- As the spread of the novel coronavirus unexpectedly reached pandemic proportions, Trxade Group stepped in to help patients and providers continue to access resources and PPE products through a virtual environment that is safe from contagion
- If telemedicine services maintain popularity with patients and insurance providers continue to be responsive to reimbursing telehealth claims, market analysts project a seven-fold increase for the industry by 2025
Trxade Group (NASDAQ: MEDS), an integrated drug procurement, delivery and healthcare platform, reported its financial results for the second quarter ended June 30, 2020. According to the report, revenues for the second quarter of 2020 increased 244% to a record $6.6 million, compared to revenue of $1.9 million in the same quarter last year. Second quarter revenue was up 199% when compared to revenues of $2.2 million in the first quarter of 2020.
The pharmaceutical services provider has garnered much attention in the first half of 2020. The company has been working to raise awareness of its supply chain trading platform that includes medical consultation and prescription drug solutions.
As the spread of the novel coronavirus unexpectedly reached pandemic proportions and triggered the need for infection-fighting policies, Trxade Group has developed measures to help patients and providers continue to access resources through a virtual environment that is safe from contagion. In addition, the company supplied multiple organizations with COVID-19 rapid test kits for employees and families, providing a diagnosis within 15 minutes at the point of care. Trxade Group experienced significant revenue increase in personal protective equipment (“PPE”) sales by the Company’s Integra Pharma segment in response to the COVID-19 pandemic.
During the COVID-19 crisis, telehealth services have rapidly expanded. Telehealth claims to private insurers have grown 4,347% year-over-year (http://ibn.fm/GDMZC). CVS Health saw 600% growth in telehealth and virtual visits through its MinuteClinics in the first quarter of 2020 (http://ibn.fm/rt1d5), Blue Cross and Blue Shield of Tennessee saw 50 times more telehealth visits in May (http://ibn.fm/vVtuf), and Blue Cross of Idaho processed more than 90,500 telehealth claims between March and June, with telehealth now representing more than one-quarter of all claims (http://ibn.fm/LtN4c).
If telemedicine services maintain popularity with patients and insurance providers continue to be responsive to reimbursing telehealth claims, market analysts at McKinsey & Company forecast a $250 billion market (http://ibn.fm/AgG4S) while Frost & Sullivan projects a seven-fold increase by 2025 (http://ibn.fm/Qn8go).
Other operational highlights of Trxade Group’s Q2 results included the company’s sustained efforts to expand its platform nationwide. Trxade recently added 325 new independent pharmacies to its platform, bringing the total registered pharmacy members to over 11,725.
The company also engaged international investor relations specialists MZ Group to expand its comprehensive strategic investor relations program across all key markets. Chairman and Chief Executive Officer Suren Ajjarapu stated: “As we move through the second half of 2020, we are better positioned than ever to execute upon our vision of continued growth of the platform, driven by new independent pharmacies, new suppliers and distributors.”
Headquartered in Tampa, Florida, Trxade Group, Inc. 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 operates via four synergistic platforms: (1) B2B trading platform with 11,725 registered pharmacies; (2) Integra Pharma Solutions, the company’s virtual wholesale division; (3) Bonum Health which offers affordable telehealth services; and (4) the DelivMeds app, a nationwide mail order delivery distribution network for independent pharmacies.
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://ibn.fm/MEDS
