First Quarter Highlights:
- Company achieves record revenues of $1.512 million in quarter ending March 31, 2019 an increase from $852,923 in quarter ending March 31, 2018
- Operating Income Increased to $171,759 from $98,728 in the quarter ending March 31, 2019 and 2018, respectively
- Trxade' software trading platform continues to achieve record quarterly revenue
- Community Specialty Pharmacy, LLC acquisition completed in October 2018 has full quarter operating results
- Over 400 New Independent pharmacies were validated for Trxade software trading platform
- Company launches Business to Consumer (B2C) through "Delivmeds.com Mobile App"
TAMPA, FL / ACCESSWIRE / May 14, 2019 / Trxade Group, Inc. (OTCQB: TRXD), Trxade is an integrated pharmaceutical logistical services company that combines a web-based purchasing platform for transactions between independent pharmacists and drug manufacturers, E-Hub with a mail order pharmacy, warehouse and drug delivery services for consumers nationwide, today reported financial results for its first quarter, ended March 31, 2019 and provided a business update and positive outlook for 2019.
Company Produces First Quarter Revenues Increase, a New Record
Revenues for the three months ended March 31, 2019 were $1,512,521 over $852,923 in the year-ago quarter. The revenue growth was attributable to an increase of fee income generated from the Company's web-based supplier-to-pharmacy trading platform (www.trxade.com) and increased pharmaceutical sales from its wholly owned subsidiary Community Specialty Pharmacy, LLC.
For the first quarter ended March 31, 2019, the Company reported that its net income was $125,229 compared to $82,269 for the quarter ended March 31, 2018.
Operating Income increased for the quarter ending March 31, 2019 to $171,759 versus $98,728 in the quarter 2018.
Company Launches consumer app called "Delivmeds"
During the first quarter of 2019, the Company also announced that it has a "consumer side" as the key to lowering prescription drug costs in the US is attacking the inefficient value chain through drug price transparency and efficient buying and delivering of drugs DIRECT to independent pharmacists and consumers. Trxade operates a full-service mail order pharmacy for consumers throughout the US as well as a mobile app, "Delivmeds", that enables home delivery.
CEO Sees Continuing Revenue Growth and Profitability in 2019
"Our proprietary software trading platform at www.trxade.com, which enables independent pharmacies to purchase drugs is adding new members on a monthly basis and, as a result, enabling us to experience strong top and bottom line growth across the board," said Suren Ajjarapu, Chairman and Chief Executive Officer of Trxade Group, Inc. "Our 2019 fiscal year is off to a record start and in-line with our primary objective of expanding our membership base while simultaneously focusing on increasing their utilization rates. At the end of the first quarter, we reported record platform subscribers, record transactional revenue - along with net and operating profits in the first quarter of 2019.
About Trxade Group, Inc.
Headquartered in Tampa, Florida, Trxade Group, Inc. (OTCQB: TRXD) Trxade is an integrated pharmaceutical logistical services company that combines a web-based purchasing platform for transactions between independent pharmacists and drug manufacturers, E-Hub with a mail order pharmacy, warehouse and drug delivery services for consumers nationwide, with over 8,000 registered independent pharmacies, is a web-based market platform that enables the pharmacies to quickly source and purchase pharmaceuticals, accessories and services from a wide range of manufacturers and drug distributors. For additional information, please visit us at www.trxadegroup.com.
Forward-Looking Statements
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements.
Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. Except as may be required by applicable law, we assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The company undertakes no duty to update forward-looking statements.
Trxade Group, Inc.
Selected Consolidated Financial Data
For the Three Months Ended
March 31, 2019 and 2018
2019 | 2018 | |||||||
Revenues, net | $ | 1,512,521 | $ | 852,923 | ||||
Cost of Sales | 365,839 | - | ||||||
Gross Profit | 1,146,682 | 852,923 | ||||||
Operating Expenses | ||||||||
General and Administrative | 974,923 | 754,195 | ||||||
Operating Income (Loss) | 171,759 | 98,728 | ||||||
Investment Loss | (28,972 | ) | - | |||||
Interest Expense | (17,558 | ) | (16,459 | ) | ||||
Net Income | $ | 125,229 | $ | 82,269 | ||||
Net Income per Common Share - Basic: | $ | 0.00 | $ | 0.00 | ||||
Net Income per Common Share - Diluted: | $ | 0.00 | $ | 0.00 | ||||
Weighted average Common Shares Outstanding Basic | 33,364,167 | 31,985,827 | ||||||
Weighted average Common Shares Outstanding Diluted | 35,988,334 | 34,063,391 | ||||||
Balance Sheet Data | March 31, 2019 | December 31, 2018 | ||||||
Working Capital | $ | 682,943 | $ | 605,710 | ||||
Total Assets | $ | 3,299,481 | $ | 2,227,587 | ||||
Long-Term Notes Payable | $ | 522,552 | $ | 522,552 | ||||
Shareholders' Equity | $ | 1,218,025 | $ | 844,668 | ||||
CONTACT:
Trxade Group, Inc.
Christy Justi, 800-261-0281
cjusti@trxade.com
SOURCE: Trxade Group, Inc.
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https://www.accesswire.com/545256/Trxade-Group-Achieves-Record-First-Quarter-2019-Financial-Results-Driven-By-An-Increase-In-Revenues
