Trxade (NASDAQ: MEDS) on Monday posted a 174% increase in third-quarter revenues to $6.3 million, riding on continued strength in PPE sales. The top-line was way ahead of the average Wall Street consensus of $3.01 million.
Meanwhile, net income came in at $0.02 per share, a cent shy of the street consensus.
CEO Suren Ajjarapu said in a statement, “The COVID-19 pandemic has only underscored the importance of an integrated platform like ours, which enables independent pharmacies to remain competitive and profitable in a changing drug procurement marketplace.”
MEDS stock shot up 34% during after-market hours on the stronger-than-expected revenues. The stock has declined 18% since the beginning of this year.
In the third quarter, the Tampa, Florida-based firm added 144 new independent pharmacies to its network. The company now has approximately 11,800 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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