Positioned for accelerated revenue growth and to become an SEC filing company in 2022
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Miami, Fla., March 29, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Progressive Care Inc. (OTCQB: RXMD) (the “Company”), a provider of personalized healthcare technologies and services, today announced its financial and operating results for the fiscal year ended December 31, 2021.
Key financial highlights for the year ended December 31, 2021
• Revenue of $38.9 million
– COVID-19 testing revenue of approximately $4.3 million
– ClearMetrX TPA and 340B-related pharmacy dispensing revenue brought in $2.8 million on total billings of $19 million
• Gross margin increased to 26% in 2021 from 23% in 2020
• EBITDA increased from $7,000 in 2020 to $167,000 in 2021
• Cash balance of $1.4 million as of December 31, 2021
Business Highlights for the Year Ended December 31, 2021
• Updated and reimplemented pharmacy software system
• Expanded COVID-19 activity to business-focused services and institutional clients
• Strengthened reputation in the 340B sector by adding eight new contracts
• Filing of the initial S-1 registration statement
• Submitted an uplisting request to Nasdaq
The fourth quarter of 2021 reflects a positive rebound in business
• 10% increase in prescription revenue to $8.9 million in the fourth quarter of 2021, compared to $8.1 million in the third quarter of 2021
• 8% increase in prescriptions filled to 114,000 in Q4 2021 from 106,000 in Q3 2021
• Form 10-12G registration statement filed with the SEC
Alan Jay Weisberg, President and CEO of Progressive Care, said: “In 2021, our team overcame many obstacles, both macro and business specific, and we ended the year in a much stronger position in this regard. regarding our business and capital markets strategy. Our team was able to complete the complex pharmacy system implementation and resume growth of the pharmaceutical business, successfully achieve significant revenue from COVID-19 services, and position to become a reporting company with the SEC.
Mr. Weisberg continued, “We believe our performance and business in Q4 2021 has given us good momentum, and we expect Q1 2022 performance to reflect that. Again, I find it important to communicate our company’s mission – the healthier our patients, the more successful our company will be, and we will not lose sight of this vision, with the aim of improving and creating more value for our shareholders. Progressive Care believes that investments in technology and talent will deliver the kind of value the company and its shareholders deserve.
Mr. Weisberg concluded, “We expect our planned Nasdaq IPO, once completed, to have an immediate and positive impact on business growth, allowing us to increase our operational tempo by gaining access to institutional capital and to pursue activities that we think will help us roll out our services nationwide at a faster pace. In the meantime, we will do our part by staying on course to grow our business. We strongly believe that the optimism around Progressive Care will soon begin to be reflected in our share price. »
Progressive Care Inc.
Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a Florida health services organization and provider of prescription pharmaceuticals, compound drugs, telepharmacy services, antiretroviral drug sales , medication therapy management (MTM), the provision of prescription drugs to long-term care facilities, and the management of health practice risks.
For more information about Progressive Care, please visit the company’s website.
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Progressive Care Inc.
Statements contained herein that are not based on current or historical facts 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. forward-looking statements reflect the company’s expectations regarding its future operating results, performance and opportunities, which involve risks and
uncertainties. When used herein, the words “anticipate”, “believe”, “estimate”, “in the future”, “plan”, “target”, “intend” and “expect” and expressions similar, with respect 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 such forward-looking statements.
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