Business
TRxADE HEALTH Reports Second Quarter Revenue Growth of 73% and Q2 2022 Financial Results
Continues Nationwide Expansion of Breakthrough Digital Healthcare Services IT PlatformTAMPA, FL / ACCESSWIRE / July 25, 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 / July 25, 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 second quarter (Q2) ended June 30, 2022.Second Quarter 2022 and Subsequent Operational HighlightsTRxADE continued to expand the TRxADE drug procurement marketplace nationwide, adding 319 new registered members in Q2 2022 and 685 new registered members during the first six months of 2022, bringing the total registered members to approximately 13,815+ at June 30, 2022.TRxADE announced earlier this month that its wholly-owned pharmaceutical wholesale business Integra Pharma Solutions, LLC (d/b/a TRxADE Prime) (\"Integra\") secured a preferred distribution agreement with GALT Pharmaceuticals, LLC. Integra, which distributes generic and brand medications directly in 34 states through its warehouse, has now added single-source and multi-source products directly from GALT Pharmaceuticals, which further adds to the mission of helping independent pharmacies and its members access top medication products as part of the TRxADE HEALTH network.\"We are pleased to have entered this partnership between Integra and GALT Pharmaceuticals, as it will diversify our product service offerings and renew our commitment to the independent pharmacies we serve. In an everchanging healthcare landscape, equipping our pharmacies with a robust catalog, creates value,\" said Mr. Suren Ajjarapu, Chairman and Chief Executive Officer of TRxADE.Management CommentaryMr. Ajjarapu, commented, \"2022 is an exciting time for TRxADE, as we continue to position ourselves to create sustainable value for our stockholders. I am pleased with the growth we have experienced in our TRxADE and TRxADE Prime platforms. We continue to achieve several key milestones in our internal roadmap with a focus on innovation and development through our various complementary growth opportunities.\"Second Quarter 2022 Financial SummaryRevenues for the second quarter of 2022, increased 73% to $3.3 million, compared to revenue of $1.9 million in the same quarter last year. The incre...