secwatch.observer — SEC 8-K summary
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Issuer:     Progressive Care Inc. (—)
CIK:        0001402945
Form:       8-K
Filed at:   2024-04-11T23:59:59+00:00
Accession:  0001437749-24-011782
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1402945/000143774924011782/0001437749-24-011782-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1402945/000143774924011782/rxmd20231220_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-011782

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