All right, everybody. Thank you for joining us here. I've got a little bit of echo. There we go. Thank you one and all for joining us here at the Progressive Care Earnings and Shareholder Conference Call for today, November 14, 2022. Before the call gets started, and I hand the call off to the CEO of the company, Charles M. Fernandez, I would like to read to you the forward cautionary statements, the forward-looking statements which are as follows. Forward-looking statements contained herein on this call that are not based on current or historical facts or are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the company's expectations about its future operating results, performance, and opportunities that involve substantial risks and uncertainties. When used herein, the words anticipate, believe, estimate, upcoming, plan, target, intend, and expect, and similar expressions as they relate to Progressive Care, its subsidiaries or its management are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the company and are subject to a number of risks, uncertainties, and other factors that could cause the company's actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by these forward-looking statements. Now, the CEO of the company, Charles M. Fernandez, will be taking over the call, and other members of the management team will also be joining the call as the call proceeds. I do wanna make each member of the management team, also known as the speakers on the call today, know that they are on mute until I bring them on. Charles, with that, the call is yours. Go ahead. Thank you. Good afternoon, and welcome to everyone to the earnings conference call for the quarter ended September 30th, 2022. I am Charles M. Fernandez, the recently appointed Chief Executive Officer and Chairman of the Board of Directors of Progressive Care. I'm excited to join you today to discuss the exciting developments that have occurred over the last three months, as well as the financial results of the three and nine months ended September 30th, 2022. We also outline our plans, initiatives for the remainder of the year and looking forward to 2023. I'm joined today by our Chief Financial Officer, Cecile, our Chief Operating Officer, Birute, and our Director of Administrative Services, Robert. This morning, we announced that Jay, our former CEO, has resigned his position as CEO and Vice Chairman of the board. Progressive Care is greatly indebted to Jay's leadership and guidance to the company as we emerged from the pandemic. Jay will remain available to us on a consulting basis as we continue our transition to a diversified, technology-driven healthcare company. Upon Jay's resignation, the directors of Progressive Care appointed me as the chief executive officer. As many of you are aware, I had joined the board of directors as chairman in September. My appointment as chairman was part of the $6 million investment made in Progressive Care in September 2022 by NextPlat Corporation, the company of which I am the CEO and executive chairman. I will receive no salary or other forms of compensation for my work as CEO of Progressive Care. I am taking on this work with the goal of maximizing the synergies between NextPlat and Progressive Care. In addition to my appointment as chairman of the board, we also welcomed Rodney Barreto as vice chairman of the board. We also welcomed another board member, Dr. Pedro Rodriguez. We are all excited to join the company and work towards its future success. I'd like to turn over the meeting to our Chief Financial Officer, Cecile, and our Chief Operating Officer, Birute. The only thing I'd like to say, as it was said earlier, is both companies, both NextPlat and Progressive Care, have issued press releases as well as SEC filings, which I recommend to all that they read carefully. Thank you very much. With that, Cecile, I'll pass it on to you. Thank you, Charles. Good afternoon, everyone. Let's continue with a summary of our quarterly financial results. For the quarters ended September 30th, 2022, and 2021, we recognized overall revenue for operations of approximately $10.1 million and $9.1 million, respectively. For the nine months ended September 30th, 2022, and 2021, we recognized overall revenue for operations of approximately $30.2 million and $29 million, respectively. This is a 4% year-over-year increase for both the quarters and year-to-date periods when compared to prior year. Year-to-date, we have averaged $10 million in revenue per quarter, and we believe we're on our way in achieving $40 million in revenue for the year. The increase in revenue for the three months ended September 30th, 2022 compared to the same period in 2021, was mainly attributable to an increase in pharmacy revenue of $1.3 million and 340B contract revenue of approximately $500,000, which is offset by a decrease in COVID testing revenue of $1.1 million and an increase in PBM fees of approximately $400,000. For the nine months ended September 30th, 2022, the increase in revenue was mainly attributable to an increase in pharmacy revenue of approximately $2.4 million and an increase in 340B contract revenue of $100,000, which was offset by a decrease in COVID testing revenue of $1 million and an increase in PBM fees of approximately $300,000 when compared to the same period in 2021. Gross profit margins decreased from 30% for the three months ended September 30th, 2021 to 21% when compared to the same period in 2022. The 9% period-over-period decrease is due