| Stuart Smith | CEO, SmallCapVoice.Com, IR |
| Shital Mars | CEO |
All right everybody this is Stuart Smith, greetings and welcome to Progressive Care Earnings Call for the Quarter Ending June 30, 2019. The company will also be providing a business update on this call today. At this time all participants are in a listen-only mode and this conference is being recorded. A recording of this live conference call will be available at smallcapvoice.com/rxmd, shortly after the call has been concluded, an archived version of the webcast will also be available at the progressivecareus.com/investor.
Now representing the company today is Shital Mars, CEO of Progressive Care Incorporated, but before we introduce her, I'd like to remind everyone that during this call management's prepared remarks and statements may contain forward-looking statements which are subject to risks and uncertainties, and management may make additional forward-looking statements during the Q&A session. plan, subject materially and call they when anticipate, identify estimate statements. are results and the forward-looking relate statements expects, such management believe, differ and are Incorporated, may used upcoming, or to forward-looking Progressive to expressions its uncertainties, risks, actual words and Care These similar intend subsidiaries as its target, in to this intended from results those risks involve by Investors are to uncertainties may this differ cause forward-looking materially at cautioned company and actual anticipated that the statements that time.
with Shital ticker described like In would U.S. addition, Mars, CEO RXMD. more which sec.gov. are Exchange symbol other at Care the call can Shital, Ms. I time, to and of risks Progressive turn is in At fully RXMD’s be yours. this reviewed the public filings call Incorporated Securities Commission, to the over
thank Hi, to call. an earnings you us great another joining day everybody, today, have for it's
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so I everything everybody means. everything clear about try can So can as out what I to be splitting as will understand
together, if $X see ever had balance account. you This released that cash at that cash have The had sheet, will million you escrow we've you're pay in first from for this. respected. to million the actually FPRX bank cash looking that for we reason time the on into is So was the is their about went $X.X restricted FPRX
from So left It was disbursement whatever of took sitting XXth. some still there that was their they after June as money.
the owners So actually property that FPRX. that former of money -- $XXX,XXX is the of
accounts cash for of which that and owners, cash location Cash FPRX the So bank is label Beach from of we their that the restricted. not Palm the PharmCo the PharmCo have includes Care. benefit is XXXX, unrestricted all Progressive former the
see to the notice a going any receivable you'll June from our insurance comparison previous Accounts filing FPRX. different the accounts these if and XXXX. see $X.X receivables amounts crew Again, PBM do received difference trade XXXX new from in XXX% the That pretty monies carriers to to million So receivable did in XX% than to we only that's includes trade January there. of amount that that that in differences FPRX. of you is purchase similar December acquisition from financing includes lot is from about everybody and XX, you're
hold expenses insurance increased you an between so again PharmCo a has because up Inventory sales for company. a about in we on understand RSAL had who with of XXXX and account don't that increase prepaid and PharmCo PSAL. is have with behalf at pay expenses amounts contract the for each that prescriptions we [ph] Prepaid here. has middleman a been from individual a in they because ones FPRX. the PBM managers prescription in contracts and inventory then from receivable had escrowed RSAL by from XXXX. now So pharmacy there's PharmCo difference the $XXX,XXX of And or the includes a from $XXX,XXX FPRX accounts benefit They're adding what receivable the gone those
PSAL for that. fees, GER amounts DIR has fees, and things transaction [ph] costs been escrowing our So certain like BERC
And those this come up fees. for that and are of for to will as and that. there go we'll account so balance any escrow their of and they invoice the those are PBM get and paid amounts prepaid fluctuate go, those out down and Then
have prepaid year. just -- the typically like security past simply that's and prepaid amortize expenses in So and insurance something things over deposits included there, we new the that
plant, million, equipment property total building. assets about are the includes this So $X.X
[indiscernible] that have building, of million improvements. hold lease $X.X is we we the have So have cars, we
$X significantly So goodwill goodwill. has changed million not million about significantly not we have that's other December that’s different depreciation XXst property which the some In also different, Notice and in and in has $X.X new the included assets It about equipment. significantly balance XXXX from or there's building. number. $X.X December the million from
that private is anybody to make about so felt their grow because value at that then and $X between how than on. of location, their number of investment it's will wondering up less us on then Just recoup from bit be all times then years money would a and contracts, trading our X their X came traditional six and take was their don't we rate it'll business at current a if little fair Because times we million us take X the EBITDA with X. they
