TRxADE HEALTH, Inc. - MEDS STOCK NEWS

TRxADE Health (NASDAQ:MEDS) announced the appointment of Jeff Newell to its advisory board on August 16, 2022. Newell, a seasoned executive with over 40 years of healthcare experience, is expected to enhance TRxADE's trade relationships and stockholder value. His background includes various leadership roles in the pharmaceutical sector, which the company believes will provide valuable insights moving forward. TRxADE operates a drug procurement marketplace serving over 13,800 members and aims to digitalize the retail pharmacy experience in the U.S.

TRxADE HEALTH, INC. (NASDAQ:MEDS) announced significant growth in its Q2 2022 earnings, reporting a 73% increase in revenue to $3.3 million, up from $1.9 million in Q2 2021. The gross profit rose to $1.2 million, although as a percentage of revenue, it dropped to 36% from 44% the previous year due to higher costs. Operating expenses decreased to $2.3 million. Despite a net loss of $1.1 million ($0.13 per share), this is an improvement over the $2.6 million loss reported in Q2 2021. The company also increased its registered user base to approximately 13,815.

TRxADE HEALTH, INC. (NASDAQ:MEDS) announced a preferred distribution agreement between Integra Pharma Solutions and GALT Pharmaceuticals, enhancing access to medications for independent pharmacies across 34 states. This partnership will introduce GALT's single-source and multi-source products, starting with Oravig (miconazole) buccal tablets, aimed at treating oral thrush. The collaboration seeks to improve pricing transparency and expand product offerings, benefiting over 100,000 prescribers and 50,000 buyers within the TRxADE network.

TRxADE HEALTH (NASDAQ:MEDS) will release its second quarter 2022 financial results on July 25, 2022, after market close. A conference call will follow at 5:00 p.m. Eastern time to discuss the results and include a Q&A session. Investors can participate via U.S. dial-in or through an international line. A playback of the call will be available until August 25, 2022. TRxADE HEALTH focuses on enhancing the retail pharmacy experience and currently serves over 13,475 members through its drug procurement marketplace and telehealth services.

TRxADE HEALTH (NASDAQ:MEDS) has launched Tele-Veterinary services through its subsidiary, Bonum Health, aiming to provide digital veterinary clinics for pets. Initially available in select markets like Illinois, New York, and Pennsylvania, this service responds to the growing demand in the telemedicine space. The global Tele-Vet market, worth approximately $119.6 million in 2021, is projected to grow at a 17.6% CAGR through 2030. Bonum Health's expansion into veterinary services complements existing pet health programs, targeting a significant growth opportunity in the sector.

TRxADE Health reported a 6% revenue increase to $3.2 million in Q1 2022, driven by its TRxADE and TRxADE Prime platforms. However, gross profit fell 4% to $1.3 million, reflecting rising costs. Operating expenses rose to $2.3 million, primarily due to IT initiatives and increased salaries. The net loss widened to $1.0 million, compared to $0.7 million a year ago. The company registered 339 new members, totaling approximately 13,475. Notably, processed sales volume on TRxADE Prime surged over 600%. Management remains optimistic about growth opportunities.

TRxADE HEALTH (NASDAQ:MEDS) will release its financial results for Q1 2022 after the market closes on May 9, 2022. The announcement will be followed by a conference call at 5:00 p.m. Eastern Time to discuss the results, which will include a Q&A session. The company operates a drug procurement marketplace with over 13,475 members, enhancing price transparency and patient engagement through its Bonum Health telehealth services. More details about the conference call and web access can be found on their official site.

TRxADE HEALTH (NASDAQ:MEDS) announced its Q4 2021 and FY 2021 financial results, highlighting a 19.7% revenue increase to $2.4 million in Q4, attributed to the TRxADE Platform. Gross profit surged 831% to $1.24 million, reflecting improved cost efficiency. However, FY 2021 revenues dropped 42.2% to $9.9 million, largely due to decreased PPE sales in 2021. The net loss for Q4 was ($0.8) million, improving from ($2.3) million year-over-year. Cash reserves decreased to $3.1 million, attributed to IT initiatives and inventory losses.

TRxADE HEALTH, INC. (NASDAQ:MEDS) is set to present at the 2022 Virtual Growth Conference, taking place from March 28-30, hosted by Maxim Group LLC and M-Vest. CEO Suren Ajjarapu will present on March 30 at 1:30 p.m. EDT during the "Technology Improving Healthcare" panel. This event will feature various sectors and provide opportunities for live Q&A with executives. TRxADE focuses on enhancing retail pharmacy experiences in the U.S. through innovative IT solutions and currently serves over 12,700 members.