Progressive Care Inc (OTCMKTS:RXMD) has been making investors very happy these days. RXMD is up 400% over the last month and YTD over a 1000%. The rise of RXMD has been rapid and quite exciting. On Friday, RXMD added to that good news by purchasing a pharmacy in Palm Beach. The brick and mortar location is intended to help with servicing time, long-term care services, compounded medications, and tele-pharmacy services.
“We believe this is the opportunity we have been waiting for,” stated S. Parikh Mars, CEO. “We have been rapidly gaining ground in Palm Beach County and this is the missing piece to lasting success in the area. After an exhaustive search, we think that this acquisition will be just the beginning of an aggressive expansion agenda that allows the Company to reach thousands of new doctors and patients who will benefit greatly from the PharmCo pharmacy model.”
Progressive Care Inc (OTCMKTS:RXMD), through its subsidiary Pharmco LLC, trumpets itself as a company that provides prescription pharmaceuticals to individuals and institutions in South Florida.
The company operates a retail pharmacy that specializes in the sale of anti-retroviral medications and related patient care management; the sale and rental of durable medical equipment (DME), such as hospital beds, oxygen supplies, power wheelchairs, scooters, walkers, and other related equipment and accessories; and the supply of various prescription medications to long-term care facilities.
It also provides long-term care solutions to skilled nursing facilities, assisted living facilities, retirement centers and communities, doctors’ offices, and clinics. In addition, the company purchases, repackages, and dispenses prescription and non-prescription pharmaceutical products for its long-term care customers.
Further, it offers computerized maintenance of patient prescription histories; third-party billing; and consultant pharmacist services consisting of evaluation of monthly patient drug therapy and monitoring the institution’s drug distribution system, as well as home service and maintenance, defective product replacements, and free home installation and instruction services.
According to company materials, “Progressive Care Inc. (OTCQB:RXMD), through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long-term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management.”
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RXMD has really been digging into the digital space and judging the stock price it looks to be paying off. The company’s CEO S. Parikh Mars was recently interviewed about the growth prospects and hyped the company’s telemedicine option.
In the interview, Ms. Mars was asked what she was excited about in 2018 for her Company and she stated, “I think the coolest thing that I am most excited about is our Telepharmacy platform. While it might be hard for someone who has not seen the software or hasn’t interacted with a kiosk yet to imagine how it works, essentially it allows the patient to go to the doctor, come out with a prescription, visit a convenient kiosk, interact directly with a pharmacy technician on the screen, and speak right to a pharmacist remotely and in real time. There is a face to face interaction with a pharmacist to handle any question or concern the patient has without ever having to visit the pharmacy and wait in line. The medication is then delivered directly to patient’s home. All of this is safe, secured through the software, and HIPAA compliant.”
On the financial side, at the end of the year, the firm had recorded high sales figures of $18.3 million, a 34% rise from the prior year a fact that is only likely to excite the market and increase future expectations. Some of this can be attributed to the firm’s new investments in marketing and product diversification.
At this time, carrying a capital value in the market of $3.81M, RXMD has a nice stash of cash still in the bank and continues to see astounding volume peaking over 12.59M for the last ten days. This is an interesting company that should be on your radar in the near future. Sign-up for continuing coverage on shares of $RXMD stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $RXMD, either long or short, and we have not been compensated for this article.