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BioMedNewsBreaks – Progressive Care Inc. (RXMD) Releases 2022 Annual Financial Results, Reports $40.6M Total Revenue

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.

To view the full press release, visit https://ibn.fm/qWiCw

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

About BioMedWire

BioMedWire (BMW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) BioMedNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. BMW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, BMW brings its clients unparalleled visibility, recognition and brand awareness. BMW is where news, content and information converge.

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