TAMPA, FL -- (Marketwired) -- 08/07/14 -- Trxade Group, Inc. (PINKSHEETS: XCEL), a web-based pharmaceutical marketplace engaged in promoting and enabling trade among independent pharmacies and large pharmaceutical suppliers nationally, announced today its financial and operational results for second quarter 2014.
"The second quarter results reflect 51% growth from first quarter transactional volume for our supplier to supplier trade (S2P) and 12% growth from first quarter in sales volume for our pharmacy to pharmacy (P2P) trade.
"We have validated 360 new pharmacies in the second quarter, a 27% increase over our first quarter. New pharmacies are the driver of future revenues and growth. The rapid adoption of our platform is the key as the larger our network becomes, the greater the value to new and existing members becomes. These results prove our concept is getting wide acceptance from our members," said CEO Suren Ajjarapu.
"Our focus is on the accelerating growth of our technology platform. We have the potential to reach out to the nation's 24,000 independent pharmacies that have combined annual pharmaceutical purchases of $93 billion. We expect the revenue potential from S2P sales to ramp up rapidly going forward. We hope to monetize these testing opportunities into larger, multi-year contracts in the coming quarters," said Mr. Ajjarapu.
HIGHLIGHTS FOR THE THREE MONTHS ENDED JUNE 30, 2014.
2014 OPERATION HIGHLIGHTS TO DATE:
About Trxade Group, Inc.
Headquartered in Tampa, Florida, Trxade Group, Inc. is a web based market platform that enables trade among healthcare buyers and sellers of pharmaceuticals, accessories and services. Please visit us at http://www.trxadegroup.com/
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
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