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Bulls Take Charge of Progressive Care Inc (OTCMKTS:RXMD)

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Progressive Care Inc (OTCMKTS:RXMD) is moving steadily higher in recent trading on growing volume as the Company reports record operating results and expands its covid-19 antibody testing operations. Microcapdaily has reported on RXMD incredible rise over the years from Pink Sheets with the yield designation to fully reporting OTCQB with plans to up list to a major exchange in 2020. The stock has runner in its blood and a history of big moves, skyrocketing from well under a penny to highs of $0.27 in early 2018. When a penny stock such as RXMD heats up, penny stock speculators pay attention.

RXMD has been under heavy accumulation as expands its antibody testing regional footprint to include Palm Beach County. The Company plans to further expand this territory in the near future as well. This service has been met with extremely strong demand at its Dade County location, depleting testing kit inventories through on-site administrations. In response to both this surge in demand and the expansion in regional coverage, the Company has implemented processes to ensure supply of antibody testing kits for sale and administration in North Miami Beach, Davie, Palm Springs, and Orlando.

Progressive Care Inc (OTCMKTS:RXMD) through its subsidiaries, is a Florida health services organization and provider of prescription pharmaceuticals. The Company now boasts 4 physical pharmacy locations (in North Miami Beach, Davie, Palm Springs, and Orlando) with 5-star performance ratings and nearly 125 employees from which to launch further expansion and sales growth. Progressive Care has been featured by mainstream press including contributed articles published in prestigious online magazines such as Forbes, Authority, HuffPost, and Fast Company. PharmCo Rx is licensed in Colorado, Connecticut, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Pennsylvania, Texas, Utah, Arizona, Massachusetts and Minnesota.

CEO, Shital Mars: “Yes. So the ultimate goal has always been to become fully SEC reporting and list on NASDAQ. We think that is the right place and right path for us to go. And we think healthcare is ripe for that change and we think there’s a lot of competition and opportunity in the marketplace for a company like ours to create something special and unique and worthy of being on NASDAQ. We also know that we want to have the right vehicle for it. So it’s not something we want to do just as we are today. We want to evolve into that NASDAQ worthy company, and we are putting all the staff in place, all the factors, all the personnel and resources in place right now to get us to there as our end goal.”

Has Progressive Care Inc. (OTCMKTS:RXMD) Turned an Important ...

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RXMDRXMD is now fully reporting OTCQB and is planning to up list to a national exchange in 2020 recently reporting: In addition, the Company has already begun the audit of 2019 financial data for all consolidated operations. The process associated with up listing Progressive Care shares onto a major US-listed exchange in 2020 continues to move forward. Audited financials will be submitted on or before March 31. The Company will then move to formally file Form S-1 with the US Securities and Exchange Commission during April before submitting an application for up listing shares to either the Nasdaq or NYSE.

RXMD continues to report record growth; on July 27 the Company announced operational performance data for June 2020, along with preliminary fiscal Q2 performance data, both of which demonstrate a continued robust trend of growth in sales, prescriptions, 340B income, and COVID- 19 testing service revenues. Consolidated monthly gross sales across all locations during the month of June totaled $3.35 million, representing monthly sequential growth of 12% compared to May 2020. Consolidated preliminary sales for the three months ended June 30, 2020, totaled $9.32 million, representing quarterly year-over-year growth of 33.2% Prescriptions filled during the month of June came in at 44,251, representing monthly sequential growth of 11% compared to May 2020. 340B claim processing from FQHCs produced roughly $229K in net income, up over 80% on a monthly sequential basis. Expanded COVID-19 testing service to additional counties with strong demand, additional expansion underway.

RXMD CEO S. Parikh Mars stated: “We had a tremendous quarter with another great month, and calendar Q3 is off to a busy start on all fronts, particularly as we continue to step to the frontline in COVID-19 testing services. Preliminary numbers on Q2 look strong with growth on a consolidated y/y basis topping 33%. That is particularly gratifying given the extraordinary nature of the context that will forever define those three months. That said, for Floridians, the struggle is still very much ongoing, and we will continue to be there in the trenches with our valued patients, clients, customers, and provider partners.”

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Currently moving steadily higher RXMD is moving steadily higher in recent trading on growing volume as the Company reports record operating results and expands its covid-19 antibody testing operations. Several days ago RXMD announced operational performance data for June 2020, along with preliminary fiscal Q2 performance data. Consolidated monthly gross sales across all locations during the month of June totaled $3.35 million. Consolidated preliminary sales for the three months ended June 30, 2020, totaled $9.32 million, representing quarterly year-over-year growth of 33.2% Recently the Company has expanded its antibody testing regional footprint to include Palm Beach County with plans to further expand this territory in the near future. This service has been met with extremely strong demand at its Dade County location, depleting testing kit inventories through on-site administrations. In response to both this surge in demand and the expansion in regional coverage, the Company has implemented processes to ensure supply of antibody testing kits for sale and administration across North Miami Beach, Davie, Palm Springs, and Orlando. Microcapdaily has reported on RXMD incredible rise over the years from Pink Sheets with the yield designation to fully reporting OTCQB with plans to up list to a major exchange in 2020. The stock has runner in its blood and a history of big moves, skyrocketing from well under a penny to highs of $0.27 in early 2018. When a penny stock such as RXMD heats up, penny stock speculators pay attention. 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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