Trxade Group (NASDAQ: MEDS), a health services IT company focused on digitalizing the retail pharmacy experience by optimizing drug procurement, the prescription journey and patient engagement in the United States, has reported its financial results for fourth quarter and fiscal year for the period ended Dec. 31, 2020. The report also included key operational highlights. Financial numbers noted that the company’s revenues for the quarter increased 17.1% to $2 million, compared to revenue of $1.7 million in the same quarter last year; gross profit for Q4 decreased, primarily because of higher costs associated with Trxade Prime transactions and a write down of inventory. Revenues for the full year increased 130.3% to $17.1 million, compared to $7.4 million in the previous year, with full-year 2020 gross profits reaching $5.7 million, an increase of 17.2% over the previous year. The company continues to expand the Trxade drug procurement marketplace nationwide; Q4 saw an additional 328 new registered members, bringing the total registered members to more than 11,800. In addition, Trxade’s telehealth subsidiary Bonum Health agreed to provide affordable telemedicine services to the patients of approximately 100 Kinney Drug retail pharmacies in New York and Vermont, as well as more than two million Rx discount card members of Kinney’s sister company, ProAct Inc. “2020 was a milestone year for our company as we continued to innovate, grow and expand,” said SRAX chair and CEO Suren Ajjarapu in the press release. “Despite the challenges of a global pandemic, we increased revenues by 130% for the year, a testament to our team’s continued innovation and development of our breakthrough digital healthcare services IT platform. As we continue to scale exciting new affiliated services, such as our telehealth platform or our recently announced digital health passport initiative, we anticipate continued top line growth in the coming year.”
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About Trxade Group Inc.
Trxade Group is a health-services IT company focused on digitalizing the retail pharmacy experience by optimizing drug procurement, the prescription journey and patient engagement in the United States. The company operates the TRxADE drug-procurement marketplace serving a total of 11,800-plus members nationwide and fostering price transparency as well as the Bonum Health brand, offering patient centric telehealth services. For more information about the company, please visit www.Trxade.com and www.BonumHealth.com.
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