call on we like feel Orlando what think that in I So a that how got. for in I'll was fair And the significant. us business and into go valuation because that we it's benefits later
of went big payable payable by in because the their AR, the AP addition payable $X payable PharmCo liabilities the of addition of amounts that balance, Accounts acquisition, portion that former because and of Going on growth Xst from of That FPRX, consideration PharmCo to were inventory. June about stock certain again includes and the owed up XXXX. as of from also FPRX. net there and from In accounts XX%, business from million. increases to owners again includes of growth changes cash FPRX current accounts
it it We're payable balance. is we putting be left business instead that AR, added thing all to them split AP all paid on consideration putting payable. only of So that out to out acquisition. in that The accounts and here with we've
As the that, we're and we're like XX DIR number, things finalizing and the different still exact that days we things on we've ironing that amount after come fairly sheet know but the balance out and fact. sometimes months after in rebates our fees like that six an close, fact accrued is still
payable the mortgage number to when include the and slightly that -- change out. also Elliot going it's it's might that So might Notes Chicago include financing. actually and paid will
you scripts up portion of that see to of that and note and net a going TCG As Capital your the be is on down is like this in took XXth. and we're June acquisition. to off because June time, out one the June then be in that's add the And a script would hands, the the payable And cut that's put leases for that. our rata anybody build in equipments held in pro, and delivered to have that things call reversed current be the Elliot, day we end patient, being like being derivative notes and in mortgage lot take for XXth, anything have Chicago big January actually as going the there's on first our this to be and a of patient's gets going patients. We to and and escrow it are didn't yet for pay to pro and it the the the off in for to delivering. we sale we've still the following in going hands a building joining certain number liabilities net yet the all which when revenue, into comes up revenue we we out those that a quarter not liability of build it amount
So will gets here see to XXX you of that the the added sales you quarter. see next unearned in anything revenue
straightforward. Moving operations, of consolidated on is our of to this statement much
go doing and to -- $XXX,XXX XXXX. in the quarter that last Our sales for $X last PharmCo, same we three know FPRX year, the very months year, over a was PharmCo doing able for into We County about to that $XXX,XXX the is presence we bring that mind those be that to then before much locations million, think million the PharmCo the number. a up in $XXX,XXX it's Keep FPRX, and a is Orlando I'll year the we've to have about will we getting are and that bit ago with $XXX,XXX how about with with going up month doing they're $X.X in we month close the little and and Orlando, sales a of increase be sales And we're going efforts month. about that end further. about and grown we're million $X.X that of sales of And compared only XXXX $XXX,XXX, Brevard $XXX,XXX number. a a consistent to in
bit about was numbers, a $X.X PBM presentation months I to for these for that three $X.X June the we've numbers is in net accounts for the June million little think down cost-of-sales million you'll cost-of-sales, ended it's into thing different XXth. and notice about ended bringing comparable Going sales months these six XX, fees. One adjusted
And the escrow, that's part not Therapeutic, Humana the a the something of contract. and and fees through that and have any retroactive to the Scripts as not fees Express of in are top now thousand, now because that comes a Prime XXX PBM contract, is and there reimbursement. written DIR in them half over take as We of fees, the of that's XXX,XXX later of PBM fees dozen written and Optum record recruitment
by in reimbursement contractual whatever, DIR rates contract. any is as as lessened the GER fees, fees, any long fees, it's So PBM DER now fees,
So that's net that's in net included -- sales. now
there's at ways that of that's still can a to formulation well. $XX,XXX. XXXX, primarily to those cover as now side improve for providing fees if with margin How improve opportunity purchase these has reimbursement benefit XXXX, also gross negotiate And used or services to profit So wholesaler, a have on bad power Not covered, the have not our and only do seeing then of these and looking it higher also increased to gross that also because how our all debt as we're higher their gone part bit have performance, $X because and together, again, benefits million that, margin margin be ability the things things working rates, that it's one, plan wholesaler. us some have our to in about rates We're have that's within number see the which the now sourced about of in and that sales carriers but our their we're that down. existed through their used include four all offer includes come any cost having of month not stores, we and a whole. that that buying on these up longer but can no we'll we goods as we We Bad profits with at to members sales it bring what they and debt from now also and now insurance we And from primary down expense compounding over working additional entity. material in improve things more margins the specialized of down see due little just -- that combined we're be one are to a XXXX. FPRX.
