Trxade (NASDAQ: MEDS) on Monday posted a 39% increase in first-quarter revenues to $3.1 million due to higher sales in the Integra Pharma Solutions unit. This was better than what analysts had anticipated.
Meanwhile, the company swung to a net loss of $0.08 per share from a profit last year due to higher costs associated with PPE. Analysts had anticipated a loss of $0.05 per share.
CEO Suren Ajjarapu said in a statement, “We believe we are incredibly well positioned as we stand today, poised to monetize several emerging revenue streams in addition to the steady progress made by our high-margin Trxade Exchange core platform. I look forward to aggressive operational execution in the months ahead as we seek to create sustainable, long-term value for our shareholders.”
MEDS stock was up 4.7% during after-market hours on the stronger-than-expected revenues. The stock has declined 12% since the beginning of this year.
In the first quarter, the Tampa, Florida-based firm added 223 new independent pharmacies to its network. The company now has over 12,100 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.