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Tuesday, November 29, 2022

Progressive Care Inc. (OTCQB: RXMD) Steady Run Northbound as NextPlat Investment Closes & PharmCo Launches 340Metrx Platform

Progressive Care Inc. (OTCQB: RXMD) is making a steady run northbound in recent weeks since a brief dip below the $0.02 mark in August the stock has been on the move surpassing $0.05 in recent trading. The stock has been getting noticed by investors ever since NextPlat Corp, its Executive Chairman and CEO, Charles M. Fernandez, and board member, Rodney Barreto, and certain other investors will invest an aggregate of $8.3 million into Progressive Care.  The transaction recently closed with NextPlat investing $6 million into the Company while its Executive Chairman and CEO, Charles M. Fernandez, board member, Rodney Barreto, and certain other investors purchased approximately $2.8 million of outstanding convertible debt in Progressive Care. 

On Friday RXMD announced reported the launch of its 340Metrx Platform to help 340B covered entities increase the number of 340B qualified claims and program savings while supporting compliance efforts. The 340MetrX platform is a software product developed by the Company’s wholly-owned subsidiary ClearMetrX that provides 340B-covered entities with data insights to effectively operate and maximize the benefits of the 340B program. The platform allows program administrators to manage, in real time, data related to revenue, virtual inventory, drug replenishment and reconciliation, detailed prescription history analysis, customized ordering data with major wholesalers, patient information, drug prescribing trends, and customized financial breakdowns. 


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Progressive Care Inc. (OTCQB: RXMD), through its wholly-owned subsidiaries, PharmCo, LLC, Touchpoint RX, LLC doing business as PharmCo Rx 1002, LLC, Family Physicians RX, Inc. doing business as PharmCoRx 1103 and PharmCoRx 1204 and ClearMetrX Inc. is a personalized healthcare services and technology company that provides prescription pharmaceuticals and risk and data management services to healthcare organizations and providers. 

PharmCo currently delivers prescriptions to Florida’s diverse population and ship medications to patients in states where we hold non-resident pharmacy licenses as well. The Company currently hold Florida Community Pharmacy Permits at all Florida pharmacy locations and its PharmCo 901 location is licensed as a non-resident pharmacy in the following states: Arizona, Colorado, Connecticut, Georgia, Illinois, Minnesota, Nevada, New Jersey, New York, Pennsylvania, Texas, and Utah. The Company is able to dispense to patients in the state of Massachusetts without a non-resident pharmacy license because Massachusetts does not require such a license for these activities. 

PharmCo 1103 is a pharmacy with locations in North Miami Beach and Orlando, Florida that provides PharmCo’s pharmacy services to Broward County, the Orlando/Tampa corridor, and the Treasure Coast of Florida. Progressive acquired all of the ownership interests in PharmCo 1103 in a purchase agreement entered into on June 1, 2019. 

PharmCo 1002 is a pharmacy located in Palm Springs, Florida that provides PharmCo’s pharmacy services to Palm Beach, St. Lucie and Martin Counties, Florida. Progressive acquired all of the ownership interests in PharmCo 1002 in a purchase agreement entered into on July 1, 2018. 

ClearMetrX was formed on June 10, 2020 and provides third party administration (“TPA”) services to 340B covered entities. ClearMetrX also provides data analytics and reporting services to support and improve care management for health care organizations.  

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.  

On August 12 RXMD announced financial results for the 3 months ended June 30, 2022. For the three months ended June 30, 2022 and 2021, the Company recognized overall revenue from operations of approximately $10.0 million and $9.6 million, respectively. Prescription revenue for the three months ended June 30, 2022 was approximately $9.3 million when compared to $8.2 million the same period in 2021, a 13% period-over-period increase. 

The Company’s pharmacy business filled approximately 118,000 and 107,000 prescriptions during the three months ended June 30, 2022, and 2021, respectively, a 10% period over period increase in the number of prescriptions filled. 340B contract revenue for the three months ended June 30, 2022 was flat as compared to the same period in 2021. Revenue from COVID-19 testing was approximately $0.4 million and $1.1 million for the three months ended June 30, 2022, and 2021, respectively. The decrease was primarily due to lower COVID-19 testing sales. As the COVID-19 pandemic faded worldwide, the need for testing has decreased as it relates to travel and business continuity. The Company’s CFO, Cecile Munnik said, “It is difficult to predict whether these conditions will be recurring given recent COVID-19 pandemic conditions but we are well positioned to react if another COVID-19 outbreak occurs as we have built a reputation of being a reliable partner for COVID-19 testing solutions. We have built reputable relationships with well-known media productions companies and these relationships provide us with recurring COVID-19 testing revenue.” 

