Trxade (NASDAQ: MEDS) on Monday posted second-quarter revenues that more-than-tripled to $6.6 million, primarily driven by higher sales of personal protective equipment (PPE) through its Integra Pharma unit. The top-line was way ahead of the average Wall Street consensus of $2.15 million in revenues.
Meanwhile, the company swung to a loss of $0.07 per share, from a profit of $0.01 per share a year ago, as lower margins on the pandemic-driven products weighed on the bottom-line results. Analysts, were on average, expecting a profit of 1 cent per share.
The big top-line beat sent the stock soaring 35% during after-market hours. The stock has gained 74% in the trailing 12 months.
Trxade, which brings together independent pharmacies under one umbrella through its web-based purchasing platform, was recently uplisted to Nasdaq. The company is now present in all 50 states and is rapidly adding pharmacies to its network.
In the second quarter, the Tampa, Florida-based firm added 325 new independent pharmacies to its network. The company now has approximately 11,725 registered pharmacy members. CEO Suren Ajjarapu said:
“As we move through the second half of 2020, we are better positioned than ever to execute upon our vision of continued growth of the platform, driven by new independent pharmacies, new suppliers and distributors.”
Bonum Health and DelivMeds, Trxade’s telemedical portals, help independent pharmacies offer same-day delivery of drugs to around 15 million patients.
Later today, Trxade is set to hold its first post-earnings conference call.
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