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MIAMI, FL--(Marketwired - August 06, 2015) - Progressive Care Inc. (OTC PINK: RXMD), through its subsidiary Pharmco LLC, a South Florida provider of prescription pharmaceuticals specializing in health practice risk management, the sale of anti-retroviral medications and related medication therapy management, the sale and rental of durable medical equipment ("DME") and the supply of prescription medications to long term care facilities, releases quarterly report today recording its first operational profit since 2010.
Progressive Care reported a net revenue increase of 18% year-over-year for the six months ended June 30, 2015 from approximately $5.40 million to approximately $6.40 million. Pharmacy revenues represented approximately 99% of total revenues for the quarter. Despite the loss in DME revenue, the Company's sales continued to rise throughout the quarter due to strong marketing efforts and focus on compounded medications.
During the three months ended June 30, 2015, prescriptions counts reached a record high of approximately 43,000 fills. This represents an 11% increase over the first quarter of the year where approximately 39,000 prescriptions were filled. This resulted in a 5.3% increase in revenues for the second quarter of the year.
For the six months ended June 30, 2015 the company achieved its first operating profit since 2010. From a loss of $270,000 for the first two quarters of 2014, the operation reached a strong profit in 2015 of approximately $85,000. Despite an increase in bad debt expense, this significant improvement in operating performance was a result of higher gross margins associated with compounded medications and a more efficient operational structure.
The company has also achieved strong cash flow results during the first two quarters of the year. Cash on hand increased $282,486 from the beginning of the year, allowing the company to comfortably satisfy all current payables. This comes as a result of increased cash inflows from compounded medications.
"Progressive has achieved a long sought after goal of operating profitability. The business is now able to sustain itself and provide cash for investment in future growth. We also have cut our aged debt in half and are making major strides to set the company apart from our competition. We have worked extremely hard to meet the expectations of our shareholders and are very proud of how far we have come," stated Shital Parikh Mars, COO.
About Progressive Care
Progressive Care, Inc. (OTC PINK: RXMD), through its subsidiary PharmCo, LLC is a South Florida provider of prescription pharmaceuticals specializing in health practice risk management, the sale of anti-retroviral medications and related medication therapy management, the sale and rental of durable medical equipment ("DME") and the supply of prescription medications to long term care facilities.NEXT ARTICLE
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