Progressive Care Announces Record December and Full Year 2020 Performance Data

Rhea-AI Summary

Progressive Care Inc. (OTCQB:RXMD) reported strong performance for December 2020 and full-year 2020, showcasing a 23% increase in gross sales to $40.6 million and a 16% rise in total prescriptions totaling 530,700. December sales reached $3.5 million, up 9% year-over-year, while prescriptions grew by 3%. The company also highlighted a 300% growth in 340B revenue to $2.8 million and $600,000 from COVID-19 testing services. CEO Alan Jay Weisberg expressed pride in the team's adaptability amidst challenges and confidence in future growth as the pandemic recedes.

Positive

• Gross sales increased by 23% in 2020, reaching $40.6 million.
• Total prescriptions rose by 16% in 2020, totaling 530,700.
• 340B revenue grew 300% year-over-year to $2.8 million.
• COVID-19 Rapid Testing revenue reached approximately $600,000 in 2020.

Negative

• None.

MIAMI, FL, Feb. 08, 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 report performance data for the month of December and the full year of 2020, which featured robust growth in sales and prescriptions, as well as breakout growth in emerging income streams, including 340B administration fees and COVID-19 Rapid Testing services.

Full Year 2020 Performance Highlights

• Consolidated gross sales across all locations for the twelve months ended December 31, 2020 totaled a Company record $40.6 million, representing year-over-year growth of 23% compared to the twelve months ended December 31, 2019.
• Total prescriptions for the twelve months ended December 31, 2020 totaled 530,700, representing year-over-year growth of 16% compared to the twelve months ended December 31, 2019.
• 340B revenue was $2.8 million, representing year-over-year growth of 300% compared to the twelve months ended December 31, 2019.
• Revenues from COVID-19 Rapid Testing totaled approximately $600,000 during 2020 with over 5000 tested.

December 2020 Performance Highlights

• Consolidated gross sales for the month of December 2020 totaled $3.5 million, representing 9% year-over-year growth (compared to December 2019), and 3% sequential monthly growth (compared to November 2020).
• Total prescriptions for the month of December 2020 totaled 46,200, representing 3% year-over-year growth (compared to December 2019), and 8.5% sequential monthly growth (compared to November 2020).
• 340B revenue was approximately $230,000 for the month of December 2020, representing 109% year-over-year growth (compared to December 2019).
• Revenues from COVID-19 Rapid Testing totaled a record $345,000 for the month of December 2020, representing 115% sequential monthly growth (compared to November 2020).

In response to a challenging 2020 context, the Company was able to respond with flexibility and strong execution, capitalizing on Progressive Care’s built-in competitive advantages, including its established delivery infrastructure, to drive a seamless transition into a pandemic-ready operational vision. The Company’s strong results owe in part to its ability to shift in stride to a model centered on contactless prescription delivery, a range of digital solutions, and an overall experience for providers and customers that met the needs of its surrounding communities during an uncertain and unpredictable period.

The Company sees its December performance as particularly important given that it closed the year with one of its strongest months, suggesting both momentum and growing resilience.

Progressive Care stands ready to deliver the same strong service to its clients, patients, and providers in 2021 as the pandemic recedes and a more normalized operating environment reasserts itself, providing a further opportunity for the Company to serve its community as a continued strong force on the virus testing front as well as a key player in the effort to efficiently distribute critical vaccine resources.

Alan Jay Weisberg, CEO and Chairman of Progressive Care, commented, “At some point, you’re going to face a test, and 2020 was a litmus test for many companies. We identified it as such at Progressive Care and worked proactively to innovate, and we emerged stronger than ever. It’s hard to find words to express how proud I am of our team, and we all look forward to a gradually normalizing operational environment in 2021.”

For more information about Progressive Care, please visit the company’s website. Connect and stay in touch with us on social media:

Progressive Care Inc.

https://www.facebook.com/ProgressiveCareUS/

https://twitter.com/ProgressCareUS

PharmCoRx

https://www.pharmcorx.com/get-tested-now

https://www.facebook.com/pharmcorx/

https://twitter.com/PharmCoRx

ClearMetrX

https://www.clearmetrx.com/

https://www.facebook.com/clearmetrx/

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 was Progressive Care's gross sales for 2020?

Progressive Care's gross sales for 2020 totaled $40.6 million, reflecting a 23% increase year-over-year.

How many prescriptions did Progressive Care fill in 2020?

In 2020, Progressive Care filled a total of 530,700 prescriptions, marking a 16% increase from the previous year.

What is the revenue growth for 340B services in 2020?

340B revenue for Progressive Care in 2020 grew by 300%, reaching $2.8 million.

How much revenue did Progressive Care generate from COVID-19 testing in 2020?

Progressive Care generated approximately $600,000 from COVID-19 Rapid Testing services during 2020.

What was the sales growth in December 2020 for Progressive Care?

In December 2020, Progressive Care reported consolidated gross sales of $3.5 million, which is a 9% increase year-over-year.