not growth, worked have who planned And notice little move to more and in in and Counties. insurance also about of that and a going that session, employees, bit that three of work one no that longer includes me, full employees that marketing control expenses, Stock-based there. the one planned this claim our talk but we the executives, cracks, more the to probably in pay have bit bonuses a resubmitting in we've that so make and and small bit business board. it's still executives little falls anybody month to for a carriers that employment for single question-and-answer previously, substantially. time so includes area, are claims into those the There's of later We only on nothing includes the through as this of of our making FPRX, accommodate and bad issuances have continuing that add working because too of of any don't in only believe So percentage the we for and PharmCo would who I'm their to no keep you'll closed basis. stock-based growth in week, that we them met because XXXX, trying currently and stock full to Xst, sure SG&A in far maintain that Brevard in that insiders there's on nothing we most administrative side threshold mind have to stock that any of Selling days We're we we're current the part down, for major sure those a about to going Miami full a have in pretty us we they they've be so the FPRX. compensation, as every who marketing stock-based compensation are in forward. but And June here company. get only anybody general shareholders can company area Dade quite you're but and the on The compensation helps are minimum the to the again quarter is only trajectory out entitled or is benefit the here facility grown PharmCo again, done equation. increase spend we that month of
kind is focused derivatives, all are trying we're counties East service, wash Orange heavily in Change a and financing up is while expense, of County, and expand this County, going the Orlando. That's arrangements. now Brevard fair value into Florida that interest associated between of the Palm we So to is Beach. all across that to which going the with the Coast we
$X And notice so about you're is six the we going here, loss all for that have not a net loss cash that million to is months, the net loss.
into reimbursement we're structure, there. a the go And work basis doing increase the we'll for directly cash PBM the again, and fees to grow. attributable for the costs. non-GAAP, the in drug of numbers that in is So the to lot the loss And change
a and to going in stocks until a increasing you're and FPRX profitability. there. and issue owners go increasing that plan equity into answer to So But see the the XXXX But with I'll through the the it little of prior that we positive the didn't sales notice have finish strong any do on and question year of section side, bit of out changed, a mitigate of this we go all In call. of that the for the portion of hasn't July. lot
the XXX issued And out. those former issued that residual So shares issues shares got XX But some we more now need of had that million shares got the XX.X anticipate think went And I to we don't believe the we that we for total, for for pay complete. is being web shares all -- about then development. I million have million because paid-off to and any pay acquisition. owners.
increases see from a and XXXX acquisition and liabilities increase bit some the December there. big also owe in flow, and and you'll accounts that accrued into of we FPRX to see Going now, includes going everything differences you're big cash see FPRX changes the all you're side, these little and for on a unearned payable again, to revenue, going that of to
have So the FPRX, comes this changes we in this sheet, includes keep that this, of off. in restricted in and change so the you're balance mind one looking when -- cash certain at month
used $XXX,XXX. So at point. for are the six we the June capitalized of cash ended have we well But net about this months
cash positive for XXXX pay positive, practices. flow because anticipate with being within operating very period we're flow we flow change the cash they is Village our for anything few are to performance pleased to don't is current to cash also Century positive. of And and in -- brand FPRX PharmCo the a So pay needing that standard of
good process, one So we the And have to or individually. they're though so a where all transition the have onboard all or to did to all We sign one -- major just work bringing and very close once. patient, that’s and be them in slowly need we just even It to July. access PharmCo only at because to clinics onboard couple has each two we're doesn't on. another June we it's patients XXX spoken X,XXX
And think North Beach. Miami on we're very PharmCo So that. in close working we're we on
are statements, and again, and that of put million, announced those using grow $X.X about into what the have marketing we company everything that net that's financial So account. from and see the increase you'll to financing the bank the capitalize advertising and been cash comes else. in And we've
PBM of the the what to have change So into lot else. alphabet everybody fundamentals done we're that January and there's there. depth Medicare it I'll going with I into areas and a the than are insurance we're on minute done because improve education everything about in to give while an how to I And lot of we a that of we get occurred to expected, in believe just of on the in and the little what turn a XXXX. want sure a has all bit hits want to all better going going questions improvement. given strong make now performing over XXXX carriers We And changes and talk know
Well, them send in advance, for we questions in will as time address try many everybody, to you we the once taking again, of the can. and to thank as
