Progressive Care Inc. Releases September 2019 Sale
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Posted On: 11/10/2019 3:58:41 PM
Progressive Care Inc. Releases September 2019 Sales and Financial Outlook
GlobeNewswireOctober 24, 2019
MIAMI, Oct. 24, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announced further growth year-over-year in revenue and number of prescriptions filled for September 2019.
September 2019 sales continued to increase with $3.1 Million in gross revenue and over 42,000 prescriptions filled between the 4 locations in Florida. Gross revenue does not include PBM clawbacks for DIR or other fees. Revenues increased by 94% over the same month last year and prescriptions filled increased 73%.
“September’s performance was better than expected,” said S. Parikh Mars, Chief Executive Officer of Progressive Care Inc. “During the month sales were impacted by the hurricane threat and observed holidays. We are pleased with the resilience of the business and are optimistic about the future outlook.”
The Company is devoting further efforts to improve profitability and cash flow. Some of these efforts are already yielding beneficial results such as prioritizing specialized health and administrative services, securing new contracts with better payment terms, and promoting products with higher margins. The Company is also cutting costs in all departments which includes labor, consultants, advertising, and any area where the quality of service will not be sacrificed. The Company’s control shareholder has cut his salary and is also committed to cutting his contractual compensation.
“We believe that the work we are doing to reduce costs and increase sales will yield beneficial results in 2020,” said S. Parikh Mars, Chief Executive Officer of Progressive Care Inc. “In the coming months, the Company will benefit from a reduced cost of goods, increased sales in more profitable areas, and better contractual relationships. We are securing all licenses and contracts necessary to further expand into long term care, which presents a great opportunity to broaden the client base and improve cash flow. Our ultimate goal is to be cash-flow positive by the end of the first quarter of 2020.”
GlobeNewswireOctober 24, 2019
MIAMI, Oct. 24, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announced further growth year-over-year in revenue and number of prescriptions filled for September 2019.
September 2019 sales continued to increase with $3.1 Million in gross revenue and over 42,000 prescriptions filled between the 4 locations in Florida. Gross revenue does not include PBM clawbacks for DIR or other fees. Revenues increased by 94% over the same month last year and prescriptions filled increased 73%.
“September’s performance was better than expected,” said S. Parikh Mars, Chief Executive Officer of Progressive Care Inc. “During the month sales were impacted by the hurricane threat and observed holidays. We are pleased with the resilience of the business and are optimistic about the future outlook.”
The Company is devoting further efforts to improve profitability and cash flow. Some of these efforts are already yielding beneficial results such as prioritizing specialized health and administrative services, securing new contracts with better payment terms, and promoting products with higher margins. The Company is also cutting costs in all departments which includes labor, consultants, advertising, and any area where the quality of service will not be sacrificed. The Company’s control shareholder has cut his salary and is also committed to cutting his contractual compensation.
“We believe that the work we are doing to reduce costs and increase sales will yield beneficial results in 2020,” said S. Parikh Mars, Chief Executive Officer of Progressive Care Inc. “In the coming months, the Company will benefit from a reduced cost of goods, increased sales in more profitable areas, and better contractual relationships. We are securing all licenses and contracts necessary to further expand into long term care, which presents a great opportunity to broaden the client base and improve cash flow. Our ultimate goal is to be cash-flow positive by the end of the first quarter of 2020.”
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