Performance: Q4 Maintains Record Pace, Net Profita
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Posted On: 12/19/2019 5:51:16 PM
Performance: Q4 Maintains Record Pace, Net Profitable for Consecutive Months
MIAMI, FL, Dec. 17, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to provide current and prospective shareholders with the Company’s operational performance update for November 2019:
Consolidated monthly gross sales across all four pharmacy locations totaled $3.15 million, representing year-over-year growth of 70% compared to November 2018,
Prescriptions filled during the month exceeded 43K, representing year-over-year growth of 36% compared to November 2018.
“We continue to see accelerating growth in sales and prescriptions, but we are also very excited to report that all four operating locations have been net profitable for two consecutive months now for the first time this year,” commented S. Parikh Mars, CEO of Progressive Care. “In other words, following aggressive investments in expansion, we have turned the corner, and cash is starting to flow to the bottom line even as we move on a pace this quarter that will likely set new Company records for sales and prescriptions.”
The Company is seeing expanding growth in sales and prescriptions driven, in part, by the seamless integration of the Company’s recent acquisition, Family Physicians Rx (FPRX), which began to directly impact performance data last quarter. However, October and November are the first months of 2019 to feature EBITDA profitability across all four pharmacy locations.
Management notes that this is in line with the Company’s stated strategic emphasis in Q4 to target higher-margin opportunities with the explicit goal of generating positive net cash flows from core operations.
Mars continued, “There is unquestionably core organic growth across the entire business, but we have also made major investments in expanding the scale of our operations this year, with FPRX being the prime example. However, we also set a goal for ourselves in the second half of this year – we made an explicit commitment to our shareholders – to drive results on the bottom line. That has been an execution story over the past two months, and we are proud to report that execution to our shareholders as we get ready to close out the year on a tremendous note.”
MIAMI, FL, Dec. 17, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to provide current and prospective shareholders with the Company’s operational performance update for November 2019:
Consolidated monthly gross sales across all four pharmacy locations totaled $3.15 million, representing year-over-year growth of 70% compared to November 2018,
Prescriptions filled during the month exceeded 43K, representing year-over-year growth of 36% compared to November 2018.
“We continue to see accelerating growth in sales and prescriptions, but we are also very excited to report that all four operating locations have been net profitable for two consecutive months now for the first time this year,” commented S. Parikh Mars, CEO of Progressive Care. “In other words, following aggressive investments in expansion, we have turned the corner, and cash is starting to flow to the bottom line even as we move on a pace this quarter that will likely set new Company records for sales and prescriptions.”
The Company is seeing expanding growth in sales and prescriptions driven, in part, by the seamless integration of the Company’s recent acquisition, Family Physicians Rx (FPRX), which began to directly impact performance data last quarter. However, October and November are the first months of 2019 to feature EBITDA profitability across all four pharmacy locations.
Management notes that this is in line with the Company’s stated strategic emphasis in Q4 to target higher-margin opportunities with the explicit goal of generating positive net cash flows from core operations.
Mars continued, “There is unquestionably core organic growth across the entire business, but we have also made major investments in expanding the scale of our operations this year, with FPRX being the prime example. However, we also set a goal for ourselves in the second half of this year – we made an explicit commitment to our shareholders – to drive results on the bottom line. That has been an execution story over the past two months, and we are proud to report that execution to our shareholders as we get ready to close out the year on a tremendous note.”
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