Trxade Group (MEDS) delivers annual revenue growth of 130%

Trxade (NASDAQ: MEDS) on Monday posted a 17% increase in fourth-quarter revenues to $2 million, riding on the strength of the Trxade Platform and Trxade Prime. The top-line, however, missed the average Wall Street consensus. 

Meanwhile, the company posted a wide net loss of $0.29 per share on goodwill impairment and inventory write-down, compared to analysts’ projection of EPS of $0.01.

CEO Suren Ajjarapu said in a statement, “Despite the challenges of a global pandemic, we increased revenues by 130% for the year, a testament to our team’s continued innovation and development of our breakthrough digital healthcare services IT platform. ”

MEDS stock was up 2% during after-market hours on the stronger-than-expected revenues. The stock has gained 21% since the beginning of this year.

CEO TALKS: The story of Trxade Group (MEDS)

In the fourth quarter, the Tampa, Florida-based firm added 328 new independent pharmacies to its network. The company now has over 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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