Progressive Care Announces April 2020 Performance Continued Strong Growth Amid Challenging Context
MIAMI, FL, May 20, 2020 (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 operational performance data for April 2020, which represented a very challenging context given clear COVID-19 factors, but also featured strong growth in net sales, prescriptions filled, 340B income, and total patients served, as well as the nationwide launch of our new e-commerce platform and antibody testing program.
- Consolidated monthly gross sales across all locations totaled $2.97 million, representing year-over-year growth of 54% compared to April 2019
- Prescriptions filled during the month came in at 41,637, representing year-over-year growth of 45% compared to April 2019
- Same-store sales fell 12% on average as the COVID-19 measures impacted
- Key downside pressure related to reduced activity from health practitioners as patients clinics delay elective and routine healthcare
- 340B income increased 111% as new contracts came online April 1
- Strong Cash position, boosted to $2 million following PPP disbursement
- 1000 new patients gained since lockdown measures were implemented
- Successfully launched new e-commerce platform, seeing clear organic growth in traffic
- Continue to expand recently launched new COVID-19 IgG/IgM rapid result antibody testing program
“April data was clearly impacted by COVID-19 policy measures and upstream delays at the provider level as clinics and patients pushed routine, elective, and diagnostic healthcare consumption out into the future, reducing the flow of new prescriptions,” stated S. Parikh Mars, CEO of Progressive Care. “However, we still saw strong overall growth, added new patients, secured support to improve our cash position, launched our e-commerce platform, and launched a COVID-19 antibody testing program. In addition, much of the pressure that hit our same store numbers likely represents a pent-up demand factor that may positively contribute to future performance.”
Management believes the Company fared extremely well relative to competitors and the overall business environment in April, managing to capitalize on its core advantages, including its contactless prescription delivery infrastructure. As a result, April data displayed very clear new patient growth underway suggesting growth in market share despite a temporary hit to same store sales data.