Progressive Care Inc (OTCMKTS:RXMD) is continuing a massive run up the charts. RXMD has crossed an inflection point and looking to hold onto this incredible momentum. RXMD is up 493% over a one month span and over 100% for the last five days.
There are a number of interesting catalysts here for RXMD. First, record revenues have been a big factor. RXMD announced that 23,000 prescriptions were filled during the month of January, generating $1.8 million in net revenues. That is record for the Company and up 34% from the same month in 2017. RXMD also caused quite a bit of a stir when they said they would accept Bitcoin for pharmacy payments. “We are committed to evolving the pharmacy both operationally and technologically,” stated S. Parikh Mars, CEO. “PharmCo will be one of the few pharmacies in the country enabling systems for cryptocurrency acceptance. The main purpose of accepting Bitcoin payments is to provide value to the end customer by aligning ourselves with the current lifestyles of a large and rapidly growing demographic using this cryptocurrency within the community.”
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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Another factor for the parabolic rise of RXMD is there move to add a brick and mortar location in Palm Beach, Florida. This move sits on a coast with an aging population and will also help them with processing. The purchase here added gasoline to the fire and RXMD has not slowed down since. “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.”
Progressive Care Inc (OTCMKTS:RXMD) is continually showing bull flags in this cycle where healthcare tech is getting love from traders. RXMD has an opportunity to really stretch its legs with a market cap rising, and, not to mention, this volume could invite institutional investors into the fold. RXMD has a market cap of 4.64M and 24.41M shares out plus 10-day volume is at 14.56M. 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.