Progressive Care (OTCQB: RXMD), a personalized healthcare services and technology provider, is reporting financial results for the fiscal year ended Dec. 31, 2022. Highlights of the report include an increase in total revenue to $40.6 million, representing a 5% growth from the prior year, with pharmacy revenue increasing by $2.5 million, or 7%, and 340B contract revenue totaling $3.8 million for the year, an increase of $1 million from the year before. The company reported gross profit margin of approximately 24% in 2022, compared to approximately 26% in 2021, along with the completion of a capital raise with NextPlat Corp, resulting in approximately $5.4 million net proceeds; the capital raise provided for the restructuring of the company’s convertible debt, including an interest rate reduction from 10% to 5%. Operational highlights included the appointment of Charles M. Fernandez as chairman of the board of directors and CEO, with the appointment of Rodney Barreto as board vice-chair. In addition, RXMD secured long-term care contracts with all major payors and announced a technology partnership with MedAvail to offer remote prescription medication dispensing. The company’s wholly owned subsidiary ClearMetrX also launched its 340MetrX platform to provide 340B covered entities with data insights to enable enhanced operation and maximization of the 340B program.
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About Progressive Care
Progressive Care, 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. For more information about the company, visit www.ProgressiveCareUS.com
NOTE TO INVESTORS: The latest news and updates relating to RXMD are available in the company’s newsroom at https://ibn.fm/RXMD
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