---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-24-011782"
form_type: "8-K"
ticker: null
cik: "0001402945"
company_name: "Progressive Care Inc."
filed_at: "2024-04-11T23:59:59+00:00"
generated_at: "2026-06-03T23:58:52.484727+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-24-011782
- form_type: 8-K
- cik: 0001402945
- company_name: Progressive Care Inc.
- filed_at: 2024-04-11T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1402945/000143774924011782/0001437749-24-011782-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1402945/000143774924011782/rxmd20231220_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-24-011782
- JSON: https://secwatch.observer/filing/0001437749-24-011782.json
- Plain text: https://secwatch.observer/filing/0001437749-24-011782.txt

## Key facts
- Earnings Releases
  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
  source text: 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%
  evidence_url: https://www.sec.gov/Archives/edgar/data/1402945/000143774924011782/0001437749-24-011782-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.