- Trxade Group Inc. is an expanding healthcare tech platform builder that aims to assist small, community-based pharmaceutical businesses and the patients who comprise their customers through drug pricing and delivery operations as well as telemedicine consultations
- Trxade Group recently announced its year-end financial statement for 2019, noting revenues had grown nearly double over the previous year, from $3.83 million to $7.43 million
- The company is celebrating a decade in operation with four platforms that are integrated synergistically to serve the needs of rural and neighborhood-centric health businesses on a subscription basis
- Trxade’s telehealth services enable patients to access licensed medical professionals from virtually anywhere via personal technology for minor health needs, ensuring them that during a time of pandemic they won’t need to risk unnecessary exposure to the COVID-19 virus at facilities treating other patients
- Trxade recently announced its uplisting to the Nasdaq Capital Market and rang the exchange’s opening bell as part of its efforts to continue building its financial resources
Before the pandemic sweep of the novel coronavirus (or COVID-19) began causing alarm among health policy advisers and care providers, leading to restrictions on movement for the general population, forward-thinking health services provider Trxade Group Inc. (NASDAQ: MEDS) was building a synergistic set of operational platforms to help expand the reach of care providers to underserved communities via online “telemedicine” technology and medicinal delivery services that now seem prescient in their nature.
Amid Trxade Group’s efforts to expand its platforms, the company saw continued revenue growth that culminated in its recent uplisting to the Nasdaq Capital Market and an announcement that it expected gross proceeds of $5.2 million from a public offering’s sale of common stock (http://nnw.fm/6krdS).
On March 30, Trxade announced its year-end financials, reporting that annual revenues from continuing operations grew from $3.83 million in 2018 to practically double that amount in 2019 at $7.43 million. The company also saw operating income rise from a loss of ($87,616) in 2018 to a gain of $125,244 (http://nnw.fm/KBe6U).
The improved financial picture reflects Trxade’s efforts to make healthcare services affordable and accessible across all 50 states coincidental to price transparency mechanisms and increased profit margins for buyers and sellers of pharmaceuticals.
As the company completes its first decade of operations, it has grown to enfold four platforms that are integrated to best serve the needs of rural and neighborhood-centric health businesses. The platforms are the company’s trademarked trading platform that serves 12,100 registered pharmacies, a licensed virtual (online) wholesaler, web-based telehealth services through the company’s Bonum Health subsidiary and the company’s DelivMeds same-day/mail order pharmaceuticals delivery service.
“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,” Board Chairman and CEO Suren Ajjarapu stated in a news release. “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.”
The company’s report states it added 3,266 new independent pharmacies to its trading platform in 2019 and saw a 23.07 percent rise in pharmacy purchasers during the year, as well as an 8.86 percent increase in purchases per pharmacy on the trading platform.
On March 10, Trxade announced (http://nnw.fm/AG6mx) that it was launching a new service through Bonum and DelivMeds to provide subscribers with three premium medical teleconferencing visits and free prescription delivery through company subsidiaries each month under the standard membership rate, freeing patients from unnecessary exposure to viral illnesses such as COVID-19 or the seasonal flu and RSV at hospitals and urgent care facilities when consulting for “clinical needs and minor visits that do not require conventional appointments.”
The telehealth services can provide patients with private access to board-certified physicians from virtually anywhere, using the patients’ personal communication technology.
For more information, visit the company’s website at www.TrxadeGroup.com
NOTE TO INVESTORS: The latest news and updates relating to MEDS are available in the company’s newsroom at http://nnw.fm/MEDS
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