to the decrease in COVID-19 testing revenues, which have significantly higher margins than pharmacy operations. As the COVID-19 pandemic fading worldwide, the need for testing has decreased as it relates to travel and business continuity. Gross profit margins decreased from 27% for the nine months ended September 30th, 2021 to 22% when compared to the same period in 2022. The 6% period-over-period decrease is again due to the decrease in COVID-19 testing revenue. We have filled approximately 117,000 prescriptions for the quarter ended September 30th, 2022, and over 346,000 prescriptions for the year-to-date period ended September 30th, 2022, which is an increase of over 16,000 prescriptions from the same year-to-date period in 2021. Our net loss was negatively impacted by non-recurring and non-cash items. Net loss of approximately $11.2 million when compared to net income of $400,000 for the same period in 2021. This is an approximate $11.6 million year-over-year decrease. We experienced a number of non-recurring and non-cash charges to our net loss in the third quarter that were attributable to the recapitalization of our debt and the capital raise associated with the issuance of Series B preferred stock. Among them, we incurred non-recurring costs directly and attributable from securities attorneys, investment banker fees, stock compensation expense, gain on debt extinguishment, and accounting fees. These non-recurring costs approximated over $1.2 million. We incurred non-cash charges as a result of the change in fair value of the derivative liability associated with the warrants and convertible debt due to insufficient authorized shares to settle these instruments, and was approximately $7.8 million. We had negative adjusted EBITDA of approximately $900,000 for the third quarter of 2022, as compared to positive EBITDA of approximately $700,000 for the same period in 2021. Our EBITDA was negatively impacted by the non-recurring charges mentioned above of approximately $1.2 million associated with the recapitalization of our debt and capital raise associated with the issuance of Series B preferred stock. Our cash position was over $7.3 million at September 30th, 2022, which is positively impacted by the cash proceeds received from the preferred stock issuance. We plan to utilize some of the proceeds for marketing of the three service lines Birute will discuss, as well as for working capital needs. That concludes my remarks on the financial results for the third quarter and year-to-date 2022. I will turn it to Birute now to discuss our operational activities and provide you more information on the services we've launched this quarter. Thank you, Cecile. Good afternoon, everyone. We are pleased to report that our third quarter activities have built upon and continued the momentum from our six-month period performance from all our business segments. Our focus on growth and operational excellence has allowed us to retain a status of performance as a five-star pharmacy, which will maximize our reimbursement and will allow us to earn performance bonuses with certain payers. We are continuing to strengthen our long-term care division by expanding our team and adding skilled team members to enable and support growth. We have launched our ClearMetrX platform called 340B Metrics, which will help 340B covered entities increase the number of 340B qualified claims and program savings while supporting compliance efforts. The 340B Metrics platform is a software product developed by the company's wholly owned subsidiary, ClearMetrX. That provides 340B covered entities with data insights to effectively operate and maximize the benefits of the 340B program. The platform allows program administrators to manage in real time data related to revenue, virtual inventory, drug replenishment and reconciliation, detailed prescription history analysis, customized ordering data with major wholesalers, patient information, drug prescribing trends and customized financial breakdowns. The software analyzes claim records and provides a complete overview of the financial health of the entity while diminishing the number of ineligible claims throughout the 340B Metrics automated review process. The 340B Metrics software enhances the existing third-party administration services ClearMetrX is currently providing to entities by complementing in-house 340B experts with a robust reporting platform aiming to maximize the limited resources in the 340B space through identification and validation of missing claims, increasing the covered entities' revenue. 340B Metrics allows our data analytics processes to be significantly more productive, giving our team an ability to seamlessly manage data for a much greater number of 340B entities in Florida with potential to be scaled nationwide. We are excited to offer customers a solution that allows them to reduce efforts related to compliance and risk mitigation, strengthen the potential to capture more revenue and simplify the whole 340B process. We also launched our remote patient monitoring platforms. Our mobile app, Pharmco RPM, allows portal access to patients and physicians. This includes a web platform and a native application available on the App Store and Google Play. These portals allow staff of Pharmco Rx, a subsidiary of Progressive Care, to connect the patients to the company's new line of 5G power devices to remotely monitor patients' blood pressure, heart rate, weight, blood glucose and oxygen saturation in real