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explain it Please for note is today, of it increase first we up reasoning to question shares? shareholder one reason interviews. the follow some authorized in the purpose please a the the Shital, Now addressed structured listeners will if meeting behind try here's to as the get and question. was the our in not your basic answered for send and me
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them, want given with buy exposure So forward issued they the they $X have another FPRX, talking to much that in they for they want to reserve. million how company the they that that $X a million have now us to put
issue -- bonuses, that Armin not We're shares case. of want [ph] shares the of we stock use the myself any to issue sure issue discussion staff required we I this really, some of So are know board And there whether of executive any going members, the for some facilitate the any using to enough contracts. bonuses, that's reserve not just or me not not and we're the financing. been these the have to any that make any to to
with in creditor. don't since the we And secured been last XXXX. They've have with working XXXX, our growth them with been we've funding and so our us rather three years, any problems bear
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do conversations. don't Because never addressing reason know it That's should rather reverse or in even that and a to want for me and of prior a agree to once. if want we the company's the it just feeling used why promote used personal not the And Again, time. it's to split. for is I here. this to number. We reason stock on And it it reverse the to for make for of know then we in feelings with the about that that's NASDAQ, believe together, sure all my that agree don't used do it company. stock. We're on vote we that came or addressed haven't that's reserve the we question not do stock reverse that or going disagree the a promote the of reason. it in is why we're dilute should time we're would split And only we address good again. and uplift, And So meeting. another shareholders split, once we reverse just the all for it's not the all not look discussions it should And we're here be it. be in go the it to should board be to we shareholder further, all prices and the back. used It management be increase I a for it
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do price the it and with stock sellers participated can is tell if see whether at or problems the continues think is you any Why market in where have you the activity? us short company right. All insiders to
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that. on opinion our that's So
to then right, attending thought in any has All conferences coming given the months? the investor company
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made and you the Have preparing on up good. completing financial for Very any lift? audited progress a for statements FPRX future
owners, remember run million probably they they control were and they even books. ran private software over and Xst. time in access made were you books, we've their it, further to I books. that their private owners accounting historical on cash the books have redoing we full mean, were get month, along. doing basis, the -- in actually hybrid they though a But significant with Had, and would we June until their have not have did $X.X sales way a we we progress be So more
our managed So that. us. due for we that's how diligence, price we would our did analysis and an estimate And determine and look of we that to do purchase on an made a what like pool
of the process Now yours. doubled acquisition a into sales volume. significant getting our it of back we're nearly going nitty-gritty Again, the in it's two
years wouldn't that So as the SEC, require other, the to put And the at of the the get and SEC back want list book. XXXX more want We it's correctly. the to don't everything the audits know first. board some to in need stock SEC We need audited compliance. need foot first, that in which rest requirements. know know to progress those go two sure independent up to FPRX put with working so as the we before need and front it, far not that one on requirements carp members, do We we're we we're horse, then we requirements like look PharmCo of of we and make we we to registration we and speak, complete to
rest to is who We to the help up need bulk and for going stuff those who and first then get people of the list. do work that I on of have focus us with number of to and but the the and able us in one, Do we get a right. work the audit underway, that act the are be think
been get going the to it's acquisition, for And a do opportunity still it's to have They delaying year do have know but would in not it required be improvement the us the big so. and it's to XXXX which been we company. to acquisition belt we're the believe looking the at made to we not we because had decision that just acquisition able So the been audit to XXXX. we we right allowed We for before a wanted lot have going knew came the would mean for registered. SEC this of And that -- would up acquisition change. that our I complete under
All right, Can you discuss for the expansion? plans
a I list lot gotten in that it we've questions. And them. miss want the all that a have know of Stuart I can I me, to the address front in I I make do of expansion, question and send note If please about future. So, sure specifically, your so I hit of
talk separately. each opportunity to going I'm So about
talk the Beach North that's does about day, that a Let's month. our first prescriptions that's Miami XX,XXX primary location, one XX,XXX to
