MIAMI, April 04, 2017 (GLOBE NEWSWIRE) -- Progressive Care Inc. (OTC PINK:RXMD), through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), and the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, health practice risk management, announces 2016 annual results.
The Company announced over $18 million in net revenues, a 34% increase over 2015, and positive earnings of approximately $200,000. This represents the first year since 2010, that the company has accomplished net positive earnings in its audited financial statements. Earnings stood at just over 1% of sales. Cash flow also increased during 2016 by over $500,000. This amount exceeds cash flows from financing and shows positive cash flows from ongoing operations. The annual report also noted a year-over-year prescription count increase and a decrease in shares outstanding when compared to December 31, 2015.
The annual report showcased diversified pharmacy revenue streams and ongoing development of the Company’s portfolio of healthcare services. The addition of 340B services and the establishment of Smart Medical Alliance is expected to yield performance benefits as well improved financial results. The report issues a number of risk disclosures, but expresses a positive outlook on the financial and operational performance in 2017.
During the Earnings Call held on April 3, 2017, S. Parikh Mars (CEO), discussed avenues of expansion and advancement for the company during the coming year. The Company anticipates moving forward with efforts to upgrade its OTCMarkets listing tier from OTC Pink Current Information. The avenues include proceeding with meeting the current requirements of OTCQB or OTCQX, completing a merger or acquisition transaction to become fully SEC reporting and uplisting to a major national exchange, or a combination of both.
“I could not be prouder of all that we have accomplished in 2016,” stated S. Parikh Mars, CEO. “We released our audited financial statements for 2016 and have the utmost confidence that we can build upon our successes to achieve another year of growth and expansion in 2017. We will continue to strive to meet the expectations of our shareholders by staying transparent and forthright in the management and development of Company.”
About Progressive Care
Progressive Care, Inc. (OTC PINK:RXMD), through its subsidiary PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals specializing in health practice risk management, compounded medications, the sale of anti-retroviral medications and related medication therapy management, and the supply of prescription medications to long term care facilities.
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 the intended terms of the offering, closing of the offering and use of any proceeds from the offering. 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.