time. Physicians will also have an option to integrate 99% of existing wearable devices, including Apple Health, Garmin and Fitbit, for broader patient monitoring needs. In addition to remote patient monitoring, the Pharmco RPM physician portal allows the company to provide chronic care management monitoring services, generate billing reports based on time spent providing care, and connect directly with the patients to analyze their progress, The company's experience in medication and therapy management and its active participation in data analytics carries over into the RPM marketplace. Making informed decisions based on reliable real-time data is key for doctors to operate in the most effective and efficient ways. Our third launch for the quarter was our entry into a technology agreement to deploy remote medication dispensing kiosks called MedCenter at various care sites in South Florida. The agreement is with MedAvail, a technology-based retail pharmacy company. MedAvail MedCenter's unique medication dispensing technology will allow Pharmco to provide pharmacy services in any state where board of pharmacy laws allow remote medication dispensing through digitally integrated kiosks. Patients visiting these care sites will be able to consult virtually with a pharmacist and fill their prescriptions at the point of care through a touch of a screen, eliminating the need to make a separate trip to a pharmacy. Our partnership with MedAvail will further strengthen our ongoing commitment towards creating a more efficient, convenient, quicker and secure way for patients to receive their medications. With the implementation of MedCenter's wide range pharmaceutical technology, it will allow Pharmco Rx Pharmacy to further expand our concierge pharmacy services. We are very excited about our new partnership with MedAvail and what it may mean for the future of our company and the ability to achieve our commitment to providing the best possible service to our patients. That completes my remarks of our operational activities for the quarter. Back to you, Charles. Thank you very much. That concludes our remarks for the earnings call. I would like to turn the questions over now that we have received in advance of the earnings call. Our Director of Administrative Services, Robert Bedwell, will review the questions that were received prior to our meeting today and provide responses. Thank you. All right. Thank you. Thank you, Charlie. We received these questions prior to our deadline for the submission of questions, and we'll respond to each question as appropriate. Question number one, what's the current status of the Form S-1 filing? Our Form 10 filing enabled our company to become fully reporting with the Securities and Exchange Commission or the SEC. We believe our S-1 filing will help us achieve our vision of becoming a NASDAQ-listed company. Number two. Question number two. Will the company consider raising capital through merger with a SPAC as an alternative way to a traditional IPO for the up-list? Our response. Current market conditions are not favorable for raising capital either through an IPO or a merger with a SPAC. Question number three. When will the NextPlat digital platform be launched? What kind of Pharmco pharmacy products will be sold on this platform? What is the company's long-term goal utilizing this platform? Our response. We anticipate selling over-the-counter products using the NextPlat digital platform, hopefully as early as 2023. Question number four. Why did the company change the CEO and COO's restricted stock units agreements and made their RSUs restricted stock units vested immediately? Does this have anything to do with their future employment status? Our response. The CEO and COO employment agreements were amended to provide for immediate vesting of the restricted stock unit awards in the employment agreements. The decision to enter into the amendments was performance-based. Question number five. The current reverse stock split proxy will expire in February 2023. What's the company's plan if you're unable to uplist before the due date? Our response. We have filed an application with FINRA to approve the reverse stock split and authorized capital structure, which will allow us to move forward with our up-list plans. We are currently not aware of an expected approval date from FINRA, but hopeful that our efforts will be successful. Question number six. There are many other lower cost CRM systems in the market. Why did you choose Salesforce? What are your long-term strategies by integrating this platform in your current system? Does this mean the company is preparing for a nationwide expansion? Our response. Salesforce is a state-of-the-art system that will provide sufficient capacity for our future growth plans. That is all the questions that we have received for today. Again, we thank you for taking the time to join us on this call and for submitting your questions to us. We hope that you have a great remainder of the year, and happy holidays to you all. All right. Thank you, Bob. For the people that were able to join the call late, please be advised that in the press release there are a couple of links so that you can hear the call in its entirety. It'll be available at Small Cap Voice within the hour and shortly thereafter on the corporate site for Progressive Care. Again, for all the management team, we'd like to thank you for joining us today. That concludes our call.
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