NextPlat Reports Increased FY Revenues and Record Annual Margins

DENVER, Colo., Apr 12, 2024 ( NextPlat Corp (NASDAQ:NXPL) reported its fiscal year 2023 financial results, which consolidates the operations of Progressive Care Inc. (OTCQB:RXMD), its e-commerce subsidiary.

Charles M. Fernandez, Executive Chairman and CEO of NextPlat, stated, “Central to our growth plans for NextPlat in 2023 were efforts to increase our long-term participation in the high growth healthcare and consumer products sectors and the expansion of our business into large new international markets such as in China through our partnership with Alibaba. I am proud to report that in 2023, we made significant progress against these growth initiatives, highlighted by our announcement of an e-Commerce Development Program with OPKO Healthcare, who selected us to launch their online storefront in China, and our expanded strategic investment into Progressive Care, our new healthcare subsidiary. These developments, along with the planned launch of new products such as our Florida Sunshine brand of premium-grade vitamins and dietary supplements, represent significant opportunities for NextPlat to generate profitable new revenue streams, creating value for our clients, their customers, and our shareholders this year.”

2023 consolidated revenues were approximately $37.8 million, a 222% increase over its 2022 revenue of approximately $11.7 million, and 2023 gross margins increased 30%, compared to 21% for 2022.

David Phipps, President of NextPlat, added, “With a global presence in 18 countries across 5 continents, which enables us to serve customers in more than 165 countries, we are providing unmatched global reach for our partners and customers. We are encouraged by the continued ability of our platform to support our customers and through our e-commerce development program with Alibaba and its Tmall Global platform in China, we are now able to provide truly global online market access for products of all types. We are excited about the potential of the Chinese market for American-made products, especially health and wellness products such as OPKO’s and are looking forward to supporting additional brand and product launches this year including our own Florida Sunshine-branded products.”

“Progressive Care’s significant growth in 2023 reflects its continuing commitment to ensuring strong patient medical adherence through highly specialized care and its proven ability to support the unique needs of 340B covered entities. I am pleased with our team’s success in greatly strengthening the Company’s financial foundation and driving improved operational performance. We continue to seek opportunities to expand our pharmacy operations with new programs, such as the OTC benefit programs announced last year, and add additional clients within the 340B space,” said Fernandez.

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