Progressive Care (OTCQB: RXMD), a personalized healthcare services and technology provider, is reporting its financial results for the first quarter ended March 31, 2023. According to the report, the company saw record quarterly revenue; the report showed a $11.4 million revenue for the first quarter, a 13% increase from the first quarter ended March 31, 2022. Other highlights include total pharmacy revenue increasing by $1.3 million, or 13%; prescription revenue increased by $1.8 million, or 21%, to total $10.4 million during the first quarter of 2023; 340B contract revenue for the quarter was $1.6 million, an increase of $1.2 million; gross profit margin increased 28% for the three months ended March 31, 2023; and cash balance at the end of the quarter was an estimated $7.5 million compared to $6.7 million at December 31, 2022. The company also noted key organizational milestones reached during the quarter, including the appointment of Dr. Pamela Roberts as COO and the successful completion of $1 million investment from NextPlat Corp. “We had a net loss of approximately $0.1 million and $1.4 million for the three months ended March 31, 2023 and 2022, respectively,” the report stated. “The decrease in net loss is attributable to nonoperating items primarily recorded in the prior year period such as the adverse change in the fair value of derivative liabilities, as well as the decrease in interest expense period over period.”
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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 telepharmacy 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
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