The pullback in Progressive Care Inc (OTCMKTS:RXMD) over recent days may represent an interesting opportunity, and it could pay off to keep an eye on the stock this week. The company just announced that its October sales and prescriptions filled set a new record performance pace for Q4 results. According to its recent release, the company achieved over $3.4 million in overall October sales (not including an additional $800,000 third-party related billing activity), representing 78% annual growth in sales compared to October 2018, and 10% monthly growth in sales on a sequential monthly basis.
“The annualized pace we set in October equates to new records across the board as we continue to see broad-based top-line expansion on improving margins,” stated S. Parikh Mars, Progressive Care CEO. “Our $3.4 million in overall sales for October is an understatement because it leaves out the cash flows we took in during the month related to third-party billing activity. With all factors included, the number of gross billing would be closer to $4.2 million. And our 46k prescriptions filled puts Q4 on pace to handily surpass our breakout Q3 performance already. Execution continues to be tremendous, and I am very proud of our talented and dedicated team.”
Progressive Care Inc (OTCMKTS:RXMD) bills itself as a company that, through its subsidiary, Pharmco, LLC, provides prescription pharmaceuticals to individuals and institutions in south Florida. But the company is also rapidly angling toward a more diversified health services model, with proprietary branded CBD products and a disruptive telehealth strategy.
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. Progressive Care, Inc. was founded in 2005 and is based in Hallandale Beach, Florida.
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As noted above, RXMD just announced that its October sales and prescriptions filled set a new record performance pace for Q4 results.
Recent action has seen 33% piled on for shareholders of the stock during the trailing month. Moreover, the stock has seen a growing influx of trading interest, with the stock’s recent average trading volume running 61% above its longer-run average levels.
“Shareholders will also be very happy to know that our performance bonus payment is now in the Company’s hands,” continued Mars. “We just took in an additional $191K in performance awards based on our exceptional performance at each of our core locations from January thru June 2019. It’s no longer a hypothetical idea. In addition, November is already off to a spectacular start, and we look forward to our next update.”
Earning a current market cap value of $19.7M, RXMD has a stash ($759K) of cash on the books, which must be weighed relative to about $7.6M in total current liabilities. RXMD is pulling in trailing 12-month revenues of $27.6M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 87.4%. This may be a very interesting story and we will look forward to updating it again soon. 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.