TAMPA, Fla., March 26, 2019 (GLOBE NEWSWIRE) -- Trxade Group, Inc., (OTCQB: TRXD) is an integrated drug purchasing and delivery solutions company with a market platform that enables trade among healthcare buyers and sellers of pharmaceuticals, accessories and services. The web-based market platform with over 10,000 registered independent pharmacy customers that enables its customers to quickly source and purchase pharmaceuticals, accessories and services from a wide range of manufacturers and drug distributors today announced quarterly and annual results for the quarter and the year ended December 31, 2018.
Suren Ajjarapu, Chairman and CEO, Trxade Group, Inc said, “We had a very productive 2018, and ended the year having completed the Community Specialty Pharmacy, LLC acquisition. We achieved increased revenue on our market platform and revenue in the fourth quarter included the acquisition. This acquisition is key to our strategy in expanding our capabilities in the consumer market of direct purchasing, mail order and physical delivery to consumers. We are seeking to improve the efficiency of selling and buying, as well as customer experience, by integrating e-commerce, brick and mortar retail, and logistics. The decrease in Operating Income was due to the acquisition of Community Specialty Pharmacy and investment in our integrated healthcare platform to better position the Company for future growth and profitability.”
2018 Annual Results Summary:
- Revenues from the Trxade, Inc. market platform operations were $3.40 million, compared to $2.93 million in 2017, a 16% increase over the previous year
- Revenues from Community Specialty Pharmacy, LLC added $395,418 in the fourth quarter
- Operating Loss was ($87,617) compared to an Operating Income of $395,095 in 2017
- Net income was $9,038 compared to $288,983 in 2017
Business Highlights:
- Trxade, Inc. continues to expand the reach of its market platform through organic expansion with over 10,000 independent pharmacies registered
- Closed acquisition of Community Specialty Pharmacy, LLC
About Trxade Group, Inc.
Headquartered in Tampa, Florida, Trxade Group, Inc. (OTCQB: TRXD) is an integrated drug purchasing and delivery solutions company with a market platform that enables trade among healthcare buyers and sellers of pharmaceuticals, accessories and services. Founded in 2010, Trxade Group currently operates a trading platform with over 10,000 registered members. For additional information please visit us at http://www.trxadegroup.com.
Supplemental Financial Data
The Attached Selected Supplemental Financial Data tables disclose amounts reflected in our historical financial results and include the results of operations for a comparable period. Trxade utilizes certain financial measures that are not calculated in accordance with accepted accounting principles (GAAP) to access its financial performance such as working capital. This presentation should be viewed as a supplement to and not a substitute for the results of operations presented on a GAAP basis. Shareholders are encouraged to review the company’s filings with the Securities and Exchange Commission.
Forward-Looking Statements
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. Except as may be required by applicable law, we assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The company undertakes no duty to update forward-looking statements.
| Investor Relations Contact: IR@trxade.com |
Trxade Group, Inc.
Selected Consolidated Financial Data
For the Twelve Months Ended
December 31, 2018 and 2017
| 2018 | 2017 | |||||||
| Revenues, net | $ | 3,831,778 | $ | 2,931,280 | ||||
| Cost of Sales | 449,049 | - | ||||||
| Gross Profit | 3,382,729 | 2,931,280 | ||||||
| Operating Expenses | ||||||||
| General and Administrative | 3,470,345 | 2,536,185 | ||||||
| Operating Income (Loss) | (87,616 | ) | 395,095 | |||||
| Other Income | 161,639 | 67,500 | ||||||
| Loss on Extinguishment of Debt | (7,444 | ) | (16,556 | ) | ||||
| Interest Expense | (57,541 | ) | (157,056 | ) | ||||
| Net Income | $ | 9,038 | $ | 288,983 | ||||
| Net Income per Common Share – Basic: | $ | 0.00 | $ | 0.01 | ||||
| Net Income per Common Share – Diluted: | $ | 0.00 | $ | 0.01 | ||||
| Weighted average Common Shares Outstanding Basic | 32,260,622 | 31,955,416 | ||||||
| Weighted average Common Shares Outstanding Diluted | 34,958,502 | 34,086,251 | ||||||
| Balance Sheet Data | 2018 | 2017 | |||||||
| Working Capital | $ | 605,710 | $ | 82,119 | |||||
| Total Assets | $ | 2,227,587 | $ | 617,476 | |||||
| Long-Term Debt | $ | 522,552 | $ | 404,052 | |||||
| Shareholders’ Equity (Deficit) | $ | 844,668 | $ | (311,933 | ) | ||||