- TRXD sales grew to $1.5 million in Q1 2019; operating income also rose when compared to the same period of the prior year
- The company is adding new independent pharmacies and increasing pharmacy sales
- Mail-order pharmacy services and a newly launched mobile app offer lower prescription drug costs for U.S. consumers
Trxade Group Inc. (OTCQB: TRXD), an integrated pharmaceutical logistical services company that offers a web-based e-hub buying platform for transactions between independent pharmacists and drug manufacturers, reported record Q1 2019 revenues. The company also reported (http://nnw.fm/znW3v) higher operating income, as it sees “continuing revenue growth and profitability in 2019.”
TRXD reported Q1 2019 sales of $1.5 million, as compared to $852,923 in revenues for the same period of the previous year. Operating income grew in Q1 2019 to $171,759 from $98,728 in Q1 2018. Net income reached $125,229 for Q1 2019, as compared to $82,269 for the same period of the previous year.
“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,” Trxade Group chairman and CEO Suren Ajjarapu stated in a news release. “At the end of the first quarter, we reported record platform subscribers and transactional revenue along with higher net and operating profits for the same period.”
TRXD’s proprietary trading platform enables independent pharmacies to buy online, directly from national pharmaceutical suppliers. The company attributed its revenue growth to an increase in its fee income from this web-based supplier-to-pharmacy trading platform, as well as increased pharmaceutical sales from its wholly owned subsidiary, Community Specialty Pharmacy LLC.
“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,” Ajjarapu added. In Q1 2019, TRXD added more than 400 new independent pharmacies, which were successfully onboarded on to the Trxade software trading platform.
On the consumer side, TRXD operates a full-service, mail-order business with pharmacy, warehouse and drug-delivery services, along with a mobile app – www.Delivmeds.com – that enables home delivery. These B2C offerings lower drug costs for U.S. consumers, the company said, and directly challenge the inefficient value chain by providing drug-price transparency and efficient buying and delivery of drugs.
For more information, visit the company’s website at www.TrxadeGroup.com
NOTE TO INVESTORS: The latest news and updates relating to TRXD are available in the company’s newsroom at http://nnw.fm/TRXD
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 888-902-4192 (U.S. Mobile Phones Only)
For more information please visit https://www.networknewswire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
NetworkNewsWire (NNW)
New York, New York
www.networknewswire.com
212.418.1217 Office
[email protected]
