Open web
version
Miami, FL -- November 15, 2022 -- InvestorsHub NewsWire
-- Progressive Care Inc. (OTCQB:
RXMD) (“Progressive Care” or the “Company”), a personalized
healthcare services and technology provider, today announced
financial and operational results for the three and nine months
ended September 30, 2022, and appointment of Charles M. Fernandez
as the new Chief Executive Officer.
The Company is delighted to welcome our current Chairman of the
Board, Charles M. Fernandez as the Company’s new Chief Executive
Officer. On November 11, 2022, Alan Jay Weisberg, Chief Executive
Officer, and Vice-Chairman of the Board, resigned effective
immediately. On the same date, the Board appointed Charles to serve
as the new CEO effective immediately.
“Yesterday we announced that Jay Weisberg, our former CEO, had
resigned his positions as CEO and Vice-Chair of the Board of
Directors. Progressive Care is greatly indebted to Jay’s leadership
and guidance to the Company as we emerged from the pandemic. Jay
will remain available to us on a consulting basis as we continue
our transition to a diversified technology-driven healthcare
company. Upon Jay’s resignation, the Directors of Progressive Care
appointed me as the Chief Executive Officer. As many of you are
aware, I had joined the Board of Directors of Progressive Care as
the Chairman in September. My appointment as Chairman was part of
the $6 million investment made in Progressive Care in September
2022 by NextPlat Corporation, the Company of which I am also the
CEO and Executive Chairman. I will receive no salary or other forms
of compensation for my work as CEO of Progressive Care. I am taking
on this role with the goal of maximizing the synergies that exist
between NextPlat and Progressive Care,“ said Charles M. Fernandez,
CEO of Progressive Care.
Key Financial Highlights for the Three Months Ended
September 30, 2022 compared to the same period in
2021:
- Revenue increased 4% to approximately $10.1 million
- Prescription revenue increased 16% to almost $9.4 million
- Cash balance of $7.4 million.
Recent Operational Highlights:
- The Company has completed its strategic transaction with
NextPlat for recapitalization purposes
- Appointment of new Board Members Charles M. Fernandez, Rodney
Barreto, and Pedro Rodriguez
- Launch of our ClearMetrx platform for 340B third-party
administration
- Partnership with MedAvail to provide prescription dispensing
kiosks
- Launch of remote patient monitoring platform including
physicians’ web portal and patients’ native apps for Android and
iOS
- Integration with Salesforce to enhance marketing and sales
efforts for developing business lines
Operating results for the three months ended September
30, 2022:
For the three months ended September 30, 2022 and 2021, we
recognized overall revenue from operations of approximately $10.1
million and $9.8 million, respectively. Net pharmacy revenues
increased by approximately $0.3 million for the three months ended
September 30, 2022 when compared to the same period in 2021. For
the three months ended September 30, 2022, the increase in revenue
was mainly attributable to an increase in pharmacy revenue of
approximately $1.3 million and 340B contract revenue of
approximately $0.5 million, which was offset by a decrease in
COVID-19 testing revenue of approximately $1.1 million and an
increase in PBM fees of approximately $0.4 million when compared to
the same period in 2021.
We have filled approximately 117,000 and 106,000 prescriptions
during the three months ended September 30, 2022 and 2021,
respectively, a 10% period over period increase in the number of
prescriptions filled.
Gross profit margins decreased from 30% for the three months
ended September 30, 2021, to 21% when compared to the same period
in 2022. The 9% period over period decrease is mainly due to the
decrease in COVID-19 testing revenues, which have significantly
higher margins than pharmacy operations.
The loss from operations increased by approximately $2.1 million
for the three months ended September 30, 2022, when compared to the
same period in 2021, due to the decrease in COVID-19 testing
revenues and increase in operating expenses, which was offset by an
increase in prescription and 340B contract revenue.
Operating results for the nine months ended September
30, 2022:
For the nine months ended September 30, 2022 and 2021, we
recognized overall revenue from operations of approximately $30.2
million and $29.0 million, respectively. Net pharmacy revenues
increased by approximately $1.2 million for the nine months ended
September 30, 2022 when compared to the same period in 2021. For
the nine months ended September 30, 2022, the increase in revenue
was mainly attributable to an increase in pharmacy revenue of
approximately $2.4 million and an increase in 340B contract revenue
of approximately $0.1 million, which was offset by a decrease in
COVID-19 testing revenue of approximately $1.0 million and an
increase in PBM fees of approximately $0.3 million, when compared
to the same period in 2021.
We have filled approximately 347,000 and 330,000 prescriptions
during the nine months ended September 30, 2022 and 2021,
respectively, a 5% period over period increase in the number of
prescriptions filled.
Gross profit margins decreased from 27% for the nine months
ended September 30, 2021, to 22% when compared to the same period
in 2022. The 6% period over period decrease is mainly due to the
decrease in COVID-19 testing revenues, which have significantly
higher margins than pharmacy operations.
The loss from operations increased by approximately $1.6 million
for the nine months ended September 30, 2022, when compared to the
same period in 2021, due to the decrease in COVID-19 testing
revenue and increase in operating expenses, which was offset by an
increase in pharmacy revenue and 340B contract revenue.
Net (Loss) Income:
Our net loss was negatively impacted by non-recurring and
non-cash items. For the nine months ended September 30, 2022 we had
a net loss of $11.2 million compared to net income of $0.4 million
for the same period in 2021, this is an approximate $11.6 million
year over year decrease. We experienced a number of non-recurring
and non-cash charges to our net loss in the third quarter that were
attributable to the recapitalization of our debt and the capital
raise associated with the issuance of Series B Preferred Stock.
Among them, we incurred non-recurring costs direct and
attributable from securities attorneys, investment banker fees,
stock compensation expense, gain on debt extinguishment, and
accounting fees. These non-recurring costs approximated over $1.2
million. We incurred non-cash charges as a result of the change in
fair value of the derivative liabilities associated with the
warrants and convertible debt due to insufficient authorized shares
to settle these instruments and was approximately $7.8 million.
We had negative adjusted EBITDA of approximately $900 thousand
for the third quarter of 2022 as compared to positive EBITDA of
approximately $700 thousand for the same period in 2021. Our EBITDA
was negatively impacted by the non-recurring charges associated
with the recapitalization of our debt and capital raise associated
with the issuance of Series B Preferred Stock.
Our cash position was over $7.3 million at September 30, 2022,
which was positively impacted by the cash proceeds received from
the preferred stock issuance. We plan to utilize some of the
proceeds for marketing.
Conference Call Replay:
For those unable to participate in the live conference call, a
replay will be available at https://progressivecareus.com/news-releases/ and https://www.smallcapvoice.com/clients/rxmd/ shortly
after the call had concluded.
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.progressivecareus.com/
PharmCoRx
https://www.pharmcorx.com/
ClearMetrX
https://www.clearmetrx.com/
About Progressive Care:
Progressive Care Inc. (OTCQB:
RXMD), through its subsidiaries, is a Florida health services
organization and provider of Third-Party Administration (TPA), data
management, COVID-19 related diagnostics and vaccinations, 340B
contracted pharmacy services, 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 Disclosure Regarding Forward-Looking
Statements
Forward-Looking 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. 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.
Public Relations Contact:
Carlos Rangel
carlosr@pharmcorx.com
Source- NewMediaWire
Progressive Care (QB) (USOTC:RXMD)
過去 株価チャート
から 3 2025 まで 4 2025
Progressive Care (QB) (USOTC:RXMD)
過去 株価チャート
から 4 2024 まで 4 2025
