Progressive Care Inc (OTCMKTS:RXMD) has been on a steady rise in recent weeks since bouncing off $0.03 support levels. The stock has a history of big moves running from $0.03 base to highs over $0.25 per share in 2018.
There is a lot to get excited about on RXMD – in a recent release the Company reported monthly gross sales across all locations totaled $3.6 million, representing year-over-year growth of 105% compared to March 2019. The Company also reported prescriptions filled hit a new all-time monthly record for the Company in March,
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.
The Company boasts huge sales recently reporting audited Annual Report for 2019. The Company posted record-breaking data, which was defined by sequential quarterly improvement throughout the year in all major financial performance metrics, including EBITDA profitability in Q4 2019. In addition, the Company is pleased to report that this momentum has continued to define results so far in 2020, as the Company sees market share gains based on its established leadership position in-home delivery and disease prevention protocols which have become a critical competitive advantage due to concerns over the spread of Coronavirus Disease 2019 (“COVID-19”).
Consolidated monthly gross sales across all locations for 2019 totaled $32.6 million, representing year-over-year growth of 58% compared to the twelve months ended 12/31/2018, Total Gross Profit across all locations for 2019 totaled $7.97 million, representing year-over-year growth of 70% compared to the twelve months ended 12/31/2018,
CEO S. Parikh Mars stated – “It is paramount that our shareholders know we are uniquely well-positioned to thrive in the current tragic COVID-19 environment. We have been doing home delivery for 13 years and used our expertise in infectious disease to become one of the first to implement contactless protocols for the safety of our patients and staff. Our competitors are trying to cobble something together on the fly. At our pharmacies, free same-day and next day delivery are standard, remote health monitoring is standard, adherence coaching is standard, safe delivery is standard. We lead the way in best practices as more and more pharmacies look to adopt some form of our model in the short run. This is our bread and butter, and we already see very clear evidence of market share gains based on liability consideration in the prescriber channel as a result.”.
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RXMD has made great progress over the years, we reported in January 2016 on RXMD – The Elephant in the room on RXMD had been their inability to get their filings completed which resulted in the stock landing on the Pink Sheets with the yield designation from OTCMarkets. This along with debt holders converting their paper resulted in a seriously depressed stock price.
RXMD is now OTCQB and is planning to up list to a national exchange 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.
On April 30 RXMD announced it has expanded the scope of its new ecommerce portal (PharmcoRX.com) to serve the entire US domestic market. The Company started filling and shipping orders nationwide this week. The PharmcoRX.com site includes online access to prescriptions, essential goods, personal protection equipment, guidance on COVID-19 prevention and care, information about custom compounding, and access to services for patients, payors, and providers.
CEO S. Parikh Mars stated “We are preparing for a large-scale uptick in order volume. It’s also important for our shareholders to know that our decision to ramp up ecommerce at this time isn’t just about COVID-19. Certainly, the unusual context, with so many consumers conducting all of their activity online, acted as a motivating factor to move in this direction now, rather than later. But this step represents more than a simple short-term strategy. It’s a powerful evolutionary leap for Progressive Care – a natural escalation of our scope and reach as an emerging leader in the pharmacy and healthcare services marketplace.
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Currently trading at a $26 million market valuation RXMD has emerged as a revenue powerhouse recently reporting consolidated monthly gross sales across all locations for 2019 totaled $32.6 million, representing year-over-year growth of 58% compared to the twelve months ended 12/31/2018, Total Gross Profit across all locations for 2019 totaled $7.97 million, representing year-over-year growth of 70% compared to the twelve months ended 12/31/2018.RXMD is an exciting story developing in small caps; 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. The Company posted record-breaking data, which was defined by sequential quarterly improvement throughout the year in all major financial performance metrics, including EBITDA profitability in Q4 2019. 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.