MIAMI, May 17, 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 first quarter 2017 results.
The Company announced just under $5 million in net revenues, a 23% increase over the same quarter in 2016, and positive earnings of approximately $160,000 or approximately 3% of revenues. The quarterly report also showed a modest decrease in cash flows attributable to an increase in accounts receivable and a decrease in accounts payable. As of March 31, 2017, the Company had nearly $800,000 in cash on hand.
The quarterly report showed sustained growth in the Company’s core business with advances coming from increasing physician referrals due to PharmCo’s “5 star” pharmacy performance rating. Targeted marketing and community recognition continue to yield revenues from a diverse range of pharmacy products including maintenance medications, specialty pharmaceuticals, topical analgesics, and custom compounds.
During the Earnings Call held on May 15, 2017, Ms. Mars (CEO), discussed several key objectives in 2017:
- The Company is taking steps to meet the listing requirements of OTCQB which includes recruiting qualified independent board members in the near term.
- In regard to the note issued by Chicago Ventures, the Company is taking careful consideration of the impact potential repayment terms may have on existing shareholders. The Company believes it would be preferable to repay the debt in cash upon maturity should circumstances allow.
- The Company plans to increase its brand awareness and market share in Palm Beach County through targeted outreach and new market support for accountable care organizations.
“It is astounding what this company continues to achieve amid an ever changing healthcare environment,” stated S. Parikh Mars, CEO. “While we are always mindful that there is more work to do and expectations to meet, we find that taking time to reflect on our accomplishments reinvigorates our desire to succeed. As we come upon the 10th Anniversary of PharmCo’s first sale, we know that we have come a long way from our “mom and pop” roots. Yet, it is precisely that spirit that will allow us to lead the next evolution in healthcare.”
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.