As shareholders and potential investors eagerly await the final and filed first quarter 2018 results for Progressive Care, Inc. (OTC QB: RXMD), an educated guess as to what those numbers might be is reasonable. Still, looking beyond just the financial results, one can see that this has already been a banner year for the Company.
For those who have not seen or heard about Progressive Care, Inc. yet, here is a quick peek at who they are and what they do. Progressive Care Inc. (OTCQB: RXMD) is a healthcare services and technology company (or organization) that through its subsidiary PharmCo, LLC provides health services such as 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, and health practice risk management.
To put in perspective how hot of a sector they operate in is, one needs to look no further than the recent moves in the sector by giants like Amazon and Wal Mart. Walmart is rumored to be going after PillPack, a start-up company that bundles pills together into convenient pouches for easy access and use. While it’s currently unclear if this deal will go through, sources say that Walmart is offering PillPack just under $1 billion for the company. As for Amazon, it is no longer speculation they are already making moves in the $3 trillion dollar healthcare sector. CNBC is now speculating that Amazon is poised to do something big in the pharmacy space as well https://www.cnbc.com/2018/03/27/amazons-moves-into-health-what-we-know.html.
All of what is noted above is why the efficiency and trajectory of Progressive Care, Inc. deserves a closer review. In January PharmCo, LLC filled over 23,000 prescriptions during the month of January, generating $1.8 million in net revenues. Prescriptions filled increased by 34% compared to the same month last year and by 10% over the last record breaking month in October 2017. Revenues increased by approximately 9% as compared to January 2017. In February PharmCo, LLC did it again and filled over 19,500 prescriptions during the month of February, generating nearly $1.45 million in net revenues. Prescriptions filled increased by 18% compared to the same month last year. Revenues remained flat year over year. Furthermore, the company also filled over $450,000 worth of prescriptions (not included in Net Revenues) for 340B entities in February, generating fees to the pharmacy of approximately $20,000 which is nearly a 200% increase over the same month last year. Here is what we know about March 2018: PharmCo, LLC filled over 22,800 prescriptions during the month of March, generating nearly $1.9 million in net revenues. Prescriptions filled, and revenues increased by 20% and 18% respectively compared to the same month last year. The take away in reviewing these Q1 numbers has to be that the Company’s moves in 2017 built a foundation for sustainable growth in 2018.
Again, for those not following this company, look at the recent acquisition news for RXMD as well. On March 30, 2018, the Company executed a definitive agreement to purchase the pharmacy in Palm Beach County. This transaction will close in June 2018 and the revenues from this Palm Beach pharmacy will be recognized in the second quarter 2018 financials. So, on top of the current and stellar revenue trajectory in Q1 2018, a new revenue source will be introduced and recorded in Q2 2018.
If you look at a recent quote from Progressive Care Inc. CEO, S. Parikh Mars this recent acquisition is more than increased revenues: it allows for parallel Company initiatives to flourish;
“This is a momentous day for the Company,” stated S. Parikh Mars, CEO. “We are excited to enter the next phase of this transaction. While there is still more work to do, we believe that adding this second location is going to facilitate many of our growth objectives including tele-pharmacy, long term care, and expanded delivery radius.”
RXMD is truly ambitious, but they also know how important it is to keep a sense of perspective even as profits continue to rise. They generate strong results because they don’t simply react to the shifting expectations in healthcare – they actively strategize ways to anticipate and exceed consumer expectations. There isn’t just one reason why RXMD has managed to grow so quickly. It’s their ability to challenge old models of care and adapt to new patient needs at the same time. This flexibility and ambition will ensure their continued success in the healthcare space.
About the Author
Stuart Smith is the CEO and Founder of SmallCapVoice.com. SmallCapVoice.com. is a recognized corporate investor relations firm, with clients nationwide, known for its ability to help emerging growth companies build a following among retail and institutional investors. SmallCapVoice.com utilizes its stock newsletter to feature its daily stock picks, audio interviews, as well as its clients’ financial news releases. SmallCapVoice.com also offers individual investors all the tools they need to make informed decisions about the stocks they are interested in. Tools like stock charts, stock alerts, and Company Information Sheets can assist with investing in stocks that are traded on the OTC BB and Pink Sheets. To learn more about SmallCapVoice.com and their services, please visit https://www.smallcapvoice.com/the-small-cap-daily-small-cap-newsletter/