Progressive Care Reports October 2019 Performance:
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Posted On: 11/21/2019 11:56:28 PM
Progressive Care Reports October 2019 Performance: Q4 on Record Pace with Expanding Margins
GlobeNewswire GlobeNewswireNovember 19, 2019
MIAMI, FL, Nov. 19, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is excited to report another month of exceptional growth and expanding margins. October sales and prescriptions filled set a new record performance pace for Q4 results.
“The annualized pace we set in October equates to new records across the board as we continue to see broad-based top-line expansion on improving margins,” stated S. Parikh Mars, Progressive Care CEO. “Our $3.4 million in overall sales for October is an understatement because it leaves out the cash flows we took in during the month related to third-party billing activity. With all factors included, the number of gross billing would be closer to $4.2 million. And our 46k prescriptions filled puts Q4 on pace to handily surpass our breakout Q3 performance already. Execution continues to be tremendous, and I am very proud of our talented and dedicated team.”
The Company achieved over $3.4 million in overall October sales (not including an additional $800,000 third-party related billing activity), representing 78% annual growth in sales compared to October 2018, and 10% monthly growth in sales on a sequential monthly basis.
The Company is also excited to report over 46,000 in filled prescriptions during the month, representing a 48% annual growth rate, and a 12% sequential monthly growth rate. In addition, the Company continues to see expanding bottom-line results, with gross margins tracking over 24% for October operations.
“Shareholders will also be very happy to know that our performance bonus payment is now in the Company’s hands,” continued Mars. “We just took in an additional $191K in performance awards based on our exceptional performance at each of our core locations from January thru June 2019. It’s no longer a hypothetical idea. In addition, November is already off to a spectacular start, and we look forward to our next update.”
GlobeNewswire GlobeNewswireNovember 19, 2019
MIAMI, FL, Nov. 19, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is excited to report another month of exceptional growth and expanding margins. October sales and prescriptions filled set a new record performance pace for Q4 results.
“The annualized pace we set in October equates to new records across the board as we continue to see broad-based top-line expansion on improving margins,” stated S. Parikh Mars, Progressive Care CEO. “Our $3.4 million in overall sales for October is an understatement because it leaves out the cash flows we took in during the month related to third-party billing activity. With all factors included, the number of gross billing would be closer to $4.2 million. And our 46k prescriptions filled puts Q4 on pace to handily surpass our breakout Q3 performance already. Execution continues to be tremendous, and I am very proud of our talented and dedicated team.”
The Company achieved over $3.4 million in overall October sales (not including an additional $800,000 third-party related billing activity), representing 78% annual growth in sales compared to October 2018, and 10% monthly growth in sales on a sequential monthly basis.
The Company is also excited to report over 46,000 in filled prescriptions during the month, representing a 48% annual growth rate, and a 12% sequential monthly growth rate. In addition, the Company continues to see expanding bottom-line results, with gross margins tracking over 24% for October operations.
“Shareholders will also be very happy to know that our performance bonus payment is now in the Company’s hands,” continued Mars. “We just took in an additional $191K in performance awards based on our exceptional performance at each of our core locations from January thru June 2019. It’s no longer a hypothetical idea. In addition, November is already off to a spectacular start, and we look forward to our next update.”
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