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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.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.
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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.
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