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, is reporting on its financial results for the quarter ended March 31, 2023. According to the report, the company is focused on continuing to expand its drug procurement marketplace nationwide, with an estimated 1,100 new members joining the platform during the first quarter of 2023, resulting in total registered members reaching more than 14,500 by quarter end. Financial numbers from the report show consolidated revenues for Q1 2023 decreased 31% to $2.2 million with gross profit analysis of comparable fiscal periods in both 2023 and 2022 reflecting an increase in gross profits of $221,000 for Q1 2023 compared to 2022. Operating expenses for the quarter reached $1.9 million with the company reporting a net loss of ($0.7) million compared to a net loss of ($1.0) million for same period in 2022. Adjusted EBITDA came in at ($0.06) million for the quarter 2023, compared to ($0.7) million for the first quarter 2022. “The first three months of 2023 have been an exciting and challenging time for TRxADE,” said TRxADE Health founder and CEO Suren Ajjarapu in the press release. “We continue to focus the company’s strategic plans and partnerships, working towards creating sustainable value for our stockholders. I am pleased with the growth we have experienced in our TRxADE platform. We continue to achieve 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/GjkNl
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 14,500 members nationwide, fostering price transparency and, under the Bonum Health brand, offering patient-centric telehealth 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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