Wed, May 15, 7:56 PM (232 days ago)
Progressive Care Inc. reported a net loss of $372,000 for Q1 2024, an increase from the $130,000 loss in Q1 2023. Revenues grew by 28% year-over-year to $14.6 million, driven by a 16% rise in prescription revenue and a 110% increase in 340B contract revenue. However, the cost of revenue rose by 29%, largely due to higher drug costs, which impacted gross profit margins, reducing them from 28% to 27%. Operating expenses increased by 41%, primarily due to higher amortization costs, salaries, and an impairment loss on a right-of-use asset. Net cash used in operating activities was $2.3 million, mainly due to timing differences in accounts payable and receivables. The company ended the quarter with $5.5 million in cash. Management believes current cash reserves and expected operating cash flow will meet obligations for at least the next 12 months.