Trxade Group (NASDAQ: MEDS), an integrated drug procurement, delivery and healthcare platform, has released financial numbers for its third quarter. Financial highlights include third-quarter revenues up by 174% to $6.3 million, compared to revenue of $2.3 million in the same quarter last year; third-quarter gross profit increased 47% to $1.9 million, compared to gross profit of $1.3 million in the same quarter last year; and third-quarter net income reached $0.14 million compared to net income in the same quarter last year. Business highlights for the quarter included the addition of 144 new independent pharmacies; the unveiling of Bonum+, a B2B platform that bundles telehealth, a COVID-19 risk assessment tool and a Personal Protective Equipment (“PPE”) purchasing tool through a secure mobile dashboard for corporate clients; and the announcement of a prescription savings partnership with SingleCare. “The third quarter was highlighted by our impressive financial results, growing revenues 174% year-over-year, due to both robust PPE sales and ever more pharmacies joining the Trxade marketplace platform,” said Trxade Group chairman and CEO Suren Ajjarapu in the press release. “The COVID-19 pandemic has only underscored the importance of an integrated platform like ours, which enables independent pharmacies to remain competitive and profitable in a changing drug procurement marketplace. . . . We are a nimble organization and remain well-positioned to address emerging opportunities in the industry through our various business units, having created an unrivaled drug procurement marketplace platform for independent pharmacies, as well as a comprehensive healthcare solution for consumers centered around the independent pharmacy ecosystem. I look forward to our continued progress in the months ahead — creating sustainable, long-term value for our stockholders.”
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About Trxade Group Inc.
Headquartered in Tampa, Florida, Trxade Group is an integrated drug-procurement, delivery and healthcare platform that fosters price transparency, thereby improving profit margins for both buyers and sellers of pharmaceuticals. Trxade Group operates across all 50 states with the central mission of making healthcare services affordable and accessible. Founded in 2010, Trxade Group is comprised of four synergistic operating platforms: (1) the Trxade B2B trading platform with 11,725 registered pharmacies; (2) Integra Pharma Solutions, Trxade Group’s virtual wholesale division; (3) the Bonum Health platform offering affordable telehealth services; and (4) the DelivMeds app, which coordinates a nationwide distribution network through independent pharmacies or mail-order delivery. For more information about the company, please visit www.Trxade.com and www.BonumHealth.com.
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