TRxADE Health (NASDAQ: MEDS), a health-services IT company focused on digitalizing the retail pharmacy experience by optimizing drug procurement, the prescription journey and patient engagement in the United States, has reported its second-quarter 2022 financial and operational information, for the period ended June 30, 2022. According to the report, revenues for Q2 2022 increased 73%, totaling $3.3 million, compared to $1.9 million revenue in the same quarter last year. In addition, gross profit for the company increased to $1.2 million during the second quarter compared to $0.8 million for the same period in 2021. Operating expenses for the quarter decreased 36% and net loss for the quarter showed improvement as well. Business highlights for the period indicated the company continues to expand its drug procurement marketplace nationwide. MEDS added 685 new registered members during the first six months of 2022, with 319 of those registering in Q2 2022; total registered members for the MEDS platform is more than 13,815. In addition, the company’s wholly owned pharmaceutical wholesale business, Integra Pharma Solutions LLC, secured a key distribution agreement with GALT Pharmaceuticals LLC. “We are pleased to have entered this partnership between Integra and GALT Pharmaceuticals, as it will diversify our product service offerings and renew our commitment to the independent pharmacies we serve,” said TRxADE chair and CEO Suren Ajjarapu in the press release. “In an everchanging healthcare landscape, equipping our pharmacies with a robust catalog, creates value. . . . 2022 is an exciting time for TRxADE, as we continue to position ourselves to create sustainable value for our stockholders. I am pleased with the growth we have experienced in our TRxADE and TRxADE Prime platforms. We continue to achieve several key milestones in our internal roadmap with a focus on innovation and development through our various complementary growth opportunities.”
To view the full press release, visit https://ibn.fm/KbLcy
About TRxADE Health Inc
TRxADE Health is a health services IT company focused on digitalizing the retail pharmacy experience by optimizing drug procurement, the prescription journey and patient engagement in the United States. The company operates the TRxADE drug procurement marketplace serving more than 13,815 members nationwide, fostering price transparency and, under the Bonum Health brand, offering patient-centric telehealth services and televet services. For more information about the company, please visit www.Trxade.com and www.BonumHealth.com.
NOTE TO INVESTORS: The latest news and updates relating to MEDS are available in the company’s newsroom at http://ibn.fm/MEDS
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