One stock that has been building a strong posture under the radar on undeniable execution and growth over recent months is Progressive Care Inc (OTCMKTS:RXMD). This is a pharmacy services player with its sights set on more scalable markets, including telemedicine, health data analytics, e-commerce, and antibody testing. The company also just released its Q2 data, blowing out forecasts with nearly $40 million in annualized sales, pushing over 70% growth in sales and scripts. It also saw a massive 314% jump in its 340B business. The company also began a transition at the CEO position, which suggests a process to equip RXMD with a more experienced leadership team ready to take the company up onto the major exchange level and bigger things ahead.
“Positive growth trends continued to define the metrics for Q2, with another across-the-board win in terms of our forecasts and benchmarks as Progressive Care continues to bloom into a major technology-driven force in the pharmacy services marketplace,” commented Alan J. Weisberg, Interim Chief Executive Officer. “Now, with approximately $2 million in cash, we look forward to the second half of the year, where we believe we will begin to see a larger impact from our higher-margin initiatives, including nationwide moves in TPA data analytics for our growing 340B client business. Along the way, we have picked up thousands of new prescriptions and providers in our core pharmacy business due to our logistics leadership during the healthcare crisis.”
Progressive Care Inc (OTCMKTS:RXMD) trumpets 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.
According to its release, the company is focused on driving robust growth in the second half of the year from traditional pharmacy services, but management anticipates a materially increasing impact from health data analytics as it accelerates the development in its new ClearMetRx platform, Progressive Care’s wholly-owned data analytics company with services designed to support health care organizations across the country.
The company has unique expertise in health data analytics and data management and has begun to market these services to healthcare entities. Continued development of automated systems and digital assets to support these data-driven products and services is expected to drive future revenue and profitability growth.
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As noted above, RXMD just announced strong Q2 results, powering big 70-80% growth on major metrics, and strong development on its core future initiatives in telemedicine, health data analytics, e-commerce, and antibody testing.
The chart shows over 50% added to share values of the company over the past two months of action. In addition, the stock has benefitted from a jump in recent trading volume to the tune of 39% above its longer-run average levels.
Mr. Weisberg added, “Our focus right now is on continuing to deliver the best service in the space, but also on driving tangible returns from our technology-driven initiatives, where we see revolutionary progress. Data analytics and reporting platforms should have a major impact on how healthcare companies operate, and we believe these initiatives should drive increased shareholder value engaging a much wider audience of market participants.”
Now commanding a market cap of $25.7M, RXMD has a chunk ($705K) of cash on the books and 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%. We will update the story again soon as developments transpire. 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.