six such homeless. Many involved compliance months are sign get they that we services because are on with them provide impoverished, two still community. Again, we expansion accounting, of Our have contract a signed would above have risk on in services. the at service a This that we in we've reason so or XXXB or contracts opportunities, XXXB is rates that is a And patients eight and XXXB been with XXXB indigent heavily servicing. market we're all last have that we all because the did service we new them number of market of do additional reason legacy contracts to above XXXB, still the we're we the on rates population. the high
contract And new contracts. not make get high feel at to but a stewards a to that working every those risk expand with duty our benefit our sure work reach And basis. to community as we non-profit so these greater at, we're organizations working been those And has percentage out we company, is continue as to of of those But every, populations. contracts. just to we're
plans, us they further already So Orlando, They're part XXXB it, newest want are as see up Brevard, signed. business Tallahassee we of go to be the and into Jacksonville. go north you'll just into they expansion with into contract and talking about
fit we're what a we something now the on further would it work that need like would with and working So or contract them north how go to partnership see as how that. and are kiosk we
very have we easier but stuff Facebook, I on we've have know So office, that them of by into Care, our very a to recognition. it's clinic doctor's pharmacy improved legitimate for Twitter, we're Because all fly new our presence, of all we're a brand of active a our PharmCo, and Instagram, convince getting And social every night our new patients see, because stuff. that on basics that's time of that LinkedIn, the a you not we walk cliché, us Progressive our as matters. a lot we media, our getting sounds because kind and one top that
of we great that. why deal that's So a into put effort
the and and Google that. also TV We and radio have advertising all a ads and
who a MSOs. facility, just on working before, as XXX lot Dade and expansion to aren't in working we're the there and heated large pharmacies on there Beach, of with lot want they they're on when to surprised, of a Palm shocked, the we're know, [ph] into week Palm on and going that all we're and on So focus just isn't a Brevard lot you, on regular macro a Palm In three scale focused to offices, focus doctor's of we same them and all a I there we Beach, adherence, us. County. office, that work that not very tell -- aren't pharmacies Beach they I said on measures, words MIPS we're that Miami, going they’re focus heavily days doctors' walk tell
I them just a slow the one. with. worked by it's it's that’s go, cost of one So we but of lowest matter have one getting a customer by And know acquisition
base and media broad patient a basis. social again, So to things direct advertising on and
on-boarding we them doctors' directly very a success the to months of a that get the the has XXX, if whole get the X,XXX, at high, in couple to patient board, a to as of on one it on is rate ability MSO is clinical low. a is XmXXX customer acquisition patients only very to easier, opposed take So offices, time. market the and cost lot board, Whereas
revenue after of sales net a we're PharmCo and consistent there. that's to marketing that's XXX, in you're XXX, fees that into positive PBM and And seeing Beach. be sales seeing So need only And to they in Palm a cash pop the flow XXX, $XXX,XXX again, our XXX starting profitable. lot the because
More importantly.
and is greater deal operating longer know which add terms of entities businesses their the Broward from and portal I their what contracts. marketing. there specifically that because in own clinics, that are we FPRX. longer has into their other done that have are that's Beach, in affiliated with they lot to Orlando, there patients located And So physician believe our locations know of in off web a it doctors MSL, of was we putting private facilities asking without of each them we’re Orlando, each them new to about to Beach, be our a XXXB of County effort We we're affiliated facilities business know do, own adding effort with my allowed lot question locations are that that additional FDR a going no hey of of Palm XXXB with have these businesses no one and that private are their and Palm into service a us to them putting private and done practices main were used under and [indiscernible] of facilities going the those main great practices to of to beyond Orlando lot there a Orlando. done our a Orlando. clinics business so most into We know weren’t Orlando. all expanding they in was
running are working getting and with XXXB Orlando. on up we So
go One of the with things that that I-X Orlando allowed is promising corridor. to we're really in is
getting about So which that team deliver work Titusville that Brevard Titusville, side. Daytona that County talking start large soon on our with down Orlando believe here, MSO in there and there, marketing we're With was presentations St. we those from facilities have we're have doctors we we Brevard. can County, talking and we a that all and of have we doing going already we're Daytona also Petersburg to about prescriptions Brevard with Brevard the other is Orlando. Tempe, and we opportunities in up from And believe
and and to can them them new locations physicians' we're all that coming going Miami as clients, So Palm send Davey Orlando locations, to much new than or the facilities, Where our business possible for make Beach, offices, than the cheaper locations. save of or and on start there. care those new onboard service long-term Davey seeing Orlando any the try as for economies
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always phenomenal don't recently to that be physicians ago. about of opportunities the we've we're the scale I And in board that some small there to working travelling offices, member, bringing who won’t have There travel so it in we've Georgia, because large same talks Georgia prescriptions our our know he hospitals, why do. mix Georgia long clinics So done and instrumental I Jervis access optimize been lower to some costs. can that are expect some was do we not we and what Georgia. in opportunities. up located again, who to Atlanta, Because been pharmacies us more. has that's of Hough, is in
