TRxADE Continues Nationwide Expansion of Breakthrough Digital Healthcare Services IT Platform

 TRxADE HEALTH, INC. (NASDAQ:MEDS)("TRxADE", "TRxADE HEALTH" 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 fourth quarter (Q4) and year ended (FY) December 31, 2021.

Fourth Quarter 2021 Financial Summary and Operational Highlights

TRxADE continued to expand the TRxADE drug procurement marketplace nationwide, adding 175 new registered members in Q4 2021, bringing the total registered members to approximately 13,100+ at the end of 2021.

Revenues for the fourth quarter of 2021 increased 19.7% to $2.4 million, compared to revenue of $2.0 million in the same quarter last year. The increase in revenue was primarily due to revenue generated by the TRxADE Platform and TRxADE Prime, the Company's business to business web-based marketplace.

Gross profit in the fourth quarter of 2021 increased 831% to $1.24 million or 51.9% of revenues, compared to $0.1 million, or 6.5% of revenues, in the same quarter last year. The increase in gross profit was primarily attributable to revenue generated by TRxADE Platform, which has a lower cost of sales.

Operating expenses in the fourth quarter of 2021 were $2.0 million compared to $2.4 million in the same quarter last year. This decrease was due primarily to a loss on impairment of goodwill recognized in the same quarter last year, which was a one-time charge.

Net Loss in the fourth quarter of 2021 was ($0.8) million or ($0.10) per basic and diluted share outstanding, compared to ($2.3) million, or ($0.29) per basic and diluted share outstanding, as a result of a $726,000 loss on impairment of goodwill and a one-time $1,081,000 inventory write down, compared to the same quarter last year.

Conference Call and Webcast

Management will host a conference call on Monday, March 28, 2022, at 5:00 p.m. Eastern time to discuss TRxADE HEALTH's fourth quarter and fiscal year 2021 financial results. The call will conclude with Q&A from participants. To participate, please use the following information:

Q4 and Fiscal Year 2020 Conference Call and Webcast
Date: Monday, March 28, 2021
Time: 5:00 p.m. Eastern time
U.S. Dial-in: 1-877-425-9470
International Dial-in: 1-201-389-0878
Conference ID: 13727651
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1534472&tp_key=20fddfb1b1

Please dial in at least 10 minutes before the start of the call to ensure timely participation.

A playback of the call will be available through April 28, 2022. To listen, call 1-844-512-2921 within the United States or 1-412-317-6671 when calling internationally and enter replay pin number 13727651. A webcast will also be available for 30 days on the IR section of the TRxADE HEALTH, INC. website or by clicking the webcast link above.

https://finance.yahoo.com/news/trxade-health-reports-end-2021-200500727.html