Progressive Care reports record FY 2023 revenue $49.7M (+22% YoY) but net loss $19.4M on $13.9M goodwill impairment

Progressive Care Inc.

2024-Q1 EPS reported -$0.06 revenue$14,628,000

Record revenue $49.7M (+22% YoY); prescription revenue up 17% to $40.7M; 340B contract revenue up 136% to $9.0M.
Gross margin improved to 30% from 24%; operating loss rose to $14.0M due to $13.9M non-cash goodwill impairment.
Net loss attributable to common shareholders $19.4M (vs $6.4M in 2022); cash $7.9M; positive operating cash flow $0.9M.
NextPlat Corp (NXPL) consolidates Progressive Care after change in control July 2023; CEO exercises warrants.
Expanded 340B contracts, added OTC benefit programs and Cost Plus Drugs partnership to broaden offerings.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Progressive Care Inc. reported the year ended December 31, 2023 results: revenue approximately $49.7 million.

Period: the year ended December 31, 2023
Revenue: approximately $49.7 million
Result: reported results

Exact text from the filing

Progressive Care Inc. Announces Record Full Year 2023 Results with Revenues of $49.7 Million, an Increase of 22% with Annual Gross Margins of 30%

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Source: SEC EDGAR

accession 0001437749-24-011782

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