Logotype for Progressive Care Inc

Progressive Care (RXMD) investor relations material

Progressive Care Q2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Progressive Care Inc
Q2 2024 earnings summary14 Aug, 2024

Executive summary

  • Q2 2024 revenue increased 17% year-over-year to $13.5 million, driven by higher prescription and 340B contract revenue.

  • Gross profit margin improved to 35% from 31% in the prior year quarter, reflecting better reimbursement rates and higher prescription volumes.

  • Net loss for Q2 2024 was $9.3 million, mainly due to $9.8 million in impairment losses for goodwill and intangible assets.

  • The company operates two segments: Pharmacy Operations and Third-Party Administration (TPA).

  • Positive cash flow from operations was achieved, with a cash balance of $8.5 million as of June 30, 2024.

Financial highlights

  • Q2 2024 revenues: $13.5M (Q2 2023: $11.6M); 6M 2024 revenues: $28.1M (6M 2023: $22.9M).

  • Prescription revenue, net of PBM fees, rose 11% to $10.5M; 340B contract revenue grew 41% to $3.0M.

  • Gross profit for Q2 2024: $4.7M (Q2 2023: $3.6M); gross margin 35% (Q2 2023: 31%).

  • Operating expenses for Q2 2024: $14.0M (Q2 2023: $2.9M), including $9.8M in impairment losses.

  • Net loss was $9.3M, compared to $4.6M in Q2 2023.

Outlook and guidance

  • Management expects current cash position and operating cash flow to support obligations for at least 12 months.

  • Merger with NextPlat expected to close in early October 2024, pending shareholder approval, with anticipated cost reductions and expanded services.

  • Revenue growth is expected from expanding pharmacy services, new drugs, and additional 340B contracts.

Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Your earnings 
season toolkit.
Download
Free on both iOS & Android.

The essential earnings season companion

The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

Live calls and transcripts

Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.

Find what you need faster

Search for any keyword across all transcripts simultaneously.

Easily store key findings

Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Your watchlist. Your dashboard.

Follow the companies that matter to you. Get a personalized feed with real-time updates.

Be the first to know

Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.

Consensus estimates

Access analyst consensus estimates, valuation multiples, and revenue segments splits.

All IR material in one place

The easiest way to stay updated during earnings season.

Global coverage

All events from public companies. Live and recorded.

Just click and listen

No webcast links. No manual registrations.

Research anytime, anywhere

Built for professionals. Loved by everyone. Try our free mobile app.

excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com

Frequently asked questions

Progressive Care Inc. is a healthcare services company that provides prescription pharmaceuticals, compounded medications, and telepharmacy services. The company operates through its subsidiary, PharmCo, which offers traditional and specialty pharmacy services, including medication therapy management, health risk assessments, and adherence monitoring. Progressive Care focuses on improving patient care through personalized pharmaceutical services, serving patients with complex chronic conditions. Additionally, the company leverages technology to provide telehealth solutions, allowing for remote patient consultations and prescription management. The company is headquartered in Hallandale Beach, Florida, and its shares are listed on the OTCQB.

Quartr provides global coverage of all investor relation material from public companies.

  • Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

  • Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.

  • Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.

Yes, the Quartr mobile app is free on both iOS and Android.

Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.

Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.

Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.

Explore our global coverage