$RXMD News - Progressive Care Reports July 2020 Performance Data: $3.62M in Gross Sales, and 106% Monthly Growth in 340B Income
MIAMI, FL, Aug. 25, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce operational performance data for July 2020, which continued to demonstrate a trend of robust growth in sales, prescriptions, and 340B income in both sequential monthly and year-over-year terms.
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• Consolidated monthly gross sales across all locations during the month of July totaled $3.62 million, representing monthly sequential growth of 8% compared to June 2020, and 7% year-over-year growth compared to July 2019
• Prescriptions filled during the month of July was 47,573, representing monthly sequential growth of 8% compared to June 2020, and 3% year-over-year growth compared to July 2019
• July set a new all-time Company record for total prescriptions filled
• 340B claim processing from 340B covered entities produced roughly $473K in revenue in July 2020, up 106% on a monthly sequential basis. This includes ClearMetRx third party administrator fees of over $146,000
• Total 340B claim submissions booked in July grew to almost $3 million*
“July was another strong month for Progressive Care, featuring the continued emergence of our 340B strategy and a strong contribution from our ClearMetRx data analytics subsidiary,” commented Alan J. Weisberg, Interim CEO and Chairman of the Board of Progressive Care.
Management notes that the Company continues to see extremely encouraging signs from its 340B strategy, which saw more than a doubling of revenues on a sequential monthly basis in July driven by new client relationships and an increasingly productive integration of the Company’s new ClearMetRx third party administration business.
The Company continues to pursue increasing efficiency in its core pharmacy services business while establishing multiple technology solutions that present more scalable long-term growth potential, including nationwide healthcare data analytics. Looking ahead, management believes Progressive Care will benefit from new client acquisition on a national level in its data analytics strategy as well as new patient and provider market share gains due to its continued leadership in contactless same-day prescription delivery service.
Weisberg added, “With strong cash levels in place, multiple scalable growth strategies underway, and core trends continuing to support strong expectations for the second half of the year, we believe we are poised to capitalize on opportunities for further growth in the months ahead.”
*All claims processed for not-for-profit entities are conducted on an agency basis. The gross value of the submissions is excluded from gross sales. Transaction fees due to the Company as a result of these claims are included in gross sales calculations.
For more information about Progressive Care, please visit the company’s website.
Connect and stay in touch with us on social media:
Progressive Care Inc.
https://www.facebook.com/ProgressiveCareUS/
https://twitter.com/ProgressCareUS
PharmCoRx
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx
MIAMI, FL, Aug. 25, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce operational performance data for July 2020, which continued to demonstrate a trend of robust growth in sales, prescriptions, and 340B income in both sequential monthly and year-over-year terms.
Read more
• Consolidated monthly gross sales across all locations during the month of July totaled $3.62 million, representing monthly sequential growth of 8% compared to June 2020, and 7% year-over-year growth compared to July 2019
• Prescriptions filled during the month of July was 47,573, representing monthly sequential growth of 8% compared to June 2020, and 3% year-over-year growth compared to July 2019
• July set a new all-time Company record for total prescriptions filled
• 340B claim processing from 340B covered entities produced roughly $473K in revenue in July 2020, up 106% on a monthly sequential basis. This includes ClearMetRx third party administrator fees of over $146,000
• Total 340B claim submissions booked in July grew to almost $3 million*
“July was another strong month for Progressive Care, featuring the continued emergence of our 340B strategy and a strong contribution from our ClearMetRx data analytics subsidiary,” commented Alan J. Weisberg, Interim CEO and Chairman of the Board of Progressive Care.
Management notes that the Company continues to see extremely encouraging signs from its 340B strategy, which saw more than a doubling of revenues on a sequential monthly basis in July driven by new client relationships and an increasingly productive integration of the Company’s new ClearMetRx third party administration business.
The Company continues to pursue increasing efficiency in its core pharmacy services business while establishing multiple technology solutions that present more scalable long-term growth potential, including nationwide healthcare data analytics. Looking ahead, management believes Progressive Care will benefit from new client acquisition on a national level in its data analytics strategy as well as new patient and provider market share gains due to its continued leadership in contactless same-day prescription delivery service.
Weisberg added, “With strong cash levels in place, multiple scalable growth strategies underway, and core trends continuing to support strong expectations for the second half of the year, we believe we are poised to capitalize on opportunities for further growth in the months ahead.”
*All claims processed for not-for-profit entities are conducted on an agency basis. The gross value of the submissions is excluded from gross sales. Transaction fees due to the Company as a result of these claims are included in gross sales calculations.
For more information about Progressive Care, please visit the company’s website.
Connect and stay in touch with us on social media:
Progressive Care Inc.
https://www.facebook.com/ProgressiveCareUS/
https://twitter.com/ProgressCareUS
PharmCoRx
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx
