Trxade Health Inc (NASDAQ: MEDS) on Monday posted second-quarter revenues of $1.9 million, down year-over-over as a result of non-recurring PPE sales. This was also lower than what analysts had anticipated. Meanwhile, the company posted a net loss of $0.32 per share, which was wider than the street expectation.
Notably, Gross Profit Margin in the second quarter expanded significantly to 44.3%.
MEDS stock fell 5% immediately following the announcement. The stock has traded mostly sidewise since the beginning of this year.
CEO Suren Ajjarapu said in a statement, “Our core exchange business continues to gain momentum through several catalysts, most notably, the addition of new group purchasing organizations that should drive a near-term return to operating profitability. Taken in tandem with our complimentary telehealth and health passport businesses, we are better positioned than ever to grow into a much more diversified, profitable company in the near term while creating sustainable, long-term value for our shareholders.”
In the second quarter, the Tampa, Florida-based firm added 195 new independent pharmacies to its network. The company now has over 12,700 registered pharmacy members.
Trxade, which brings together independent pharmacies under one umbrella through its web-based purchasing platform, is present in all 50 states and is rapidly adding pharmacies to its network.
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