TAMPA, FL / ACCESSWIRE / October 31, 2014 / Trxade Group, Inc., (OTCQB: TRXD) a web-based pharmaceutical marketplace engaged in promoting and enabling purchases between independent pharmacies and large pharmaceutical suppliers nationally, announced today its financial and operational results for third quarter 2014.
Third quarter results reflect a solid growth over second quarter results with 29% growth of Total Revenue, $372,690 compared to $287,717 and up 24 % in Gross Profit, $295,537 compared to $236,531. “We are pleased with the significant progress we made in the third quarter 2014. Launching new products such as Bulk Upload and TrxadeVet was a major milestone. We are encouraged by the early feedback received from our independent pharmacy clients on our Bulk Upload product, which enables bulk orders of multiple pharmaceutical products through the Trxade secure online marketplace. TrxadeVet, our new marketplace for veterinary pharmaceutical products and supplies, is also showing great promise. These new services are saving our network members considerable costs and this will continue to be the driving force for adoption of our services as our network continues to grow,” said Suren Ajjarapu, Chief Executive Officer.
Mr. Ajjarapu continues, “We enter in to the final quarter of 2014 well positioned across our products from a marketing, online experience standpoint and private label distribution. We expect the significant growth of our network to continue and that is the key to our success moving forward. We have managed to accomplish this with a modest outlay of capital and expect this rapid growth trend to continue. Shareholders should remain focused on the execution of our business plan as we continue to drive shareholder value.”
HIGHLIGHTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014
- Revenue for the three-month period ended September 30, 2014 and 2013 was $372,690 and $323,406, respectfully.
- Gross profit from the three-month period ended September 30, 2014 and 2013 was $295,537 compared to $(45,266), respectfully.
- The net operating loss for the three-month period ended September 30, 2014 and 2013 was $(351,883) and $(283,679), respectfully.
2014 OPERATION HIGHLIGHTS TO DATE:
- Two products were launched – Bulk Upload and TrxadeVet
- At September 30, 2014, over 2200 Independent Pharmacies have been validated on the S2P (Supplies to Pharmacy) platform
- At September 30, 2014, over 1000 Pharmacies have been validated on P2P (Pharmacy to Pharmacy) platform
- Chief Scientific Officer Dr. Ramesh Kenchappa joined the company to supervise Private label Marketing
- $1,100,000 Common Stock issuance completed
About Trxade Group, Inc.
Headquartered in Tampa, Florida, Trxade Group, Inc. is a web based market platform that enables trade among healthcare buyers and sellers of pharmaceuticals, accessories and services. Please visit us at http://www.trxadegroup.com/.
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements.
Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. Except as may be required by applicable law, we assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Investor and Analyst Contact:
Capital Group Communications
(415) 332-7200 Ext. 222
SOURCE: Trxade Group, Inc.