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Sunday, November 27, 2022

Progressive Care Inc (OTCMKTS: RXMD) Major Reversal of 52 Week Lows as Pharma Co Becomes an SEC Filer and Looks to Uplist to National Exchange

Progressive Care Inc. (OTCQB: RXMD) is moving northbound again after making a significant reversal off 52-week lows of $0.023, a support level it has held in the past. RXMD made a major move back in early 2021 skyrocketing from current levels to highs of $0.195 per share. Now taht RXMD has reversed the trend and is moving northbound again investors are paying attention. Currently trading at a low $16 million market valuation RXMD has $2.4 million in the treasury, is projecting $40 million in 2022 revenues and recently became an SEC filer with the explicit intention of uplisting to a national market. 

RXMD just came off another stellar quarter reporting $9.6 million in revenues for the 3 months ended March 31, 2022. During the quarter RXMD Strengthened management team with industry experts, expanded corporate services with enhanced COVID-19 platform capabilities Approved as COVID-19 test vendor in the U.S. for travel to Beijing Winter Olympic Games, engaged with Alteryx software implementation partner Aimpoint Digital to streamline healthcare data management workflows. Partnered with Podium to boost customer satisfaction, efficiency and brand awareness, gained long-term pharmacy contracts with major payors, announced expansion plans into the rapidly growing multi-billion-dollar Remote Patient Monitoring space and gained SEC reporting status on April 11, 2022 through the filing of Form 10-12G Summary Financials for the Three Months Ended March 31, 2022, as Compared with the Three Months Ended March 31, 2021. 

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Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a 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, and health practice risk management. The Company 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 in prestigious online magazines such as Forbes, Microcapdaily, and HuffPost. PharmCo Rx is licensed in Colorado, Connecticut, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Pennsylvania, Texas, Utah, Arizona, Massachusetts and Minnesota.  

Progressive Care provides Third Party Administration (“TPA”), data management, COVID-19 related diagnostics and vaccinations, prescription pharmaceuticals, compounded medications, tele-pharmacy services, anti-retroviral medications, medication therapy management, the supply of prescription medications to long term care facilities, medication adherence packaging, contracted pharmacy services for 340B Covered Entities under the 340B Drug Discount Pricing Program, and health practice risk management.  

In 2020 Progressive Care formed ClearMetrX, a wholly-owned data management company with services designed to support health care organizations across the country. Management believes Artificial Intelligence (“AI”) will improve preventive healthcare by helping physicians make informed decisions in the medication therapy management process. The Company has transitioned data service customers from the pharmacies to the ClearMetrX platform to better scale the products and improve the capabilities of existing analytics options. 

For years Microcapdaily has reported on RXMD starting on January 8, 2015 stating: RXMD is a fascinating story taking the bb’s by storm. The stock which has been locked in a battle between $0.001 lows and $0.01 highs has exploded out of its trading range well into penny land. While RXMD still remains quite unknown the stock is quickly gaining the attention of a growing shareholder base who swears this one goes much higher. Everyone knows just how explosive these OTC pharmacy plays can be.” More recently on July 29, 2020 Microcapdaily reported on RXMD: “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. 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.”  

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In May the Company reported financial and operational results for the three months ended March 31, 2022. Revenue increased by 5%, from $9.6 million in 2021 to $10.1 million in 2022. Gross margin decreased slightly to 24% in 2022 from 25% in 2021. Operating loss decreased by 79%, from $0.6 million in 2021 to $0.1 million in 2022. Adjusted EBITDA increased by 53% from $66,349 in 2021 to $101,646 in 2022 

During the quarter RXMD Strengthened management team with industry experts, Expanded corporate services with enhanced COVID-19 platform capabilities Approved as COVID-19 test vendor in the U.S. for travel to Beijing Winter Olympic Games, Engaged with Alteryx software implementation partner Aimpoint Digital to streamline healthcare data management workflows. Partnered with Podium to boost customer satisfaction, efficiency and brand awareness, Gained long-term pharmacy contracts with major payors, Announced expansion plans into the rapidly growing multi-billion dollar Remote Patient Monitoring space and gained SEC reporting status on April 11, 2022 through the filing of Form 10-12G Summary Financials for the Three Months Ended March 31, 2022, as Compared with the Three Months Ended March 31, 2021 

Alan Jay Weisberg, Chairman and Chief Executive Officer of Progressive Care, commented, ‘The first quarter of 2022 was an exciting period for the Company as we have begun a number of planned initiatives in line with our vision to become a diversified healthcare company. We have begun to realize the benefits of the operating efficiencies implemented and achieved reductions in operating expenses which resulted in significant improvement in our operating results. We also continued our progress towards uplisting to a national exchange market. Financially, we had a solid start to 2022, highlighted by our 5% revenue growth. Our quarterly revenue of $10.1 million demonstrates our team’s efforts in diversifying our products and services. With a further reduction of operating expenses as a percentage of revenue to 25% during the first quarter, the Company’s operating efficiency continues to improve as we scale our business. Our recent expansion into long-term care pharmacy contracts provides Progressive Care with an opportunity to significantly increase its sales that produce much better margins. In addition, we expect that future growth will be driven by new data management and virtual healthcare service lines; expansion of 340B Covered Entities Third Party Administrative services; market penetration in existing geographies; development of enhanced healthcare B2B services; development of cash-based products and services; and continued implementation of MTM protocols.” Weisberg concluded, “We expect that growth in these revenue components will continue, as we have good momentum and we expect 2022 performance to reflect that. We look forward to updating the market and our shareholders with our progress on both our business and capital market initiatives over the next few months.” 

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Currently trading at a $16 million market valuation RXMD has 548,962,587 shares outstanding with AS set at 1 billion and a float of just 463,729,041 shares. Recently becoming an SEC filer with the explicit intention of uplisting to a national market, RXMD has $2.3 million in the treasury and does carry over $10 million in debt on the books. But RXMD is an exciting story developing in small caps; the Company just came off another stellar quarter reporting $9.6 million in revenues for the 3 months ended March 31, 2022.  The Company also recently announced expansion plans into the rapidly growing multi-billion-dollar Remote Patient Monitoring space and is projecting $40 million in revenues in 2022. RXMD traded as high as $0.195 in early 2021 and just came off 52-week lows of $0.023.  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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