Progressive Care Inc (OTCMKTS:RXMD) is on a strong bull run after a number of catalysts mainly centered around the company’s announcement of a brick and mortar location. RMXD is up 300% for the last month and since the start of the year the company is up 1000%.
Recently, RXMD released some February numbers. The company filled over 19,500 prescriptions during the month of February, generating nearly $1.45 million in net revenues. Prescriptions filled increased by 18% compared to the same month last year. Revenues remained flat year over year. The company also filled over $450,000 worth of prescriptions (not included in Net Revenues) for 340B entities in February, generating fees to the pharmacy of approximately $20,000 which is nearly a 200% increase over the same month last year. “This year has been busy and moving quickly,” stated S. Parikh Mars, CEO. “We are executing on a number of fronts to expand and diversify the company as a leader in the industry. The Company is gaining ground in prescription counts and sales and we are anticipating the release of our 2017 audited financial statements and completion of the due diligence process for our first acquisition to close out the quarter.”
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 was recently covered by SeeThruEquity, a premier small and microcap research firm, released an updated analyst report today upgrading Progressive Care’s price target to $0.35 per share. The upgrade is based on recent news of RXMD’s intent to acquire a pharmacy in Palm Beach County as well as increased sales, new product and technology development projects, and the acceptance Bitcoin.
At this time, carrying a capital value in the market of $4.25M, RXMD has strong volume over 22M shares trading hands on average for the last ten days. RXMD is pulling in trailing 12-month revenues of $20.1M. This is an exciting story, and we look forward to a follow-up chapter as events transpire. 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.