- Trxade Group reported record revenues of over $1.9 million in its second quarter filing, as well as increased operating income and net income obtained through its acquisition of independent pharmacy services
- Trxade Group is a pharmaceutical services network dedicated to helping independent pharmacies remain competitive through its web-based purchasing platform, data analytics and delivery services
- Trxade also reported a year-over-year increase in operating income, from $31,446 to $132,705, and net income, from $20,513 to $57,981
- Gross profits rose to more than $1.1 million, with a gross margin of 60.7 percent offset by increased cost of sales from one of the company’s acquisitions
Florida-based Trxade Group Inc. (OTCQB: TRXD), a pharmaceutical services network that brings the buyers and sellers of pharmaceutical products and services together in its own community of trust, technology and transparency, reported ongoing record revenue growth as well as an increase in gross profits and independent pharmacy subscribers as part of its second-quarter financial statement.
Trxade reported that its revenues for the three months ended June 30 were over $1.9 million, marking an increase of 129 percent over the year-ago quarter’s $837,688. It also marked a 27 percent sequential increase over the first quarter ended March 31, according to a news release issued July 29 (http://nnw.fm/xm15V).
Operating income rose during the quarter to $132,705, versus $31,446 a year ago. Net income increased to $57,981 from last year’s second quarter report of $20,513. The gains in revenue and income were primarily attributed to the acquisition of Community Specialty Pharmacy LLC and an increase of fee income generated by the company’s web-based supplier-to-pharmacy trading platform.
Gross profit for the quarter was over $1.1 million, which created a gross margin of 60.7 percent for the three-month period, as compared to $837,688 and 100 percent respectively for the second quarter of the previous year. The margin decrease was attributable to greater revenues mixed with higher costs of sales from its acquisition of independent pharmacy services.
“We made excellent progress executing against our key strategic priorities in our Delivmeds.com program, our B2C commercial efforts and our proprietary B2B trading platform www.Trxade.com… enabling us to experience top and bottom line growth,” Trxade Group Chairman and CEO Suren Ajjarapu stated in a news release. “Accordingly, I am optimistic that our new product lines will generate profitability as increasing pharmaceutical prices drive independent pharmacies, payors and consumers to be more aggressive in sourcing medication.”
Trxade Group’s resources, which include software that links a member-pharmacist network, a platform for buying medications at competitive prices and services for storing and delivery pharmaceuticals, are designed to empower independently owned pharmacies and help them manage their inventories and operations through data analysis.
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
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