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In September RXMD completed a recapitalization of its debt and a strategic investment by NextPlat Corp. (NASDAQ:NXPL). Under the agreement, Progressive Care received an aggregate gross proceeds of $6 million from NextPlat in exchange for the issuance to NextPlat of 3,000 units of Series B Preferred Stock as well as warrants to purchase up to 3,000 shares of Series B Preferred Stock at an exercise price of $2,000 per share. In addition, NextPlat, NextPlat’s Executive Chairman and CEO, Charles M. Fernandez, board member, Rodney Barreto, and certain other investors purchased approximately $2.8 million of outstanding convertible debt in Progressive Care. Progressive Care and the other purchasers of the debt agreed to modify the debt so as to fix the conversion price of the debt at $0.02 per share, to reduce the interest rate from 10% to 5% per annum, and to extend the maturity date to August 31, 2027. In addition, Charles Fernandez, NextPlat’s CEO and Chairman of the Board, was appointed as the Chairman of Progressive Care’s Board of Directors joined by Rodney Barreto, Director of NextPlat, as Co-Vice-Chairman.  

On October 6 RXMD reported the launch of its 340Metrx Platform to help 340B covered entities increase the number of 340B qualified claims and program savings while supporting compliance efforts. The 340MetrX platform is a software product developed by the Company’s wholly-owned subsidiary ClearMetrX that provides 340B-covered entities with data insights to effectively operate and maximize the benefits of the 340B program. The platform allows program administrators to manage, in real time, data related to revenue, virtual inventory, drug replenishment and reconciliation, detailed prescription history analysis, customized ordering data with major wholesalers, patient information, drug prescribing trends, and customized financial breakdowns. The software analyzes claim records and provides a complete overview of the financial health of the entity while diminishing the number of ineligible claims through the 340MetrX automated review process. 

The 340MetrX software enhances the existing third-party administration services ClearMetrX is currently providing to entities by complementing in-house 340B experts with a robust reporting platform aiming to maximize the limited resources in the 340B space through identification and validation of missing claims, increasing the covered entity’s revenue. 

CEO Alan Jay Weisberg said: “340MetrX allows our data analytics processes to be significantly more productive, giving our team an ability to seamlessly manage data for a much greater number of 340B entities in Florida, with potential to be scaled nationwide. According to data from Berkeley Research Group Industry Roundtable Report, 340B gross sales across the program are expected to grow from $116B in 2021 to $280B in 2026. We intend to take full advantage of the momentum this sector presents and are excited to now offer customers in every part of our country a solution that allows them to reduce efforts related to compliance and risk mitigation, strengthen the potential to capture more revenue, and simplify the whole 340B process.”  

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Currently trading at a $28 million market valuation RXMD is one exciting story developing in small caps. As we have reported NextPlat Corp, its Executive Chairman and CEO, Charles M. Fernandez, and board member, Rodney Barreto, and certain other investors have invested an aggregate of $8.3 million into Progressive Care. This investment from NextPlat is a big deal and could be the catalyst to get RXMD moving again especially because this wipes out the convertible debt. With no dilution and the support of NextPlat the shorts could be in trouble here. Charles M. Fernandez co-founded Lakeview Health Systems (acquired by a private equity firm for approximately $70 million) and Continucare Corporation (acquired by Metropolitan Health Networks, Inc. for approximately $400 million) where he served as chairman, president and CEO. He also served as an investor, director, and Chairman of the Audit Committee of IVAX Corporation for nearly a decade prior to its purchase by Teva Pharmaceuticals for $8.7 billion. Now he has invested in Progressive Care Inc. RXMD has a history of big moves running to $0.19+ in early 2021. There is some resistance in the $0.05 to $0.06 range but a breakthrough that its blue skies ahead. 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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