Progressive Care
Progressive Care reported record revenues of $49.7 million for 2023, a 22% increase from the previous year, and operates four pharmacy locations in Florida.
Financial Performance in 2023
Progressive Care announced record full year 2023 results with revenues of $49.7 million, a 22% increase from the previous year. The annual gross margins also saw an improvement, rising to 30% in 2023.
Pharmacy Locations
Progressive Care operates four pharmacy locations across Florida. These locations are situated in Miami, Hallandale Beach, Palm Beach, and Orlando. Each location offers a range of pharmaceutical services tailored to meet the needs of their communities.
340MetrX Platform by ClearMetrX
Through its subsidiary ClearMetrX, Progressive Care launched the 340MetrX platform. This platform aims to enhance data insights for 340B covered entities, providing crucial analytics and reporting tools.
Capital Raise and Financial Restructuring
Progressive Care successfully completed a capital raise with NextPlat Corp, resulting in approximately $5.4 million in net proceeds. Additionally, the company restructured its convertible debt, reducing the interest rate from 10% to 5%.
340B Contract Revenue Growth
In 2022, Progressive Care saw an increase in 340B contract revenue by $1.0 million, bringing the total to $3.8 million. This growth reflects the company's expanding role in supporting 340B covered entities.