MIAMI, March 16, 2017 (GLOBE NEWSWIRE) — Progressive Care Inc. (OTC PINK:RXMD), through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, 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, and health practice risk management, announces continued growth during February 2017.
PharmCo continues to deliver year over year growth, filling over 16,500 prescriptions and garnering revenues of $1.5 million for the month, which is a 36% increase over the same month last year. Prescription counts remained flat, caused mainly by the shortened month when compared to leap year last year.
The Company is in the middle of what is commonly called “deductible season” where costly health care decisions are deferred until after deductibles are met for the year. During this period, typically the first quarter of the year, new prescriptions therapies are lower when compared to the rest of the year.
Progressive Care is working to develop Smart Medical Alliance and its 340B program offerings. Smart Medical Alliance has added over 4,000 patients under management since inception in October 2016. Smart Medical is in the process of acquiring Management Services Organization (MSO) contracts with certain third party payors, which will increase the number of clinics to which it can provide service as well as increase the value of services provided.
Over the past three months, the PharmCo’s 340B Program division became the preferred pharmacy provider for Empower U, which has increased the number of 340B patients serviced by PharmCo by 450%. The Company also contracted with Community AIDS Network to be a pharmacy provider for both of their locations in Miami-Dade County.
“We continue to post solid results during this first quarter,” stated S. Parikh Mars, CEO. “The 2016 Annual Report is nearing completion and we are working diligently on our development initiatives for the year. We are seeing growth from Century Village, Smart Medical Alliance and our 340B Program. Our Community AIDS Network engagement begins April 1 and we are looking forward to growing our 340B services throughout the year. We have many opportunities presenting themselves and we are excited to navigate these new areas of advancement.”
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.
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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.
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