
of its 400 Ansin Blvd. building in Q2 2020. The purchased facility in
Hallandale Beach has over 11,000 square feet and will house the operations of
both the North Miami Beach and Davie, FL locations. The transition of
operations from leased space will result in nearly $300,000 in savings in 2021.
RXMD plans to keep a portion of its North Miami Beach location to
support its growing e-commerce and retail health products division.
Ø Significant Expansion to Establish Full-Service
PharmCo Operations and Rapid Covid Testing Services in Orlando Regional Market
On July 29th RXMD
announced expansion of its PharmCo branded pharmacy operations and presence in
the Orlando metropolitan area. RXMD is moving out of its current Orlando
pharmacy location, which is a 700 square-foot mini-pharmacy operating under the
“Five Star” brand designation, to a 3,700 square-foot full-size pharmacy that
will open under the PharmCo brand designation. The move, which represents an
expansion in property size of more than 400%, will not increase monthly lease
costs.
This move will also allow for a dramatic expansion in the RXMD services
and products offered in the Orlando market, including the full scope of PharmCo
pharmacy goods and services, as well as therapy management, patient management,
cost management services, and rapid-results testing services (COVID-19 IgG/IgM)
as authorized by the FDA under its Emergency Use Authorization (“EUA”)
guidelines for conducting SARS-CoV-2 antibody presence and COVID-19 infection
diagnosis testing.
For more information on Progressive Care, Inc. (RXMD) visit: https://www.progressivecareus.com/
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