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Saturday, July 2, 2022

All Hail to Progressive Care Inc (OTCMKTS:RXMD)

Progressive Care Inc (OTCMKTS:RXMD) recently saw some big moves after the Company announced record pharmacy revenues for May 2015.

April through May 2015 has provided the company with its strongest prescription revenues to date. With an average of 13,800 prescriptions filled per month, of which approximately 45% are newly authorized prescriptions, PharmCo reached over $2.3 million in revenues for the 2 month period. In May alone, PharmCo achieved $1.4 million in revenues. With only a 28% increase in filled prescriptions over the same period last year, the Company grew revenues by over 30%.

“We are very proud of what we have been able to accomplish this year. We are on pace to post over $1 million per month in revenues and we believe we can improve on those results as we enter our busy season in the fall and winter,” stated Shital Parikh Mars, COO.

Progressive Care Inc (OTCMKTS:RXMD) operates through its subsidiary PharmCo, LLC as a brick and mortar South Florida provider of prescription pharmaceuticals. The Company specializes in health practice risk management, the sale of anti-retroviral medications and related medication therapy management, the sale and rental of durable medical equipment (“DME”) and the supply of prescription medications to long term care facilities.

In April RXMD released its annual report today recording over $11 million in sales revenue for fiscal year 2014. Progressive Care reported a net revenue increase of 20.74% for the year ended December 31, 2014 as compared to year ended December 31, 2013, from approximately 9.33 million to approximately $11.27 million.

Prescription counts for the year were over 140,000, a 33% increase over 2013 totals (approx. 105,000) and record for the company. Pharmacy revenues represented approximately 98% of total revenues for the year ended December 31, 2014 and 91% of total revenues for the year ended December 31, 2013. DME revenues represented 2% of total revenues in 2014 and 9% in 2013. Despite the loss in DME revenue, the Company’s sales continued to rise throughout the year due to strong marketing efforts, a switch to 90-day supplies of medications, and a new focus on compounding medications.

Net loss from continuing operations before income taxes decreased 30% for the year ended December 31, 2014 as compared to the year ended December 31, 2013, from approximately $.61 million to approximately $0.43 million.

“Last year was a successful year for the company and we accomplished many of our goals. We were able to adapt and retool quickly in response to changes in our industry and we began the process of eliminated debt and strengthening our balance sheet. We will continue to improve and believe that 2015 will be another remarkable year for the Progressive Care and our shareholders,” stated Shital Parikh Mars, COO.

The Elephant in the room on RXMD had been their inability to get their filings completed which resulted the stock going from fully reporting OTCBB to Pink Sheets with the yield designation from OTCMarkets. This along with debt holders converting their paper resulted in a seriously depressed stock price.

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RXMD said in a letter to shareholders on December 29 ”In September, we took a great leap forward in this regard by filing our unaudited year-end financial statements for 2012 and 2013 through OTCMarkets. These financial statements were then quickly followed up by the filing of our unaudited financial statements for all three quarters of 2014 on November 22nd. The filings not only presented the company’s current financial position to the public, but also presented the great strides the company has made towards achieving profitability by reducing operating costs and liabilities and increasing sales.

The Company did not say if they are seeking full OTCBB listing and will remain fully reporting or if they will continue to report but continue to trade on the pinks. In any case I imagine they are working hard to get the yield designation removed.

RXMD also addressed the debt issue ”’In August, we reached our first major accomplishment of the year. After months of negotiation and hard work, the company finalized our debt exchange transaction with Tarpon Bay Partners, LLC. Through the execution of the deal with Tarpon Bay and approval by the Circuit Court for the 3(a)(10) transaction to proceed, the company will be able to eliminate approximately $1.8 million in debt off of its balance sheet in the coming year. This transaction allowed the company to settle its litigations with creditors and note holders and has significantly improved our cash flow.

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Currently moving up off its $0.005 reversal point RXMD may be doing big revenues but the Company is losing money which results in debt that usually ends in dilution. Another problem is the Companies inability to get their filings in order. But this is an exciting story developing with spectacular revenue growth and a fast growing loyal shareholder base that is bidding up the price. We will be updating RXMD as events unfold so make sure you are subscribed to Microcapdaily so you know what is going on with RXMD.

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Disclosure: we hold no position in RXMD either long or short and we have not been compensated for this article.

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