“Over the past few months, our team was focused on ensuring that
Second Quarter 2023 Financial Highlights:
- Total revenues increased by
$1.6 million , or 16%, to$11.6 million during the three months endedJune 30, 2023 , compared to$10.0 million in the prior year period. Total revenues increased by$0.2 million , or 2%, over revenue reported for the first quarter of 2023. - Prescription revenue increased by
$0.6 million , or 6%, to$9.9 million during the second quarter of 2023, compared to$9.3 million in the prior year period. - 340B contract revenue was
$2.1 million during the second quarter of 2023, an increase of$1.4 million , compared to$0.7 million in the prior year period. The increase was attributable to an increase in our existing 340B contracts. - The Company recorded the highest level of income from operations in recent history of
$0.6 million during the second quarter of 2023, an increase of$0.8 million when compared to the prior year period. - Gross profit margin increased to 31% from 20% reported in the second quarter of 2022 primarily due to the increase in 340B contract revenue which has higher margins than revenue generated from pharmacy operations.
- Cash balance as of
June 30, 2023 was$7.4 million as compared to$6.7 million atDecember 31, 2022 . Organizational Highlights and Recent Business Developments: - On
May 1, 2023 , the Company appointed Dr.Pamela Roberts as Chief Operating Officer.Dr. Roberts formerly served as the Company’s Director of Pharmacy and Pharmacist-in-Charge. - On
May 9, 2023 , the Company successfully received an investment of$1.0 million fromNextPlat Corp. (NASDAQ: NXPL). - On
July 1, 2023 ,NextPlat Corp. , along with two other shareholders, exercised common stock purchase warrants and were issued common stock shares by the Company. As a result,NextPlat Corp. and the two shareholders collectively own approximately 53% of the Company’s voting common stock. - On
July 17, 2023 ,Progressive Care appointedElizabeth Alcaine andAnthony Armas , both accomplished healthcare executives, as Independent Directors to serve on the Company’s Board.
Three Months Ended | |||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||
Total revenues, net | $ | 11,556,085 | $ | 9,973,584 | $ | 1,582,501 | 16 | % | |||||||
Total cost of revenue | 7,997,239 | 7,943,231 | 54,008 | 1 | % | ||||||||||
Total gross profit | 3,558,846 | 2,030,353 | 1,528,493 | 75 | % | ||||||||||
Operating expenses | 2,934,674 | 2,227,623 | 707,051 | 32 | % | ||||||||||
Income (loss) from operations | 624,172 | (197,270 | ) | 821,442 | -416 | % | |||||||||
Other loss | (5,261,198 | ) | (682,586 | ) | (4,578,612 | ) | 671 | % | |||||||
Loss before income taxes | (4,637,026 | ) | (879,856 | ) | (3,757,170 | ) | 427 | % | |||||||
Income taxes | — | (866 | ) | 866 | 0 | % | |||||||||
Net loss attributable to common shareholders | $ | (4,637,026 | ) | $ | (880,722 | ) | $ | (3,756,304 | ) | 427 | % | ||||
Financial Results for the Three Months Ended
For the three months ended
Gross profit margins increased from 20% for the three months ended
Income from operations increased by approximately
Net Loss
We had a net loss of approximately
Quarterly Report on Form 10-Q Available
The Company’s Quarterly Report on Form 10-Q, available at www.sec.gov and on the Company’s website, contains a thorough review of its financial results for the three months ended
About
Forward-Looking Statements
Forward-Looking 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. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to
Public Relations Contact
info@progressivecareus.com
Source:
2023 GlobeNewswire, Inc., source