TAMPA, FL / ACCESSWIRE / May 6, 2015 / TRxADE Group, Inc., (OTCQB: TRXD) a web-based pharmaceutical marketplace engaged in promoting and enabling trade among independent pharmacies and large pharmaceutical suppliers nationally, announced today its financial and operational results for first quarter 2015.
FINANCIAL HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2015.
- Revenue for the three-month period ending March 31, 2015 and 2014 was $696,133 and $244,196, respectfully showing a substantial 185% growth over the same period last year, and an 18% growth over the three-month period ending December 31, 2014 of $591,624.
- Gross profit from the three-month period ending March 31, 2015 and 2014 was $465,670 compared to $97,406, respectfully.
- The net operating loss for the three-month period ending March 31, 2015 and 2014 was $(443,620) and $(921,995), respectfully.
2015 OPERATION HIGHLIGHTS TO DATE
- Launched new look and feel of application in the first quarter of 2015 that complements TRxADE.com’s efforts of delivering information at time of purchase.
- Launched Westminsterrx.com in March 2015 for wholesaler-to-pharmacy trading.
- Opened new warehouse in Mississippi with capabilities to inventory products and improved logistics.
- Appointment of Mr. Fernando Sanchez as a Board Member, he comes to TRxADE with CFO experience with public companies.
Mr. Suren Ajjarapu, CEO, stated, “The first quarter financial results continued to reflect 24% growth quarter over quarter for our supplier to pharmacy trade (S2P), and growth continues for our pharmacy to pharmacy trade (P2P). We continue to add 200-225 new validated pharmacies per month. As expressed by the company in the past, we continue to focus our energies on our disruptive technology and data analytics for supply and distribution problems for independent pharmacies, which represents a vast market opportunity to TRxADE S2P trade much larger and more dependable.”
“We continue to develop new modules and expect to add more verticals and customers in coming quarters. We recently announced usage of our bulk upload applications in North America. We believe that, this application could become a substantial revenue driver not only for pharmacies, but TRxADE as well.”
“The first quarter results are exciting, but we believe they are a minor reflection of the opportunities we have in front of us. We have consistently been adding more customers monthly that have begun testing our trading platform. Over the past couple of years, more than 3300 customers have tested our applications, and we see a growing number of third and fifth-time buyers which is a good indicator for growth and market acceptance. The company continues to see expansion of revenue opportunities from S2P trade.”
About TRxADE Group, Inc.
Headquartered in Tampa, Florida, TRxADE Group, Inc. is a web based market platform that enables trade among healthcare buyers and sellers of pharmaceuticals, accessories and services. Please visit us at http://www.trxadegroup.com/.
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.
Investor and Analyst Contact:
Capital Group Communications
(415) 332-7200 Ext. 222
SOURCE: TRxADE Group, Inc.