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| Statement |
|---|
| To-date, we have seen incredible success in garnering attention from independent pharmacies nationwide, validating our business model |
| We continue to see improvement in 2023 for our core TRxADE pharmaceutical exchange platform |
| Moving forward, the company is working to grow TRxADE Prime revenues with the foundation of reduced overhead and improved gross margins |
| Our Community Specialty Pharmacy record an increase in gross margin as a percentage of revenue rising from a negative 30.7% in 2022 to 13.1% for 2023 |
| It's good to see the prime volumes remaining positive |
| Consolidated, there was a 70% improvement in gross margin for the same three-month periods ending March 31, 2023 and 2022 |
| Initiatives to improve gross margin included improved vendor pricing, vendor contracts, and drop shipping |
| Another exciting growth metric on TRxADE platform includes a 7% increase in the volume of sales processed across our platform for the same comparable quarters |
| Our nationwide footprint continues to grow, and we remain committed to the focus of exciting new ways to support our large, growing network of registered users |
| Taken as a whole, I think we are building an incredible compelling ecosystem |
| With the development of technology and products for our local pharmacies, we are dedicated to supporting these pharmacies with new innovative products that better enable them to service their customers and strengthen loyalty to their local retail pharmacy |
| We believe this radical price transparency, economy of scale and competition among suppliers leads to up to a 10% reduction in the pharmacy's total annual drug purchasing costs, with a drug level savings of up to 90% on certain pharmaceutical products |
| We design, own and operate a business-to-business web-based market platform, bringing together the nation's independent pharmacies with accredited national pharmaceutical suppliers to provide a uniquely efficient and transparent buying and selling process |
| The TRxADE Prime, we are looking for a better catalog, better pricing on our platform to offer that solution |
| Our Community Specialty Pharmacy revenue increased 16% in 2023 compared to 2022 |
| And from now onwards, as you can see, tech margins will grow |
| As you are aware, our tech margins are high |
| Consolidated gross profit for the first three months of 2023 compared to 2022, improved $221,000, but increased year-over-year at 69% as a percentage of revenue |
| The TRxADE Platform revenue increased 4% in 2023 compared to the same period in 2022 |
| I look forward to seeing what the future holds as we continue our rapid pace of operational execution, creating sustainable long-term value for my fellow shareholders |
| That's great |
| When there is a reduction in TRxADE Prime, we see the – automatically our gross margin shot up to 69% |
| Keep up the good work |
| Allen Klee And so the – so your Prime offering is what gets you the better platform? Is that the way to think about it? Suren Ajjarapu The Prime platform will give a better logistical solutions to my pharmacies, but the marketplace will always be there to offer them, look for the better pricing and better catalog |
| We want to add value to our independent pharmacy so that they can have a transparency in looking at into their contract they signed with big three |
| We identified this market inefficiency as well as the incredible potential in these independent pharmacies, which together maintain and estimated approximately $67.1 billion in annual purchasing power and proceeded to launch TRxADE |
| In summary, we are focusing on exciting new innovation and partnerships to drive forward our core business-to-business strategy while diversifying our revenue base |
| Thank you all |
| Howard Halpern Good afternoon, guys |
| Our platform saves pharmacies from having to manually compare prices across distributors, saving hundreds of hours of unnecessary labor annually and eliminating negative reimbursement or fulfilling a prescription at a loss |
| Statement |
|---|
| This loss was caused by the voluntary withdrawal agreement that was signed with Exchange Health to dissolve the partnership with SOSRx due to its lack of performance |
| Traditional wholesalers would provide unfavorable payment terms, slow delivery and create a difficult conundrum for approximately 19,400 independent pharmacies nationwide |
| This year-over-year decrease in revenue was caused by decreased revenue in TRxADE Prime of approximately 70% |
| Consolidated revenues for the first three months of 2023 decreased 31% to $2.2 million compared to revenue of $3.2 million for the first three months of 2022 |
| Year-over-year comparison for the first quarter period for 2023 and 2022 for the adjusted EBITDA, our non-GAAP financial measures reflect negative $0.6 million for the first quarter of 2023 compared to a negative $0.7 million for the same period in 2022 |
| So that was the reason you saw the drop in the sales, but we are picking up |
| And the burden – and I can say it was anywhere between $150,000 to $200,000 because that was draining into the R&D effort for Alliance Pharma Solutions |
| No problem, Allen |
| We would like to offer that drop shipping services directly to the – our customer base, which will reduce our more enough G&A and still maintain enough margins out there and increase the sales |
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