Progressive Care Reports Q2 2020 Financials

Sales Up 32%, Over $2M in Cash on Hand - Seite 2

The impact of health data analytics services can be seen in connection with the Company’s role serving as a Third-Party Administrator for a growing number of 340B eligible clients. For the three months ended June 30, Progressive Care saw total sales related to 340B clients jump 314% on a year-over-year basis. 

The Company also commenced construction on the build-out of the 400 Ansin Blvd. building in Q2 2020. The purchased facility in Hallandale Beach has over 11,000 square feet and will house the operations of both the North Miami Beach and Davie, FL locations. The transition of operations from leased space will result in nearly $300,000 in savings in 2021. The Company plans to keep a portion of its North Miami Beach location to support its growing e-commerce and retail health products division.

Mr. Weisberg added, “Our focus right now is on continuing to deliver the best service in the space, but also on driving tangible returns from our technology-driven initiatives, where we see revolutionary progress. Data analytics and reporting platforms should have a major impact on how healthcare companies operate and we believe these initiatives should drive increased shareholder value engaging a much wider audience of market participants.”

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

PharmCo, LLC
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx

About 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.

Cautionary Statement Regarding 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. These statements include but are not limited to statements regarding expected financial and operational results in the second half of the year, the impacts of our data analytics products and services on our performance and expected savings from our transition to the Hallandale Beach facility. 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.