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TRxADE GROUP, INC. REPORTS 2019 RESULTS
● Delivered 2019 annual revenues of $7.43 Million (94.1% increase)
● Total Adjusted EBITDA of $852,647 (249% increase)
● Launched next generation of Telehealth Platform ( www.Bonumhealth.com )
● Launched Drug delivery platform using our network of pharmacies ( www.delivmeds.com)
● Listed on the NASDAQ, symbol: MEDS
● Received net proceeds of approximately $5.3 million through a public stock offering
TAMPA, FL – (March 30th , 2020) – Trxade Group, Inc., (Nasdaq: MEDS)(“Trxade Group” or the “Company”), an integrated telehealth, drug procurement, delivery and healthcare platform that enables price transparency and increased profit margins to healthcare buyers and sellers of pharmaceuticals, announced annual results for the year ended December 31, 2019.
2019 Annual Results Summary:
● Revenues from continuing operations was $7.43 million compared to $3.83 million for 2018.
● Operating Income for the year 2019 was $125,244 compared to an Operating Loss of ($87,616) in 2018.
The revenue growth was primarily attributable an increase of fee income generated from the Company’s web-based supplier-to-pharmacy trading platform (www.trxade.com) and to the acquisition of our wholly owned subsidiary Community Specialty Pharmacy, LLC.
For the full-year 2019, the Company reported a net loss available to common shareholders of ($284,428), or ($0.05) per basic share, versus a net income of $9,038, or ($0.00) per basic share, in 2018. Trxade Group, Inc. reported Adjusted EBITDA of $852,647 for the full-year 2019, versus $244,003 in the prior-year period. A schedule reconciling the Company’s GAAP and non-GAAP financial results (including Adjusted EBITDA) is included later in this release.
Suren Ajjarapu, Chairman and CEO, Trxade Group said “In addition to increased revenue growth from our companies, Trxade Group achieved a number of significant milestones around innovation and enhancements in 2019 that add even more value to our role as a strategic provider to independent pharmacies and lower cost healthcare to all consumers. We believe our platform will become even more important for our customers in the years to come. We have a clear vision of our strategy and the opportunities ahead and look forward to another successful year of growth.
● Trxade continues to expand the reach of its trading platform through organic expansion, with 3,266 new independent pharmacies registered in 2019.
● Number of pharmacy purchasers increased by 23.07% in 2019 vs. 2018.
● An 8.86% increase in year over year purchases per pharmacy on the Trxade platform.
● Trxade announced the next phase in the evolution of its B2C platform www.bonumhealth.com and www.delivemeds.com that will set the stage for the future introduction of a telehealth and drug delivery using our network of independent pharmacies to consumers.
About Trxade Group, Inc.
Headquartered in Tampa, Florida, Trxade Group, Inc. (Nasdaq: MEDS) is an integrated drug procurement, delivery and healthcare platform that enables price transparency and increased profit margins to buyers and sellers of pharmaceuticals, makes Healthcare services affordable and accessible across all 50 states, and steps in to meet today’s immediate demands. Founded in 2010, Trxade Group is comprised of four synergistic operating platforms; 1) the Trxade B2B trading platform with 12,100 registered pharmacies; 2) a licensed virtual Wholesaler; 3) affordable healthcare via their Bonum Health app and web-based telehealth services; and 4) Same Day or Mail Order Pharmacy delivery capabilities via their DelivMeds app featuring their extensive nationwide distribution network. For additional information, please visit us at www.trxade.com, www.delivmeds.com, and www.bonumhealth.com.
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