Business
TRxADE HEALTH Reports First Quarter Revenue Growth of 6% and Q1 2022 Financial Results
Continues Nationwide Expansion of Breakthrough Digital Healthcare Services IT PlatformTAMPA, FL / ACCESSWIRE / May 9, 2022 / TRxADE HEALTH, INC.
About this update from Scienture Holdings, Inc.
[{"type":"text","content":"Continues Nationwide Expansion of Breakthrough Digital Healthcare Services IT PlatformTAMPA, FL / ACCESSWIRE / May 9, 2022 / TRxADE HEALTH, INC. (NASDAQ:MEDS)(\"TRxADE\" or the \"Company\"), a health services IT company focused on digitalizing the retail pharmacy experience by optimizing drug procurement, the prescription journey and patient engagement in the U.S., today announced its financial results for the 2022 first quarter (Q1) ended March 31, 2022.First Quarter 2022 and Subsequent Operational HighlightsTRxADE continued to expand the TRxADE drug procurement marketplace nationwide, adding 339 new registered members in Q1 2022, bringing the total registered members to approximately 13,475+ at March 31, 2022.TRxADE announced a venture with Exchange Health, LLC, SOSRx, LLC. SOSRx will provide pharmaceutical manufacturers a single platform to optimize the sale and distribution of their inventory directly to large pharmaceutical buyers across multiple classes of trade. SOSRx opens the market to short dated, over stock and slow-moving pharmaceuticals that would otherwise be subject to destruction. TRxADE anticipates growth in 2022 as more progressive manufacturers are expected to address the public need for enhanced medication accessibility and reliable supply of cost-effective pharmaceuticals.Management Commentary\"I am pleased with the growth we have experienced in our TRxADE and TRxADE Prime platforms for the first quarter of 2022. We have continued to drive our business forward, achieving several key milestones in our internal roadmap with a focus on innovation and development through our various complementary growth opportunities.Our new venture, SOSRx, is an exciting addition that provides additional availability to short dated and overstocked drugs, with a goal to positively impact the public need for cost effective medication.The TRxADE marketplace connects wholesalers and independent pharmacies and our SOSRx marketplace connects the manufacturers and wholesalers. Both the TRxADE and SOSRx marketplaces deliver radical price transparency, economies of scale and competition that benefit the independent pharmacies and wholesalers, while expanding the selling potential for such participants.We believe the TRxADE and SOSRx platforms provide the opportunity to deliver more affordable prescription costs for consumers.This is an ...