NextPlat Corp. announced that its PharmcoRx subsidiary has secured a multi‑state prescription‑fulfillment contract with the virtual medical group DevotedDOc. The agreement will begin in Florida and Georgia in November 2025 and could expand nationally as PharmcoRx is already licensed in Arizona, Colorado, Connecticut, Illinois, Minnesota, Nevada, New Jersey, New York, Pennsylvania, Texas, and Utah.
The deal positions PharmcoRx to serve a growing virtual care market, a key component of NextPlat’s broader strategy to shift from traditional retail pharmacy to higher‑margin 340B and long‑term‑care services. In Q2 2025, NextPlat reported revenue of $13.2 million, down from $17.0 million in Q2 2024, and a net loss of $1.8 million versus $5.3 million the prior year. Gross profit margin fell to 21.8% from 34.5% year‑over‑year, largely due to decreased pharmacy prescription and 340B revenue and industry‑wide drug price increases outpacing reimbursement adjustments. The new contract is therefore seen as a potential catalyst to reverse these trends and support the company’s goal of cash‑neutral operations by 2026.
Management emphasized the strategic importance of the partnership. Vice President of Healthcare Operations Birute Norkute said, “We are proud to be selected to support DevotedDOc in treating patients with opioid addiction, obesity, and other conditions that can have devastating quality‑of‑life consequences. Our collaboration will help deliver rapid, affordable, quality care to underserved communities.” Interim CEO David Phipps added that PharmcoRx is well‑positioned to capitalize on the expanding healthcare market, noting that focused investments in leadership and entry into higher‑margin segments will enhance profitability and long‑term value.
Operational success hinges on maintaining pharmacy licensure, controlled‑substance handling, and compounding quality across all states. The contract’s expansion potential is contingent on PharmcoRx’s ability to meet regulatory compliance in each jurisdiction, a risk that management acknowledges but believes can be managed through existing compliance frameworks and experienced staff.
The announcement signals confidence from a large virtual provider and could open doors to additional multi‑state agreements. If the partnership expands as planned, it could become a significant contributor to NextPlat’s revenue mix, helping the company achieve its cash‑neutral target and strengthen its position in the high‑margin healthcare services market.
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