Trxade Group (NASDAQ: MEDS), an integrated drug procurement, delivery and healthcare platform, will present at the virtual LD 500 in early September to an expected online audience of more than 20,000.The event is organized by LD Micro, an independent resource to the microcap world, which started off as a newsletter highlighting unique companies and has transformed into the pre-eminent event platform in the space.
The upcoming LD 500, taking place September 1st-4th, 2020, is the company’s most ambitious project yet, and the first event that can be accessed by anyone. It is expected to feature over 300 companies and more than 20,000 attendees, according to LD Micro President Chris Lahiji.
“For the first time in ten years, we were unable to host our mid-year conference, which caused us to dream up the LD 500,” stated Lahiji. “While the economy and financial world have been turned upside down, investor interest is as high as we have ever seen, and we will have something for everyone.”
This news comes on the heels of Trxade Group reporting record revenues for the second quarter of 2020 and projections for a strong second half of the year. According to a company announcement, revenues increased 244% to a record $6.6 million, compared to revenue of $1.9 million in the same quarter last year. Second quarter revenue was up 199% when compared to revenues of $2.2 million in the first quarter of 2020 (http://ibn.fm/wCopy).
“As we move through the second half of 2020, we are better positioned than ever to execute upon our vision of continued growth of the platform, driven by new independent pharmacies, new suppliers and distributors,” Chairman and Chief Executive Officer Suren Ajjarapu said.
The revenue surge was primarily due to a significant increase in personal protective equipment (“PPE”) sales by the company’s Integra Pharma segment in response to the COVID-19 pandemic.
During the COVID-19 crisis, telehealth services have rapidly expanded. As a result, the company has been working to raise awareness of its supply chain trading platform that includes medical consultation and prescription drug solutions. As the spread of the novel coronavirus unexpectedly reached pandemic proportions and triggered the need for infection-fighting policies, Trxade Group has developed measures to help patients and providers continue to access resources through a virtual environment that is safe from contagion.
If telemedicine services maintain popularity with patients, and insurance providers continue to be responsive to reimbursing telehealth claims, market analysts at McKinsey & Company forecast a $250 billion telehealth market (http://ibn.fm/MZqNY) while Frost & Sullivan projects a seven-fold increase in telehealth by 2025 (http://ibn.fm/2x5DG).
Headquartered in Tampa, Florida, Trxade Group, Inc. is an integrated drug procurement, delivery and healthcare platform that fosters price transparency, thereby improving profit margins for both buyers and sellers of pharmaceuticals. The company operates across all 50 states with the central mission of making healthcare services affordable and accessible.
Trxade operates via four synergistic platforms: (1) B2B trading platform with 11,725 registered pharmacies; (2) Integra Pharma Solutions, the company’s virtual wholesale division; (3) Bonum Health which offers affordable telehealth services; and (4) the DelivMeds app, a nationwide mail order delivery distribution network for independent pharmacies.
For more information, visit the company’s website at www.TrxadeGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to MEDS are available in the company’s newsroom at http://ibn.fm/MEDS
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