41% Growth in 340B Contract Service Revenue and Momentum in Prescription Volumes Drive Positive Cashflow from Operations MIAMI , Aug. 14, 2024 /PRNewswire/ -- Progressive Care Inc. (OTCQB: RXMD ) ("Progressive Care" or the "Company"), a personalized healthcare services and technology provider, today announced financial results for its second quarter of 2024.
The Company reported second quarter revenues of approximately $13 .5 million, a 17% increase compared to revenues reported in the second quarter of 2023. Results reflect continued increases in revenue generated from multiple 340B pharmacy service agreements secured late last year and increased prescription volumes at the Company's PharmcoRx pharmacies.
"Progressive Care continues to benefit from strong momentum in our 340B and pharmacy business, contributing to record-setting growth and margins, and most importantly, driving positive cashflow from operations," said Charles M. Fernandez , Chairman and CEO of Progressive Care Inc. "Our results clearly demonstrate our ability to successfully deliver value to the entire spectrum of healthcare stakeholders including patients, providers, long-term care facilities and covered 340B entities.
In the months ahead, through our combination with NextPlat and our plans to invest in the further expansion of our services and technology platforms, we believe we can continue to further execute on our mission to improve the business of healthcare and the quality of care delivered to patient.