Progressive Care Achieves Record COVID-19 Testing Revenues

Rhea-AI Summary

Progressive Care Inc. (OTCQB:RXMD) has reported over $1 million in revenue generated from its COVID-19 testing program. In 2020, the company conducted more than 4,700 tests, yielding $599,000 in revenue. The revenue run rate for the first quarter of 2021 indicates significant growth, with 2,900 tests conducted, leading to over $400,000 in revenue. CEO Alan Jay Weisberg highlighted their market advantage with rapid results PCR and antigen testing systems, and the company aims to expand its market share in Florida.

Positive

• Revenue from COVID-19 testing surpasses $1 million.
• Increased revenue run rate: over $400,000 from approximately 2,900 tests in Q1 2021.
• Strong market position in rapid COVID-19 testing.

Negative

• None.

MIAMI, FL, April 05, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Progressive Care Inc. (OTCQB:RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce that the Company has surpassed $1 million in revenues directly driven by its COVID-19 testing program.

“We are truly grateful for the opportunity to be a part of the solution and help our community confront what promises to be a long-term battle with the virus, an elusive and formidable adversary,” commented Alan Jay Weisberg, CEO and Chairman of Progressive Care.

During 2020, the Company conducted over 4,700 COVID-19 tests that resulted in $599k in revenues. For the three months ended March 31, 2020, the revenue run rate associated with COVID-19 testing has accelerated, with approximately 2,900 tests, resulting in over $400k in revenues related to testing.

Mr. Weisberg continued, “We have recently added more testing equipment and analyzers and we hold a market-leading position in rapid results PCR and antigen-based testing systems. We are looking forward to continuing to expand our market share in COVID-19 testing throughout Florida State.”

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About Progressive Care: Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a Florida health services organization and provider of prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long-term care facilities, and health practice risk management.

Cautionary Disclosure Regarding Forward-Looking Statements Forward-Looking Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance, and opportunities that involve substantial risks and uncertainties. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.

Public Relations Contact:
Carlos Rangel
carlosr@pharmcorx.com

FAQ

What are the recent revenue figures for Progressive Care Inc. (RXMD) related to COVID-19 testing?

Progressive Care Inc. reported over $1 million in revenue from its COVID-19 testing program.

How many COVID-19 tests did Progressive Care conduct in 2020?

The company conducted more than 4,700 COVID-19 tests in 2020.

What is the revenue run rate for Progressive Care's COVID-19 testing in Q1 2021?

In Q1 2021, the revenue run rate was over $400,000 from approximately 2,900 tests.

What technology does Progressive Care use for COVID-19 testing?

The company utilizes rapid results PCR and antigen-based testing systems.

What is Progressive Care's goal in the COVID-19 testing market?

The company aims to expand its market share in COVID-19 testing throughout Florida.