NetworkNewsBreaks – Trxade Group Inc. (NASDAQ: MEDS) Releases Q3 2020 Financials, Marks Record Numbers
Trxade Group (NASDAQ: MEDS), an integrated drug procurement, delivery and healthcare platform, has released financial numbers for its third quarter. Financial highlights include third-quarter revenues up by 174% to $6.3 million, compared to revenue of $2.3 million in the same quarter last year; third-quarter gross profit increased 47% to $1.9 million, compared to gross profit of $1.3 million in the same quarter last year; and third-quarter net income reached $0.14 million compared to net income in the same quarter last year. Business highlights for the quarter included the addition of 144 new independent pharmacies; the unveiling of Bonum+, a B2B platform that bundles telehealth, a COVID-19 risk assessment tool and a Personal Protective Equipment (“PPE”) purchasing tool through a secure mobile dashboard for corporate clients; and the announcement of a prescription savings partnership with SingleCare. “The third quarter was highlighted by our impressive financial results, growing revenues 174% year-over-year, due to both robust PPE sales and ever more pharmacies joining the Trxade marketplace platform,” said Trxade Group chairman and CEO Suren Ajjarapu in the press release. “The COVID-19 pandemic has only underscored the importance of an integrated platform like ours, which enables independent pharmacies to remain competitive and profitable in a changing drug procurement marketplace. . . . We are a nimble organization and remain well-positioned to address emerging opportunities in the industry through our various business units, having created an unrivaled drug procurement marketplace platform for independent pharmacies, as well as a comprehensive healthcare solution for consumers centered around the independent pharmacy ecosystem. I look forward to our continued progress in the months ahead — creating sustainable, long-term value for our stockholders.”
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Trxade Group (NASDAQ: MEDS), an integrated drug procurement, delivery and healthcare platform, has released financial numbers for its third quarter. Financial highlights include third-quarter revenues up by 174% to $6.3 million, compared to revenue of $2.3 million in the same quarter last year; third-quarter gross profit increased 47% to $1.9 million, compared to gross profit of $1.3 million in the same quarter last year; and third-quarter net income reached $0.14 million compared to net income in the same quarter last year. Business highlights for the quarter included the addition of 144 new independent pharmacies; the unveiling of Bonum+, a B2B platform that bundles telehealth, a COVID-19 risk assessment tool and a Personal Protective Equipment (“PPE”) purchasing tool through a secure mobile dashboard for corporate clients; and the announcement of a prescription savings partnership with SingleCare. “The third quarter was highlighted by our impressive financial results, growing revenues 174% year-over-year, due to both robust PPE sales and ever more pharmacies joining the Trxade marketplace platform,” said Trxade Group chairman and CEO Suren Ajjarapu in the press release. “The COVID-19 pandemic has only underscored the importance of an integrated platform like ours, which enables independent pharmacies to remain competitive and profitable in a changing drug procurement marketplace. . . . We are a nimble organization and remain well-positioned to address emerging opportunities in the industry through our various business units, having created an unrivaled drug procurement marketplace platform for independent pharmacies, as well as a comprehensive healthcare solution for consumers centered around the independent pharmacy ecosystem. I look forward to our continued progress in the months ahead — creating sustainable, long-term value for our stockholders.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
