Progressive Care Reports Second Quarter 2022 Results Highlighted by 4% Growth to $10.0 Million in Revenue
Progressive Care, Inc. (OTCQB: RXMD) reported a 4% revenue increase to approximately $10 million for Q2 2022, driven by a 13% rise in prescription revenue to nearly $9.3 million. Operating loss remained flat at $0.2 million, while cash balances stood at $2.2 million. The company's expansion into chronic care management and remote patient monitoring is underway, along with maintaining SEC reporting status. Gross profit margins decreased to 20% from 27% year-over-year, attributed to a decline in higher-margin COVID-19 testing revenues.
- 13% increase in prescription revenue to nearly $9.3 million.
- Expansion into chronic care management and remote patient monitoring markets.
- Retention of SEC reporting status.
- Gross profit margins decreased from 27% to 20%, due to reduced COVID-19 testing revenues.
- Operating loss remained flat at $0.2 million despite revenue growth.
Core Prescription Revenue Growth of
Miami, FL, Aug. 12, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Progressive Care, Inc. (OTCQB: RXMD) (the “Company”), a personalized healthcare services and technology provider, today announced financial and operational results for the three and six months ended June 30, 2022.
Key Financial Highlights for the Three Months Ended June 30, 2022 compared to Three Months Ended June 30, 2021
- Revenue increased
4% to approximately$10.0 million - Prescription revenue increased
13% to almost$9.3 million - Operating loss remained flat at
$0.2 million - Cash balance of
$2.2 million
Business Highlights for the Three Months Ended June 30, 2022
- Gained SEC reporting status
- Expansion into rapidly growing chronic care management and remote patient monitoring markets
Summary Financials for the Three Months Ended June 30, 2022, as Compared with the Three Months Ended June 30, 2021
For the Three Months Ended June 30, | ||||||||
2022 | 2021 | |||||||
Prescription revenue | $ | 9,275,774 | $ | 8,172,840 | ||||
340B contract revenue | 706,102 | 725,323 | ||||||
Testing revenue | 368,197 | 1,057,232 | ||||||
Other revenue | 1,450 | 1,300 | ||||||
Sub total | 10,351,523 | 9,956,695 | ||||||
PBM Fees | (377,939 | ) | (356,748 | ) | ||||
Sales returns | - | (2,813 | ) | |||||
Revenues, net | $ | 9,973,584 | $ | 9,597,134 | ||||
Management Commentary
Alan Jay Weisberg, Chairman and Chief Executive Officer of Progressive Care, commented, “We continued to see improvement in several segments of our business. Our 340B covered entity business has continued to improve due to revenues related to dispensing prescriptions and third-party administration fees, which have returned to the same levels prior to January 2022. In our value-based pharmacy business, our revenues have improved to over
Mr. Weisberg continued, “Going forward, our marketing and business development focus will be on more profitable business lines, such as our long-term care business, 340B contract pharmacy services, and 340B third party administration services. We will also develop new and expanded services in the areas of chronic care management and remote patient monitoring. We have done a great job identifying such opportunities in the past years with our testing business as an example, which helped us during the pandemic to improve our cash flow and liquidity, and we’re extremely excited to enter the remote patient monitoring market. We are in the process of finalizing the development of our RPM platform and expect to be ready for the launch of our RPM solutions during the third quarter of 2022.”
Financial Results for Three Months Ended June 30, 2022
For the three months ended June 30, 2022 and 2021, the Company recognized overall revenue from operations of approximately
The Company’s pharmacy business filled approximately 118,000 and 107,000 prescriptions during the three months ended June 30, 2022, and 2021, respectively, a
Revenue from COVID-19 testing was approximately
340B contract revenue for the three months ended June 30, 2022 was flat as compared to the same period in 2021.
Gross profit margins decreased from
The loss from operations increased by approximately
During the earnings call, Birute Norkute, the Company’s COO said, “We are pleased to report that our second quarter activities have built upon and continued the momentum from our first quarter performance from all our business segments. Our focus on growth and operational excellence has allowed us to retain a status of performance as a Five-Star pharmacy, which will maximize our reimbursements and will allow us to earn performance bonuses with certain payors. This positive trend is already showing in our data. We also see a significant uptick in new patient acquisition numbers, more than in previous quarters, including patients testing positive for COVID-19 looking for the latest and most effective therapies to treat the virus.”
Financial Results for Six Months Ended June 30, 2022
For the six months ended June 30, 2022 and 2021, the Company recognized overall revenue from operations of approximately
The Company’s pharmacy business has filled approximately 229,000 and 223,000 prescriptions during the six months ended June 30, 2022, and 2021, respectively, a
Revenue from COVID-19 testing was approximately
Gross profit margins decreased from
The loss from operations decreased by approximately
Mr. Weisberg, concluded, “Our outlook for the remainder of 2022 and beyond is positive. We continue our progress towards diversification and expansion of our business lines in long-term care, chronic care management and remote patient monitoring and development of our data platforms in our ClearMetrX subsidiary, and to achieve other strategic goals such as widening our geographic markets that we serve. We are endlessly grateful to our shareholders for their continued confidence and support as we continue on our path for a record breaking 2022.”
Progressive Care, Inc.
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.
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.progressivecareus.com/
PharmCoRx
https://www.pharmcorx.com/
ClearMetrX
https://www.clearmetrx.com/
Forward-Looking Statements:
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
Investor Relations Contact:
ClearThink Capital
nyc@clearthink.capital
p917-658-7878
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