Welcome to our dedicated page for TRxADE HEALTH news (Ticker: MEDS), a resource for investors and traders seeking the latest updates and insights on TRxADE HEALTH stock.
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Trxade Group, Inc. (NASDAQ: MEDS) reported a 244% increase in Q2 2020 revenues, reaching a record $6.6 million, up from $1.9 million in Q2 2019. This growth was driven primarily by sales of personal protective equipment (PPE) amid the COVID-19 pandemic. However, despite increased revenues, gross profit fell to 30.4% of sales, down from 60.7%% year-on-year. The company recorded a net loss of $(0.5) million, compared to a net income of $0.1 million in the same quarter last year. Adjusted EBITDA rose 525% to $0.5 million.
Trxade Group, Inc. (NASDAQ: MEDS) has appointed Ashton Maaraba as the new President of Bonum Health, its telemedicine platform. Maaraba brings over 20 years of healthcare experience, previously serving as President of AshHealth and holding senior roles at Change Healthcare. CEO Suren Ajjarapu expressed confidence in Maaraba's ability to enhance Bonum Health's adoption among employers and individuals. The company aims to improve healthcare accessibility and affordability while creating shareholder value through its integrated drug procurement and delivery platform.
Trxade Group, Inc. (NASDAQ: MEDS) announced the withdrawal of its Emergency Use Authorization (EUA) application for the SARS-CoV-2 IgM/IgG Antibody Rapid Test Kit. This decision was made following FDA guidance, which allows only one EUA application per manufactured kit product. The firm believes it is more efficient for the manufacturer to submit a new EUA application directly. Simultaneously, Integra Pharma Solutions has secured new manufacturing partnerships for test kits, ensuring a steady supply of products to healthcare providers.
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