| CEO Shital Mars of Progressive Care, Inc. (OTCQB: RXMD), rejoins the Show to discuss new acquisition targets, expanding into a larger facility, and plans to grow revenues in 2019.|
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Uptick Newswire Hosts Progressive Care Inc’s CEO to Discuss an Exciting New Acquisition Prospect and Company Growth
PHOENIX, Dec. 17, 2018 (GLOBE NEWSWIRE) — Uptick Newswire Stock Day Podcast features Progressive Care Inc. (OTCQB: RXMD), (The Company) a personalized healthcare services and technology company. CEO, Shital Mars, talked with Stock Day’s Everett Jolly about company growth.
At the start of the interview Jolly mentioned the letter of intent issued by Progressive Care Inc. to purchase a Florida based pharmacy with 2 operating locations. That company has an annual revenue of $18 million.
“We want to grow organically but we also want to grow through acquisition,” explains Mars. “We are very, very picky about who we choose to work with and who we choose to acquire.”
Mars went on to explain the company they intend to purchase has a lot of synergies with who Progressive Care Inc. is as a company, including a pharmacy in Orlando which is a big market for the company.
“They do same day delivery, next day delivery, they have the same kind of patient structure we do. They have the same belief systems in improving healthcare outcomes like we do,” said Mars. “We have a great opportunity to join forces, come under one umbrella, which is Progressive Care, and leverage now a new size which would potentially double what Progressive Care is.”
Mars went on to say that come 2019 they could be doing $40 million in sales instead of the $20 million they are doing right now. She explained they are doing due diligence now and expect to close in January.
“It’s a great team over there, we don’t anticipate any issues or hiccups,” Mars said.
Jolly then mentioned that the last time Mars was on Stock Day she mentioned they were in the process of buying a building to house PharmCo, LLC. She explained they are excited because they were “bursting at the seams.”
“We have to expand, with all of the prescriptions we are generating, we’ve done about 30,000 prescriptions a month out of one facility, let alone two. We are looking forward to getting into the new property, which is a little over 10,000 square feet. With that property, we are going to build it to house our administrative offices, all PharmCo’s operations, and any expansion we may have through putting staff in tele-pharmacy and long-term care,” explained Mars.
Jolly asked about 2019 for the company. Mars said 2019 will be a different experience for Progressive Care Inc.
“If the acquisition closes, we’ll have 4 locations, spanning south Florida and Orlando. We’ll be doing, as a combined entity, all locations together probably $40 million in sales, if not more. And that’s without experiencing any growth in the prescription count. We’ve been experience prescription count growth of 30-40 percent year over year.”
Mars says every year reimbursement rates go down, but Progressive Care Inc. is exceptionally resilient because of the diversity of products, services, and staff.
“We can weather almost anything the pharmacy industry wants to throw at us and that means we have lasting power, that means that no matter what’s going on we’re going to still grow,” said Mars.
About Progressive Care Inc.
Progressive Care Inc. (RXMD), through its PharmCo, LLC, is a South Florida health services organization and provider of 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.
Cautionary Statement Regarding Forward-Looking Statements
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.
Investor Relations Contact:
Armen Karapetyan, Progressive Care
Senior Advisor Business Development
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