We often find it important to keep a close eye on Progressive Care Inc (OTCMKTS:RXMD). The company’s shares have begun to catch some renewed momentum over recent days, and traders should take note. This is a stock that has already provided major fireworks in 2018, powering as much as 1000% in just over six weeks from January to early March as the company began to establish a clear market advantage with its expansionist plan during the Q1 period.
To recapture this momentum, the stock has to get its message out, which is something we are starting to see a clear priority. As a case in point, the company just announced it will partner with CMW Media as its public relations agency of record. The decision comes as part of Progressive Care’s overall effort to expand marketing and communications activities for the company and all subsidiaries.
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.”
Find out when $RXMD stock reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
“We selected CMW Media as our public relations agency of record because of their team’s experience conducting successful communications campaigns for publicly traded companies in emerging markets such as healthcare technology,” said S. Parikh Mars, CEO of Progressive Care. “We are excited about this new relationship and look forward to working together.”
“We are thrilled and honored to be awarded strategic communications responsibilities for Progressive Care,” said Andrew Hard, CEO of CMW Media. “We look forward to working with the Progressive Care leadership team to help formulate their brand narrative and share their story with the masses.”
Traders will note 38% piled on for shareholders of the name during the trailing week. In addition, the company has registered increased average transaction volume recently, with the past month seeing 18% over what the stock has registered over the longer term.
Now commanding a market cap of $35.5M, RXMD has a reserve ($419K) of cash on the books, which stands against about $181K in total current liabilities. RXMD is pulling in trailing 12-month revenues of $20.1M. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -0.4%. As more color becomes clear on the name, we will review the situation and update our take. 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.