Progressive Care Announces Record December and Full Year 2020 Performance Data

MIAMI, FL, Feb. 08, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Progressive Care Inc. (OTCQB:RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to report performance data for the month of December and the full year of 2020, which featured robust growth in sales and prescriptions, as well as breakout growth in emerging income streams, including 340B administration fees and COVID-19 Rapid Testing services.

Full Year 2020 Performance Highlights

• Consolidated gross sales across all locations for the twelve months ended December 31, 2020 totaled a Company record $40.6 million, representing year-over-year growth of 23% compared to the twelve months ended December 31, 2019.
• Total prescriptions for the twelve months ended December 31, 2020 totaled 530,700, representing year-over-year growth of 16% compared to the twelve months ended December 31, 2019.
• 340B revenue was $2.8 million, representing year-over-year growth of 300% compared to the twelve months ended December 31, 2019.
• Revenues from COVID-19 Rapid Testing totaled approximately $600,000 during 2020 with over 5000 tested.

December 2020 Performance Highlights

• Consolidated gross sales for the month of December 2020 totaled $3.5 million, representing 9% year-over-year growth (compared to December 2019), and 3% sequential monthly growth (compared to November 2020).
• Total prescriptions for the month of December 2020 totaled 46,200, representing 3% year-over-year growth (compared to December 2019), and 8.5% sequential monthly growth (compared to November 2020).
• 340B revenue was approximately $230,000 for the month of December 2020, representing 109% year-over-year growth (compared to December 2019).
• Revenues from COVID-19 Rapid Testing totaled a record $345,000 for the month of December 2020, representing 115% sequential monthly growth (compared to November 2020).

In response to a challenging 2020 context, the Company was able to respond with flexibility and strong execution, capitalizing on Progressive Care’s built-in competitive advantages, including its established delivery infrastructure, to drive a seamless transition into a pandemic-ready operational vision. The Company’s strong results owe in part to its ability to shift in stride to a model centered on contactless prescription delivery, a range of digital solutions, and an overall experience for providers and customers that met the needs of its surrounding communities during an uncertain and unpredictable period.