“Q3 set new records across basically all metri

“Q3 set new records across basically all metrics, and we expect to report our first quarter of operating profitability in Q4,”

commented S. Parikh Mars, Progressive Care CEO . “We saw accelerating growth in sales and prescriptions while continuing our strong multi-quarter trends of falling costs and expanding gross margins. Beyond the numbers, we are seeing a major positive impact from our recent Family Physicians Rx acquisition, and the Company is firing on all cylinders post-integration. Ultimately, this creates a very favorable backdrop for continued aggressive expansion in the months and quarters ahead as we prepare to launch several powerful new initiatives in Q4 and 2020.”


Third Quarter 2019 Financial Highlights

• Consolidated quarterly year-over-year Revenue Growth of 91% to $10.14 million
• Q3 Gross Margins expanded to 24.4% (versus Q2 22.7%, Q1 19.8%)
• Gross Profit up 128% year-over-year to $2.47 million
• Prescriptions Filled up 52% to 323k for nine months ended Sep. 30 (vs 2018 comparable period)
• Prescriptions Filled up 70% to 136k in Q3, on quarterly year-over-year basis
• Cash level up 774% year-to-date to $759,016
• Accounts Receivable up 96% year-to-date to $2,372,177
• Company expects to be profitable on EBITDA basis in Q4 2019


Third Quarter 2019 Business Highlights

• Achieved record performance in Q3 driven by expanding operations, targeting higher margin strategies, and M&A
• Renegotiated Family Physicians Rx ( FPRX ) acquisition, reducing price by 36%, saving shareholders $1.1 million
• FPRX renegotiation generates $400k reduction in existing and outstanding liabilities and significant reduction in outstanding shares (10 million)
• Realized Maximum benefits at 3 of 4 locations in Q3, driving $180K in returned fees
• Will begin shipping proprietary branded CBD-based products by January 2020
• Anticipates full SEC-reporting status by April 2020 as prefatory step to planned major US exchange listing
• Plans transformative expansion into Telehealth marketplace with disruptive monetization model in 2020

https://www.tradingview.com/chart/RXMD/VHqy9h...t-Quarter/


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