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Wednesday, January 27, 2021

Progressive Care Inc (OTCMKTS:RXMD) Surges as Antibody Testing Demand Soars

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As the Covid numbers push back higher, the focus is starting to turn back to stocks with narrative that makes them impervious to the “new normal” of a fresh outbreak, or even stocks, like Progressive Care Inc (OTCMKTS:RXMD), that in some way benefit from rising concern over battling this health crisis. To wit: RXMD recently announced that it has obtained the immediate capacity to market and distribute rapid-results antibody test kits (COVID-19 IgG/IgM) registered through the FDA under its Emergency Use Authorization guidelines for conducting SARS-CoV-2 antibody presence and COVID-19 infection diagnosis testing.

Our interpretation of recent company communications is that demand for these tests has been robust and could continue to grow given recent SARS-CoV-2 data in Florida, where the company is based. According to its release, the COVID-19 Rapid Antibody Test Kits will be made available through our pharmacies and national e-commerce platform to healthcare providers for further administration to their patients. The antibody test kits are designed for use by a medical professional through the collection of a small fingertip blood sample, with results available within 15 minutes. A positive result indicates the need for an additional serological test to confirm.

Progressive Care Inc (OTCMKTS:RXMD) promulgates itself as “a personalized healthcare services and technology company”. Do a little digging and you find this is a company that has been showing strong top and bottom-line growth in the regional pharmacy services space, but is now increasingly set to expand operations into telemedicine, ecommerce, and a range of scalable growth strategies while maintaining its footprint in the Florida pharmacy services space.

The company has put up impressive numbers, with consolidated monthly gross sales across all locations during May totaling $3 million, representing year-over-year growth of 67%. It was 54% the month before, and 105% in March. And it was even better before the pandemic hit.

The company has been battling a very difficult context for pharmacies. The COVID-19 pandemic has caused significant service suppression among patients and providers for maintenance medical care. This has resulted in fewer new prescriptions being generated by health practitioners as less patients are being seen. While the company had expected scaled-back operations, its expertise in contactless home delivery and safe health practices resulted in an influx of new patients from new prescribers and a surge in FQHC relationships, buoying the financial performance of its pharmacy division.

However, another factor that has started to boost performance is its position as an emerging force in the Antibody Testing marketplace, which could become an increasingly significant factor in terms of financial performance and perception of the stock.

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As noted above, RXMD just announced that it has begun to market and distribute rapid-results antibody test kits (COVID-19 IgG/IgM) registered through the FDA under its Emergency Use Authorization guidelines for conducting SARS-CoV-2 antibody presence and COVID-19 infection diagnosis testing.

The Covid-19 health crisis is far from over, as recent case data shows, loud and clear. Florida is one of the new epicenters for the disease, and RXMD is based there, at the new ground zero. Its ability to offer a critical service and product in the midst of this storm is likely starting to pay off for the company and holds strong potential for its shareholders.

“As major operations begin to reopen in our communities, experts believe diagnostic and antibody testing will be crucial in identifying vulnerabilities and creating safer and more productive public living conditions,” commented S. Parikh Mars, CEO of Progressive Care. “We believe it is imperative that we provide the public health resources necessary to stem the tide of this pandemic.”

We’ve witnessed 21% during the past week in terms of shareholder gains in the stock. In addition, the name has witnessed a pop in interest, as transaction volume levels have recently pushed 32% over what the stock has registered over the longer term.

Now commanding a market cap of $24.6M, RXMD has a stash ($705K) of cash on the books, which must be weighed relative to about $7.5M in total current liabilities. RXMD is pulling in trailing 12-month revenues of $36.5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 75.4%. 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.

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