Progressive Care Reports Record $32M Revenues, 70% Jump in Gross Profits, Leadership in Contactless Prescription Delivery Accelerating Momentum

MIAMI, FL, March 31, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is very excited to announce the release of the Company’s audited Annual Report for 2019. The Company posted record-breaking data, which was defined by sequential quarterly improvement throughout the year in all major financial performance metrics, including EBITDA profitability in Q4 2019. In addition, the Company is pleased to report that this momentum has continued to define results so far in 2020, as the Company sees market share gains based on its established leadership position in-home delivery and disease prevention protocols which have become a critical competitive advantage due to concerns over the spread of Coronavirus Disease 2019 (“COVID-19”).

S. Parikh Mars, CEO of Progressive Care, commented, “2019 was an extraordinary year for Progressive Care. We confronted difficult challenges and put together the most impressive stretch of performance in our history in response. Each quarter – each month – was better than the last and now defines a fresh context for 2020.”

Key 2019 Annual Report Highlights

• Consolidated monthly gross sales across all locations for 2019 totaled $32.6 million, representing year-over-year growth of 58% compared to the twelve months ended 12/31/2018,
• Total Gross Profit across all locations for 2019 totaled $7.97 million, representing year-over-year growth of 70% compared to the twelve months ended 12/31/2018,
• EBITDA for Q4 2019 turned positive, at $300,904,
• 2019 was characterized by four consecutive quarters of declining overall net losses.

Management believes that Progressive Care is now leveraging a strong competitive advantage in its core pharmacy segment due to the COVID-19 crisis. The prescription drug prescriber community has quantifiable financial incentives driven and defined by the risk of patient infection rates. This is even more acute in the geographic area defining the Company’s primary operational footprint (Florida), where demographic variables confer a greater risk in COVID-19 patient outcomes due to age-related factors.