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TRxADE Health, Inc. (NASDAQ: MEDS) is a pioneering health service IT company based in the United States, dedicated to revolutionizing the retail pharmacy experience. Through its innovative platform trxade.com, the company provides a comprehensive web-based pharmaceutical purchasing and analytics system. This platform allows licensed pharmaceutical buyers, including pharmacies, long-term care facilities, hospitals, and physicians, to shop, compare products, and pricing from pharmaceutical suppliers nationwide. TRxADE’s platform enhances supplier competition, driving down costs for buyers while offering a secure and easy-to-manage location for all purchase activities.
TRxADE’s portfolio encompasses various products and services such as Integra Pharma Solutions, LLC, Community Specialty Pharmacy, LLC, Delivmeds.com, and the Bonum Health Hub and Application. The company's business segments include TRxADE, Inc., Superlatus, LLC, Integra Pharma, LLC, among others, with the majority of its revenue coming from TRxADE, Inc.
In recent developments, TRxADE Health has merged with Superlatus, Inc., a leading food technology and distribution company. This merger includes a binding agreement to acquire The Urgent Company Inc. and its popular consumer brands such as Coolhaus, Brave Robot, Modern Kitchen, and California Performance Co.. The acquisition aims to elevate TRxADE Health's position in sustainable and fair food products, facilitating entry into new markets and increasing market share. Superlatus is set to introduce innovative snack products like pulse-based twisted protein snacks through its Brave Robot brand, leveraging advanced food extrusion technology developed by Sapientia Technology, LLC.
These strategic moves align with TRxADE Health’s vision of expanding its market presence and fostering growth. The acquired consumer brands are already available in over 6,000 retail stores across the nation, including Whole Foods, Thrive Market, Kroger, and Costco, among others. The company’s commitment to enhancing the retail pharmacy and food technology sectors underscores its significant role in these industries.
For more information, visit TRxADE Health, Inc..
TRxADE HEALTH INC. (NASDAQ:MEDS) will release its financial results for the first quarter of 2023 on May 8, 2023, after market close. The results will be discussed in a conference call at 5:00 p.m. Eastern time on the same day. Interested participants can join via a toll-free U.S. number or an international dial-in. TRxADE focuses on optimizing the retail pharmacy experience, utilizing technology to enhance drug procurement and patient engagement. The company serves over 14,500 members, promoting price transparency and offering telehealth services under the Bonum Health brand. A playback of the conference call will be accessible until June 8, 2023, providing further insights into the company's financial performance.
TRxADE Health, a digital healthcare services IT company, reported a 16% revenue increase to $11.4 million for the fiscal year 2022, up from $9.9 million in 2021. Key growth drivers included a 10% increase in revenues from the TRxADE Platform and a 46% rise from Trxade Prime, despite a 29% revenue decline in its Community Specialty Pharmacy unit. The firm's gross profit remained steady at 48%, and net losses narrowed to $3.9 million, down from $5.3 million in 2021. The company expanded its registered users by 8%, totaling over 14,400. A conference call is scheduled for March 27, 2023, to discuss these results.
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