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(July 17, 2018)
MIAMI, July 17, 2018 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTCQB:RXMD), a personalized healthcare services and technology company, today announced further growth year-over-year in both revenue and number of prescriptions filled for June 2018.
Progressive Care’s wholly owned subsidiary PharmCo, LLC has seen an 18.75% increase in prescriptions filled over the same month last year, totaling approximately 22,500 prescriptions.
June brought a total revenue of roughly $1.65 million in net revenues, a slight decrease from last year in the same month. This is due to reimbursement compression and insurance coverage contraction. Insurance carriers have significantly compressed reimbursement rates, especially regarding compounded medications. In addition to decreasing reimbursement rates, many medications (pain treatment alternatives in particular) have been removed from formularies leading to medications not being covered in their entirety or covered for severely restricted doses. However, increasing numbers of filled prescriptions serve as a strong indication of growth among Progressive Care’s core services.
“This year has been momentous for Progressive Care. We anticipated many of the current industry trends and devoted efforts to ensure revenue diversification and service innovation to promote company longevity,” said S. Parikh Mars, CEO of Progressive Care. “Our new DischargeRx program, adherence packaging, and 340B suite of services are already generating avenues for revenue generation. As we continue to develop new products and services, we will also keep advocating for patients whose needs are more complex and who are negatively impacted by coverage contraction.”
The release of June sales figures follows the company’s recent launch of DischargeRX, a new program designed to increase and improve engagement between patients and hospitals. The company also made other major announcements during the month of June including the installation of a TCGRx Automated Pouch Packaging System at its Miami-Dade County PharmCo location; and the launch of a campaign designed to educate patients and providers on treatment alternatives to opioids.
The company also released an update on the remaining balance with Chicago Venture Partners that stands at approximately $75,000, representing a conversion to an estimated 1.5 million shares.
For more information about Progressive Care, please visit the company’s website.
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About Progressive Care, Inc.
Progressive Care Inc. (OTCQB:RXMD), through its PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, and health practice risk management.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
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