PROGRESSIVE CARE INC - RXMD STOCK NEWS

Progressive Care Inc. (OTCQB: RXMD) announced that shareholders approved the Business Combination with NextPlat Corp (Nasdaq: NXPL) at a Special Meeting on September 13, 2024. The merger is expected to close on October 1, 2024, subject to additional closing conditions. Upon completion, Progressive Care will become a wholly-owned subsidiary of NextPlat.

Under the Merger Agreement, Progressive Care shareholders will receive 1.4865 newly issued shares of NextPlat's common stock for each share of Progressive Care common stock they own. The exchange will be automatic for shares held in brokerage and retirement accounts. Shareholders with physical stock certificates should contact NextPlat's transfer agent, Equity Stock Transfer, for transfer instructions.

NextPlat Corp (NASDAQ: NXPL) reported a significant 474% increase in Q2 2024 consolidated revenues to $17 million, with record 34.2% quarterly margins. The company expects $70 million in annual revenues for 2024. Key highlights include:

- E-commerce revenue of $3.5 million, including contribution from newly acquired Outfitter Satellite
- Healthcare operations contributed $13.5 million in revenue
- Gross margins increased to 34.2%, up from 28.5% in Q2 2023
- Cash position of $24.9 million at quarter-end
- 17% increase in healthcare business revenue, driven by 11% growth in pharmacy prescriptions and 41% increase in 340B contract services

The company also announced a proposed merger with Progressive Care and expanded its e-commerce operations globally, including launching OPKO Healthcare-branded products in China.

Progressive Care Inc. (OTCQB: RXMD) reported Q2 2024 revenues of $13.5 million, a 17% increase from Q2 2023. Key highlights include:

- Gross margin expanded to 35%, up from 31% in Q2 2023
- 340B contract revenue grew 41% to $3.0 million
- Prescription revenue increased 11% to $10.5 million
- Positive cash flow from operations, with cash balance of $8.5 million
- Non-cash impairment charges of $9.8 million for goodwill and intangible assets

The company's growth was driven by new 340B contracts and increased prescription volumes. Progressive Care is pursuing a merger with NextPlat, with a shareholder vote scheduled for September 13, 2024.

NextPlat Corp (NASDAQ: NXPL, NXPLW) announced that its subsidiary, Global Telesat Communications (GTC), has entered a joint venture with Pivotel Solutions (dba Pulsar) to become an authorized reseller of SpaceX's Starlink satellite-based connectivity products. This move expands GTC's portfolio of satellite connectivity solutions by adding Starlink's Low Earth Orbit (LEO) network. Through this partnership, GTC aims to offer Starlink services to consumer, enterprise, and government customers in the UK and internationally, focusing on mobile and maritime sectors. Pulsar will provide back-end support for these services.

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.

NextPlat Corp announces a definitive business combination agreement with Progressive Care Inc., expecting revenue synergies and significant cost reductions. The merger will result in Progressive Care becoming a wholly owned subsidiary of NextPlat, with shareholders receiving newly issued shares of NextPlat's Common Stock. The transaction, approved by both boards, is set to close in the third quarter of 2024, pending regulatory and stockholder approvals.

NextPlat Corp expands its healthcare and technology focus through an e-commerce development program with Alibaba's Tmall Global and a strategic investment in Progressive Care Inc. The company reported consolidated revenues of $37.8 million for the fiscal year-ended December 31, 2023, showcasing significant growth in both e-commerce and healthcare operations. Gross margins increased to 30%, with healthcare operations contributing 32% and e-commerce profit margins improving to 26%. Operating expenses rose to $34.5 million due to expenses related to the Progressive Care acquisition. The net loss for 2023 was $3.8 million, with the company ending the year with $26.3 million in cash. Recent business developments include the launch of an OPKO Healthcare storefront in China and the acquisition of Outfitter Satellite Inc, aiming to expand the company's global presence and revenue streams.

Progressive Care Inc. (RXMD) reports record annual revenues of $49.7 million for 2023, a 22% increase from 2022, driven by a 17% rise in pharmacy prescription revenue and a 136% growth in 340B contract services revenue. The company's gross profit margin increased to 30% in 2023. Despite a non-cash goodwill impairment charge of $13.9 million, the cash balance as of December 31, 2023, was approximately $7.9 million, up from $6.7 million in 2022.