Welcome to our dedicated page for NextPlat news (Ticker: $NXPL), a resource for investors and traders seeking the latest updates and insights on NextPlat stock.
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Progressive Care announced record first-quarter 2024 revenues of $14.6 million, marking a 28% increase from $11.4 million in the same period in 2023. This growth is driven by a 110% increase in 340B contract service revenue and a 16% rise in prescription revenue. However, gross profit margins dipped from 28% to 27%, impacted by higher drug costs per prescription. The company also reported a net loss of $0.4 million, a significant increase from the $0.1 million loss in Q1 2023, due to higher operating expenses. A proposed merger with NextPlat Corp is expected to provide synergies and cost reductions. Cash balance declined to $5.5 million from $7.9 million at the end of 2023.
NextPlat Corp (NASDAQ: NXPL, NXPLW) announced record financial results for Q1 2024, with revenues soaring to $17.5 million from $2.9 million in Q1 2023, marking a 508% increase. The company's gross margin also improved to 27.5%. The revenue boost was driven by $2.9 million from e-commerce and $14.6 million from healthcare operations, specifically Progressive Care Inc. Key developments include the proposed merger with Progressive Care, the acquisition of Outfitter Satellite Inc., and the launch of an e-commerce program with Alibaba's Tmall Global. However, the quarter ended with a net loss of $1.5 million.