logistics all on long it communications We be and need an as to working now. working this an we're I the to get all place on in to the Georgia. a take especially And in married. you we're dating that have opportunity know, But time for relate acquisition
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say acquire, I'll question, outside expand go this this. it the now out Miami Dade for of the zone better we more we expand the more of we hot is north us. further we that To the close more the So that,
to at now profitability a our get we you're strong onwards stick So sure I we and us us that lot at XXXX know sometimes around. position That it's looking understand you're to and money for important fundamentals looking future. in shareholders because as at and be make and we the a need sustained XXXX, owe means a you're and to spend to we little looking that
And think anything, important. I I major is expansion the Stuart if missed very let all covered just areas again know. So I've
you you've update and on tele-pharmacy the done with CBD, Can right. us an All give DischargeRx? work
now going talking a Tele-pharmacy, tele-pharmacy. means started might and to to start But Board that those exist rural Pharmacy opportunity mainstream is companies. about by Pharmacy and to of I'm of with order plans have starting Florida, in who pioneered the talk and pioneered us. are what standard better starting live in now to as getting kind in -- this didn't this designed to I'll it's care getting of insurance attention we it. add about -- start Board it it to before they're we we attention mainstream it provide what say different It are then to do who for to that and their we better spearhead communities be in an of promote Because a and tele-pharmacy do. a members it’s benefit
have same the get delivery. So Board without a in next we a assistance virtual and have either scripts we presence and still a about there same or our having can one day, get of a to offer walk are a consultation, that communicating day four you small tele-pharmacy your to next day They delivered the locations so they because have that from in pill prescriptions of with other prescriptions, still day site. on can can locations care, Pharmacy still give specialize pharmacist, kiosk, they physical virtual get satellite with can conversation
rural and North medication location without I as possible these tele-pharmacy recognize regulations of we wouldn't well. in between a patients some panhandle location Pharmacy being in the places satellite or Board Tallahassee now those and what have because here the we And to to of lot finally opportunity virtual we a Jacksonville, further that getting in talking add and and that about is. in have through said before, like of areas And as into a XXXB, So, start be able in very our well DischargeRx we were counseling place DischargeRx, And tele-pharmacy with Orlando Orlando tele-pharmacy, we're that we're places kiosk the a optimize reconciliation, be iPads hospitalist the discharged like in seeing platforms had prescribing. Remember do discharging Georgia, in transitional physical medication tele-pharmacy. still lot the working do but is Nobody DischargeRx on of on and a and of are integrates also interest waiting on our that of reconciliation, be can and through and to lot just medication to and DischargeRx Orlando. coaching sizes tele-pharmacy everything does and not only else. interest patients footprint meds, what kiosk
thing use I would services large So, of strict getting especially on some year. into hospital hospital a that budget But we do about and patients some a and there. a see tell indication relationship, operate one They you thousands thousands interest of years.
have year So one or two either years. they
-- let's they have don't they because They're what we go though to we great So their they now, started get that budget. to want get and then interested to to okay, even make in, have say XXXX. to come their presentation. into build let's They do started. a they started They have then say boards get
number a we With kind working board patient of number how of and we're and that a a to topic hairy Florida. regulations So logistics their to out and times met. of work presentations the brought their works. have our are staff opportunities. and choice CBD, And DischargeRx of in all do those their is CBD regulations with Ensuring
four shelves. have or on We CBD three our brands
from we from actively CBD over the a They're buying picture, we're bring promoting And them, it telling expertise show us, even our are buying olive because the of getting times it. mind a all Keep in patients, they're whether therapeutic us pharmacy to they're tell can wherever. as place. enough We us brand, they're we online, are vape right CBD. you're a from and We're shops, it kind show of very telling it in buying whether it a can any getting listeners there not use. CBD, any if for tell is little consistency, CBD, of in lot CBD it's oil, using
you're guys listening call you of you look us at it to getting you least, to us, and want product. at you're a So let send tell quality using, what if us is any
brands quality believe We have we four of are products. what
evaluate authenticity we how they So analysis, everything. they certificate of where evaluated the process where of grow, we've
grown and the it's other in strict. get, purest very No is can processed pharmacist from the GMOs, It's seed to it’s it's it U.S., compounding Our all stuff all she the all no sourced, U.S. in additives. you follows locally pharmacy.
