Progressive Care, Inc. (Stock Symbol:RXMD) Provides Vital Healthcare Services Including Testing; Letter of Intent Issues to Acquire 100% of Telehealth Provider MyApps Corp
September 9, 2020 (Viz Release) – – Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a personalized healthcare services and technology company which provides prescription pharmaceutical services including testing, risk management and data analytics to healthcare organizations and providers
– Established Healthcare Provider Moving to Acquire Telehealth Business.
– Multiple Subsidiaries Generating Strong and Growing Revenues.
– Q2 Consolidated Net Revenues for Last 6 Months Totaled $18.3 Million.
– Strong Balance Sheet with Over $2 Million in Cash.
– Significant Business Expansions and Rapid Covid Testing Services.
RXMD seeks to define a new level of service and healthcare that is driven by the needs of patients and families. As the healthcare system changes and adjusts, gaps form in the delivery of care leaving patients, providers, and even payors behind to deal with negative health outcomes. RXMD works to eliminate obstacles and inadequacies in care by delivering innovative, patient-centric services that improve the health and well-being of our communities.
– Letter of Intent to Acquire Telehealth Service Provider MyApps Corp.
On September 8th RXMD announce that the company has entered into a Letter of Intent to acquire one hundred percent (100%) of MyApps Corp. (“MyApps”) (myapps.solutions), a leading developer of healthcare software, which includes the emerging telehealth service app CallingDr (callingdr.com). In addition, Progressive Care will be immediately engaging MyApps to accelerate development of software platforms for ClearMetRX, Progressive Care’s wholly-owned data management subsidiary, and its divisions. MyApps is a commercial-stage software developer on pace to record over $1 million in revenues in 2020.
– Q2 2020 Financials: Sales Up 32%, Over $2M in Cash on Hand
On August 17th RXMD announced operational performance data for the three months and six months ended June 30, 2020. Highlights included the following milestones:
– Consolidated net revenues for the three months ended June 30 totaled $9.2 million (for the six months ended June 30, $18.3 million), representing year-over-year growth of 32% (and 50% for the six-month period) compared to comparable periods in 2019
– Prescriptions filled in Q2 topped 126,000 (and 258,000 in the six-month period), representing year-over-year growth of 23% in Q2 2020 (and 38% for the six-month period) compared to comparable periods in 2019
– Income from services related to 340B Covered Entities increased over $420,000 compared to the previous six-month period, a 191% increase (314% increase in Q2 2020, quarter-over-quarter) totaling $640,000
– Strong Cash position, boosted to over $2 million during Q2 2020
– Positive cash flow from operations of over $764,000 for the six months ended June 30th, 2020
These results highlight strong net gains in new patients and new healthcare organizations and providers since March as RXMD takes up the mantle as the leader in COVID-19 measures in the pharmacy services space, including free contactless same-day prescription delivery, in-store social distancing through headcount shift planning, and antibody testing.
RXMD is focused on driving robust growth in the second half of the year from traditional pharmacy services, but management anticipates a materially increasing impact from health data analytics as it accelerates the development in its new ClearMetRx platform, the RXMD wholly-owned data analytics company with services designed to support health care organizations across the country. The company has unique expertise in health data analytics and data management and has begun to market these services to healthcare entities. Continued development of automated systems and digital assets to support these data-driven products and services is expected to drive future revenue and profitability growth.
The impact of health data analytics services can be seen in connection with the RXMD role serving as a Third-Party Administrator for a growing number of 340B eligible clients. For the three months ended June 30, RXMD saw total sales related to 340B clients jump 314% on a year-over-year basis.
RXMD recently commenced construction on the build-out of its 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. RXMD plans to keep a portion of its North Miami Beach location to support its growing e-commerce and retail health products division.
– Significant Expansion to Establish Full-Service PharmCo Operations and Rapid Covid Testing Services in Orlando Regional Market
On July 29th RXMD announced expansion of its PharmCo branded pharmacy operations and presence in the Orlando metropolitan area. RXMD is moving out of its current Orlando pharmacy location, which is a 700 square-foot mini-pharmacy operating under the “Five Star” brand designation, to a 3,700 square-foot full-size pharmacy that will open under the PharmCo brand designation. The move, which represents an expansion in property size of more than 400%, will not increase monthly lease costs.
This move will also allow for a dramatic expansion in the RXMD services and products offered in the Orlando market, including the full scope of PharmCo pharmacy goods and services, as well as therapy management, patient management, cost management services, and rapid-results testing services (COVID-19 IgG/IgM) as authorized by the FDA under its Emergency Use Authorization (“EUA”) guidelines for conducting SARS-CoV-2 antibody presence and COVID-19 infection diagnosis testing.
For more information on Progressive Care, Inc. (RXMD) visit: https://www.progressivecareus.com
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