Pharmacy Revenue Increase
Pharmacy prescription revenues increased by approximately $400,000 or 5% year-over-year, driven by higher reimbursement rates per prescription.
340B Business Rebound
The 340B line of business experienced a significant turnaround with over 1,600 prescriptions dispensed in October, resulting in a 140% increase in monthly 340B contract revenue compared to earlier in the year.
Cost Reduction and Efficiency
Total operating expenses decreased by nearly 40% to $4,700,000. Payroll savings amounted to approximately $200,000 monthly, and inventory optimization is expected to generate over $1,500,000 in cash savings.
E-commerce Segment Growth
Robust sales for satellite-based connectivity and IoT products continued, with high-margin recurring revenue reaching record levels.