I of Florida state I and promoting The So and know hemp the expertise also our are male DEA, is know hemp. ability the of produces state the out and does with plant a we not you there's even hemp, But between strict is has pharm buds, distinction they're the in our CBD sell CBD The again, is that Florida expanding of. are have we rules making cannabis not can legally. female legal. male so bill, female what FDA, CBD that is DEA, and it That's in very the a [indiscernible] we to marijuana. male get the
it they're distinction and they in plant to between us difficult two So access because how for legally. the worded. not It concrete this the the makes making sell plant very
Florida CBD Board DEA, we’re FDA into we're we're Pharmacy, by the of they supply. by want said introduced regulated So by regulated by FDA, has food don't the the and regulated everybody, regulated we're the and the
anyway have benefits best the no because that our that. we product. small, promote not beverages, so want to that we but those would edibles, therapeutic things like to anything the also And want very are So patients, means no
is talks to deal boundaries CBD do that within we plant don't And we a this that as local interstate a the the CBD the with that control laws. also is have We that state bit at we the to we Keep the manufacturers of and this with to book. very mind are helps us to having have carefully, least Florida have do growing and local, regulations. in manufacturer by in little where is of can the benefit locally
can the relationships, don't to be be we we rush in lose with can this down mess down our by Because DEA, FDA have can the we We to state up of credit Florida our can market products. shut sure and make bank shut our and lose we tele-pharmacy. facilities we the
getting we somebody do we it and we to a CBD is legally have right shelf, we said, at products, do patients, have with from are working being CBD. gets we stake us are else on we're the But being risk to trying make trying that cavalier So the products sell with or sure our that whether how lot that stuff. everybody to
lot there's Shital? and talk about growth. a profitability happens of and call company And fundamentals about also the prepare do Well, for the question the right. improve discussion final plans future for be All to the our what for plans to Please XXXX. today, to this
All right.
because things this question, of get especially know a my coming into social media on comments, and people our we about is of the Relations I our future, our is lot So all that questions this favorite a profitability. about for lot Investor
our to understand the reduce to all find cost ways things, to improve be of efficiency, PBMs. want are find packaging, our we our do bags, to We to to all said we're that drugs, actively that working on to of to and dictated we improve ways That to our cut trying shareholders being everything. pharmacy, we performance don't trying listeners better our to our profitability, find by of pricing have of the our all are we those inputs control our even our ways trying over costs, our a are us
at insurance of cost are getting looking companies You're below PBM who brands.
they're brand insurance here, pay know to for that for company up costs pharmacy for million they're that below your the going in and telling number a I'm cost budget they're at to that generic. make at set mind name medication, they pharmacies $XX Pharmacy budget to below pay So Keeping going Benefits. going your
don't get to support don't that's works. we -- if to every with we hey, and and how we medications that. get we a and say to pharmacy contractually -- our obligated are how We Medicare And especially works. contract, control That's no, So prescribed don't patients. over Medicare, Medicare have business supply
saying like that like that. like you we're not why every if we you're are pharmacy that is at So like We're touch that, looking ones that. us the
benefits. to paid it getting getting an they're that So And to pharmacist from if independent that independent buy getting more cost and give that medications from insulin. that are give if you're get they from covering pay medication and had costs the diabetic it I they're to their money the it to to subsidizing suggest wholesaler not get it you strongly some $XXX you They're cost pharmacy shake anybody because an paid again $XX you. insulin, chances
those do look as cry. not XX%. performance, you're and hard stand their same Benefits you looking And as of not cost you. We so our one go in you $XX we're of we to just metrics, that's profitability, -- to at to That's are go of and and look HIV rain of we we detriment if that to bidding our Because can. Pharmacy far numbers we give to PBMs adherence, at everybody. it at is under push And care. we're things. how and subsidizing the and think means We the pay the the But our had way performance
MTM. in our cases, at nation We're looking pharmacy like Lottie, says we recently. have just ranked patient. to trying in everybody. whatever actively MTM We're Dallas, streamline doing don't managing enough for we from the We're now are asking MTMs it. the We're PBM. We that do feel sixth a We're cases
the like it's also because whims patients to they their want is we very they our to believe appropriately. turned us it whim bottom tomorrow be being we call that do reimbursed in turned what away, is ways fundamentally, That us So immediately. them, believe it's in meds add pharmacy, pharmacist they servicing from a should they medication, can't the diversify. off insulate decided We that'll forward afford said, they no no because getting don't for find and as money be path we believe because line. important. sure do something we like patients And I it, make a We patient we should today believe believe get of we care, not to We patient to want insurance. believe that because the in away cut
believe believe hundreds As quality to their everything testimonials, their their to you saying saved feel compounding. patients, we ability This we we're are thing have defensive, longer But they of life, We and that ability their saw walk, we it in the with it insurance trying we wholeheartedly has of no are cover is this though where based we said life. we're with compounding on patients that move, forcing it, focused benefits insurance cash business. fighting to the get covered will with even one and issue. and saved compounding
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plan the of a nothing, by $X,XXX hypertension costs on saving medicine average So we're lot saving money.
