Progressive Care Inc. Reports Strong February Sales and Leads Efforts to Combat Novel Coronavirus Infections

MIAMI, FL, March 16, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE ‒ Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is proud to announce several updates regarding business continuity amid the growing novel Coronavirus outbreak and an over 64% increase in February 2020 sales figures.

• Consolidated monthly gross sales across all locations totaled $2.8 million, representing year-over-year growth of 64.7% compared to February 2019,
• Prescriptions filled during the month came in at approximately 41,000, representing year-over-year growth of 50%
• Approximately $640k in claim submissions for not-for-profit entities*
• The Company plans to file audited 2019 financial statements on time on or before March 30, 2020 with its earnings call slated for March 31, 2020 at 4:30 PM
• The Company still expects to move forward with filing its S-1 registration statement with SEC within 45 to 60 days of filing its audited financial statements for 2019
• The Company expects to operate at full capacity amid growing concerns over the novel Coronavirus

*All claims processed for not-for-profit entities are conducted on an agency basis. Thus, the gross value of the submissions is excluded from gross sales. Transaction fees due to the company as a result of these claims are included in gross sales calculations

Novel Coronavirus

The Company remains vigilant in not only leading Coronavirus response in Florida but also educating and applying best practices among all locations and referring physicians. We have encouraged all patients and physicians to do what is necessary to prevent acute health care episodes resulting from chronic conditions. The Company has recommended all patients secure 90-day supplies of all maintenance medications during this time. The Company has been procuring additional supplies of medications in the event shortages occur in the supply chain due to the pandemic.

Progressive Care’s pharmacies are also uniquely capable of mobilizing its infrastructure to deliver thousands of prescriptions per day in Florida. The Company has issued several PSAs in support of the effort to contain the virus in the community and believes that limiting patient exposure to public spaces is critical to that effort. All locations have increased their sanitation and disinfection efforts while encouraging patients to utilize its free home delivery service. We are in the process of establishing a line of communication with CDC and Florida Department of Health as we prepare our locations to be utilized to coordinate emergency responses.