Trxade Group Inc. (NASDAQ: MEDS) reported its financial results for the quarter ended March 31, 2020, on Monday, May 4, before the market opens. The bottom-line soared by 44% as platform sales drove the top-line higher by 46%.
The company continued to expand its trading platform organically, with 305 new independent pharmacies registered in Q1 2020. The average purchases per pharmacy increased on the Trxade platform by 13.7% in the first quarter of 2020, when compared to the same year-ago quarter.
During Q1, the company took strategic measures to enhance its corporate position, uplisting its common stock to the Nasdaq Capital Market and engaging an investor relations firm to implement a comprehensive capital markets strategy.
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The COVID-19 pandemic raged through the first half of this year and continues to impact the world without signs of abating. Amid this health crisis, several companies reported strong results