They more we wise they ones say have, the for pound we pharmacy. keep pharmacy, nickel for profitability. our more a month, lives pharmacy that The lives need can under don't and by the will XX,XXX PBMs dining all care. saying go not don't that, the management. they're we to I we it big and for the So that differently. with bigger penny the they go we only you we And we treat foolish get, the just bigger believe do manage. can these to do do But that the are little being a more
XXX,XXX to around tickets have because then can they right do negotiate XX,XXX, and then need we do have we we us. prescription to So and
at all know we're We're monetizing I that. about what got question we're DischargeRx looking at a at we're looking that's So we looking licensing. base. on and the at that business, cash looking business
we this have access. app mail tele-pharmacy to to who mail with to other patient The that. kiosk the our don't tele-pharmacy website that need and to that do other integrate hard one that We with face and a your any bigger face order these is order tele-pharmacy ability if we that. with reasons can to to thing to that can chains the supply to interaction of we may companies One the platform working do about to other need license developed pharmacy. why so and technological the and license we're ability And
when part was tele-pharmacy. the of So licensing plan developing
Beach in prescription, in wherever management, plan. lives asking to to anybody grow to is Georgia, we large add need and goal. and is profitable, profitability we we that's plan to more Orlando, may more for plans especially the in together that become pursuing go, all for plan keep in that the Brevard, add pharmacy, So Tallahassee, gangbusters a under Palm The what's like need
be of in that's big changes to a Going save the going to move for going the of into Miami Beach XXXX to XXXX building, us North lot one money. of PharmCo is the
dealing putting And things $XX,XXX instead lease come now month shifts year we that we an building able expires -- only come here, to and through the up do with lease when that of One that asset, nowhere. up we XX,XXX, and into equity a facilitate pay a $XX,XXX here we’re mortgage. overnight XXX,XXX we're goes have this and paying to with build building, asset of they've scripts, the under we're a payment lease that to into goes in is and the every deal XXXX this that
and, a where increase eliminate don't labor by So you're Palm the and process going expenses, costs and $X putting but packaging of script scripts to we're cost see the increase at XX,XXX $X, accuracy some Beach’s in scripts or place, can and about one prescription scripts automation reduce $X. down North and costs, bring And looking maybe fill daily scripts we're at XX,XXX, we of our will those cost can place, we're allow prescription a of the need another location today maybe is duplication to to efficiency we a try all savings Miami well. we and daily in consolidate not just as going eliminate in labor all that to we as one costs or that to and a there, XXXX to speed and that which all Beach, systems us talking
there. we'll So to and same central central other able to the be grow. have big to to capability accuracy pharmacies filled offer be looking filled best out pharmacies And other able programs any as we'll
choose world and I want XXXX. that's brick know satellite, insurance we negotiate our as an or our the the absolutely, And, same the business, is more universities we this to opportunities We the are we integrates whether coming business and have answer another looking XXXX, it want whatever was the that can but acquisition in that XXXX. get we And alone, and choose the the formulary the to where and bigger to built against and location we more patients pharmacy everyone we we're pharmacy sure into a with that that's the looking on more business. we of stick benefit. whether another out what's at on go we're if prescriptions want core looking we're we do. outside we don't and mortar, with where that back we all And to the at at in we constraints with we these full key on will recoupments fight of that's we all don't these acquisition well new there that things back We're mesh going pharmacy in again, pick we probably think how that. something yes, the that we're that to going make businesses and competencies, more we the to that where outside one manage, So working I have know to pharmacy don't about there get, do, idea we're to well, add space? at want we contraction Outlook, other understand. or go the we of know question and either something working ability into against be fight
And our And that's and that's we FPRX. great. XXXX, moving year think really So And really what we're bright, we're, have a towards. of it's XXXX outlook. we it's full
we're So month. we're talking XX,XXX talking And $XX a about million about in sales. prescriptions
our and so also So this value think because that we in to true truth for on. the up we will that shareholders I are will to hopefully everything that, see enterprise. to and catch so are on start and dedicated dedicated delivering stock think delivering everybody would of shareholders, are told the transparency, time the are ever -- go dedicated price we've to I deliver we And our that we're we
well all Well, want thank you and and to to sent shareholders everybody make on smallcapvoice.com it well. for as investors for listening this And thank once time be as And the the again, the call joining for you website for complete. progressivecareusa.com at available potential today. the I to questions that and again thank will listeners as call Thank whom their call call today. in us Shital. once you of
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