TRxADE HEALTH, Inc. - MEDS STOCK NEWS

TRxADE HEALTH, INC. (NASDAQ:MEDS) announced a preferred telemedicine services agreement via its subsidiary Bonum Health with an independent group purchasing organization (GPO). This partnership aims to provide significant discounts to over 100 pharmacies in the northeastern U.S., enhancing access to telehealth services for uninsured and under-insured patients. The initiative responds to trends showing independent pharmacies losing clientele to larger competitors like CVS and Walgreens. The company’s strategy focuses on business-to-business opportunities, aiming to bolster its pharmacy network and improve operational performance.

TRxADE HEALTH, INC. (NASDAQ: MEDS) reported its Q3 2022 financial results, showing a 6% decline in revenues to $2.4 million compared to Q3 2021. Despite this, the TRxADE Platform revenues rose by 6% for the quarter and 10% for the year-to-date. Gross profit increased to $1.4 million, representing 58% of revenue, up from 50% a year prior. The net loss decreased to ($0.5 million) or ($0.06) per share from a ($1.3 million) loss in Q3 2021. The company added 291 new members in Q3, totaling 14,100+ registered members. Management emphasizes ongoing strategic partnerships and innovation efforts.

TRxADE HEALTH INC. (NASDAQ:MEDS) plans to release its financial results for Q3 2022 after market close on November 7, 2022. The results will be shared in a press release following the close of regular trading hours. Management will also conduct a conference call at 5:00 p.m. Eastern time on the same day to discuss the financial results and answer questions from participants. TRxADE HEALTH aims to enhance the retail pharmacy experience through improved drug procurement and patient engagement.

TRxADE HEALTH, INC. (NASDAQ:MEDS) announced a securities purchase agreement to raise approximately $1.8 million via a registered direct offering and concurrent private placement. The company plans to sell 1,521,740 shares of common stock at an effective price of $1.15 per share. Additionally, warrants to purchase up to 2,663,045 shares will be issued, exercisable upon shareholder approval at an exercise price of $1.50. The offering is expected to close around October 7, 2022.

TRxADE HEALTH, INC. (NASDAQ: MEDS) announced the appointment of Jeff Newell to its Board of Directors on October 3, 2022. Newell, previously an advisor, brings over 40 years of healthcare experience and is expected to enhance the company's strategic initiatives. The Board believes his expertise will be valuable in optimizing relationships within the pharmaceutical sector. Chairman Suren Ajjarapu emphasized the aim of fostering long-term growth and building stockholder value through this leadership change.

TRxADE HEALTH (NASDAQ: MEDS) announced a Telemedicine Services Distribution Deal between its subsidiary, Bonum Health, and Wakefern Food Corp.. This collaboration aims to provide affordable telemedicine services across ShopRite locations in several states, including New Jersey and New York. Customers will access healthcare via Bonum Health's Mobile Health Services app, staffed by over 650 board-certified medical providers, and enjoy prescription discount savings. This partnership is intended to enhance healthcare accessibility for the uninsured and under-insured populations.

TRxADE Health, Inc. (NASDAQ: MEDS) announced the launch of its TRxADE Prime Plus program, enhancing access for member pharmacies to over 20,000 pharmaceuticals with next-day delivery and no additional shipping fees. This initiative aims to improve supply chain logistics and reduce overall product costs through advanced technology. The program is expected to boost gross revenues and facilitate timely prescription fulfillment, solidifying TRxADE's position in the pharmaceutical marketplace while fulfilling pharmacy partners’ needs for lower pricing and efficient service.

TRxADE HEALTH, INC. (NASDAQ:MEDS) announced the termination of its proposed underwritten public offering originally disclosed on August 23, 2022. The decision was made due to unfavorable market conditions, as management deemed it not in the best interests of stockholders. Consequently, no shares will be sold associated with this offering. The offering was structured under a shelf registration statement filed with the SEC on August 8, 2022. TRxADE focuses on enhancing the retail pharmacy experience through technology, serving 13,815+ members nation-wide.