ScripsAmerica, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
November 19, 2014 at 08:00 am
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ScripsAmerica, Inc. reported earnings results for the third quarter and nine months ended September 30, 2014. The company reported $12,817,000 in net revenue during the three months ended September 30, 2014 compared to $73,000 reported during the same period in 2013, marking an increase of $12,744,000 in quarterly revenue year on year. Gross profit for the three months ended September 30, 2014 was $11,604,000 compared to $43,000 for the same period in 2013, which is an increase of $11,561,000 or 26,886%. The revenue growth the company experienced during the third quarter was once again primarily driven by the steadily increasing sales of Main Avenue Pharmacy which is now a wholly owned subsidiary of ScripsAmerica.
The company's net revenue from operations during the three quarters ended September 30, 2014 was reported as $17,342,000 compared to $452,000 over the same nine month period in 2013, marking an increase of $16,890,000 or 3,737%. For the nine month period ended September 30, 2014, gross profit for the company was approximately $15,525,343, which was 90% of its net sales as compared to a gross profit of approximately $27,783 for the same period in 2013 for an increase of approximately $15,497,560. The company's increase in gross profit from 2014 to 2013 can be attributed to its management of Main Avenue Pharmacy, which generated significant sales in the first nine months of 2014.
ScripsAmerica, Inc. is engaged in the distribution of prescription and over the counter pharmaceuticals. The Company's subsidiaries include Main Avenue Pharmacy Inc. (Main Avenue), DispenseDoc Inc. (DispenseDoc) and Pharmacy Administration, Inc. (Pharmacy Administration). It also holds interests in P.I.M.D. International LLC (PIMD). Its operations consist of the sale and compounding of non-sterile topical and transdermal pain creams through Main Avenue; wholesale sales to independent pharmacies and other medical providers through PIMD; pharmacy dispensing services for individual doctors through DispenseDoc, and billing and administrative services through Pharmacy Administration. Main Avenue's prescription pain creams incorporate approximately eight active pharmaceutical ingredients for application on the skin and in localized areas. As of December 31, 2014, PIMD held licenses in over 20 states to receive, store and ship Schedule 3 through Schedule 5 formulary pharmaceuticals.