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Wednesday, November 25, 2020

The Remarkable Rise of Progressive Care Inc (OTCMKTS:RXMD)

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Progressive Care Inc (OTCMKTS:RXMD) has been perhaps the most exciting OTC story of 2018. Shares have already moved as much as 1000% in the past two months, and volume has been enormous and growing as the stock moves higher. That’s a tough trick to pull off when shares are more than 10 times as expensive a piece relative to where they were pricing at the end of 2017. This a pharma play that has found small ties to Bitcoin as well, so the hype and excitement shouldn’t be shocking.

The latest from the company is its announcement at the end of last week that it has executed a letter of intent to purchase a pharmacy in Palm Beach County. According to the release, “On March 1, 2018, the Company signed a letter of intent to purchase a pharmacy in Palm Beach County for $300,000. The Company is beginning the due diligence process with anticipated closing to occur in the second quarter of 2018. The acquisition target is located close to major highways in a 3,000 sq. ft facility. The operation has experienced staff, all applicable licenses, commensurate PBM contracts as PharmCo, LLC, and a Parata PASS 500 unit dose packaging system.”

Progressive Care Inc (OTCMKTS:RXMD), through its subsidiary Pharmco LLC, trumpets itself as a company that provides prescription pharmaceuticals to individuals and institutions in South Florida.

The company operates a retail pharmacy that specializes in the sale of anti-retroviral medications and related patient care management; the sale and rental of durable medical equipment (DME), such as hospital beds, oxygen supplies, power wheelchairs, scooters, walkers, and other related equipment and accessories; and the supply of various prescription medications to long-term care facilities.

It also provides long-term care solutions to skilled nursing facilities, assisted living facilities, retirement centers and communities, doctors’ offices, and clinics. In addition, the company purchases, repackages, and dispenses prescription and non-prescription pharmaceutical products for its long-term care customers.

Further, it offers computerized maintenance of patient prescription histories; third-party billing; and consultant pharmacist services consisting of evaluation of monthly patient drug therapy and monitoring the institution’s drug distribution system, as well as home service and maintenance, defective product replacements, and free home installation and instruction services.

According to company materials, “Progressive Care Inc. (OTCQB:RXMD), through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South 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, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management.”

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As noted above, this extreme momentum play in the pharma space just announced its intent to purchase a pharmacy in Florida. The announcement sparked a breakout above the $0.12/share level.

“We believe this is the opportunity we have been waiting for,” stated S. Parikh Mars, CEO.  “We have been rapidly gaining ground in Palm Beach County and this is the missing piece to lasting success in the area. After an exhaustive search, we think that this acquisition will be just the beginning of an aggressive expansion agenda that allows the Company to reach thousands of new doctors and patients who will benefit greatly from the PharmCo pharmacy model.”

Traders will note just under 240% during the past month in terms of shareholder gains in the listing. The situation may be worth watching. RXMD has evidenced sudden upward volatility on many prior occasions. What’s more, the company has benefitted from a jump in recent trading volume to the tune of topping 380% over what the stock has registered over the longer term.

At this time, carrying a capital value in the market of $46.2M, RXMD has a chunk ($600K) of cash on the books, which compares with about $342K in total current liabilities. One should also note that debt has been growing over recent quarters. RXMD is pulling in trailing 12-month revenues of $20.1M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 5.4%. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $RXMD stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

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

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