- Financial results for the second quarter of 2019 have Trxade Group’s managerial team optimistic about the future of the brand and its digital platforms
- The company already has over 10,500 members for its pharmacy trading platform
- Independent pharmacies face many challenges when it comes to securing cost-efficient drugs, and Trxade Group has the technology to address these issues and continue building new industry-relevant products in the future
Trxade Group Inc. (OTCQB: TRXD), an integrated pharmaceutical logistical service company, expects its new product lines to generate profitability in the coming months of 2019 and beyond, CEO and chairman Suren Ajjarapu said after the company announced its financial results for the second quarter of 2019.
“In response to customer demand, we are actively developing new product offerings with increased data analytics capability which will help independent pharmacies better manage their inventory and costs,” Ajjarapu stated in a company news release (http://ibn.fm/aprPi).
Trxade Group brings together web-based purchasing platforms for independent pharmacy and drug manufacturer transactions, a mail order pharmacy E-Hub and warehouse and drug delivery services for consumers across the U.S. For the quarter ended June 30, 2019, the company registered record revenue of $1,916,414, marking a massive increase from the $837,688 reported for the same period of 2018. In addition, gross profits for the three-month period went up to $1,163,276 from $837,688 in 2018. Operating income also went up. The company attributed this growth to its independent pharmacy acquisition. These results marked the eighth consecutive quarter during which the Trxade platform reported record quarterly operating costs.
By the end of June 2019, Trxade had registered 390 new independent pharmacies via the platform, marking an increase of 24 percent from the previous quarter and 137 percent on an annual basis. In addition, the company’s consumer app, www.Delivmeds.com, added 94 new independent pharmacies to expand the B2C delivery network of the platform.
Through the network increase achieved in the second quarter of 2019, membership for the TRXD trading software has gone up to 10,500 pharmacies. There are over 24,000 independent pharmacies in the U.S., and their combined pharmaceutical purchase capabilities exceed $93 billion per year.
Many independent pharmacies in the U.S. are limited in terms of time and resources for the purchase of medications. These pharmacies often struggle to maintain margins, which has made them turn to sourcing programs and other opportunities in the past to reduce the purchase cost of drugs. Rising fees and reduced reimbursements, however, have contributed to declining margins for independent pharmacies over the past decade.
Trxade Group offers independent pharmacies a real opportunity to reduce purchase costs while also benefiting from a fully integrated web service. The Trxade platform (Trxade Exchange) isn’t just there to facilitate the cost-efficient acquisition of drugs; it also creates a network of associated pharmacies and gives smaller industry representatives access to a wider supply chain network. This way, pharmacies can view different products and manufacturers, buying groups and wholesalers on a real-time basis.
The size of the industry and the exceptional financial results that Trxade Group registered in the second quarter of 2019 have the company’s managerial team optimistic about the future of both B2B and B2C pharmaceutical service provision.
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://ibn.fm/TRXD