Progressive Care Inc (OTCMKTS:RXMD) Continues Its Bull Run
February 17, 2016 by Alex Carlson
http://www.insiderfinancial.com/progressive-c...un/114531/
Progressive Care Inc (OTCMKTS:RXMD) has been on quite a bull run since November and has become one of the best performing stocks on the OTC markets. This comes as new CEO Shitah Mars is delivering for her shareholders by growing revenues and formulating a long-term growth plan for the company. Judging by the latest numbers from the company, it looks like its growth is just getting started.
Progressive Care Inc., through its subsidiary PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals specializing in health practice risk management, compounded medications, the sale of anti-retroviral medications and related medication therapy management, and the supply of prescription medications to long term care facilities.
The pharmacy filled nearly 180,000 prescriptions in 2015, which is a 28% increase over last year. During the fourth quarter, PharmCo filled over 48,000 prescriptions resulting in record revenues for the quarter at $3.9 million. In 2015, PharmCo brought in over $13.5 million in net pharmacy revenues. This is almost a 24% increase over 2014. Revenue growth accelerated during the final month and quarter with over 61% and 35% increases in revenues, respectively, when compared to the same time periods last year. The compounded medication division is the primary driver of revenue growth in addition to major additions to company’s marketing team and expanded marketing campaigns with large clinics and physicians networks.
Last month, the company brought in over $1.3 million in pharmacy revenues for the first month of the year. The pharmacy filled over 15,500 prescriptions during January, which is a 24% increase over the same month last year. Historically, prescription counts are lower during the first quarter of the year as patients and doctors defer new prescription therapies until after the patient has met his/her deductible, yet PharmCo’s revenues remained steady. The Company also began dispensing 340B prescriptions in January 2016. Only a few prescriptions were filled during the month to complete logistical tests. The Company is now strengthening its relationship with Empower U and is ramping up its 340B department.
We think the best news is what CEO Shitah Mars said in the press release. “We continue to move forward with our agenda to expand our pharmacy and health care service capabilities. We have begun the process gaining licensure in additional states as well gaining permits for the buildout of our current facility. Completion of these objectives will allow PharmCo to dramatically increase its capacity and patient base.” Expanding into other states will exponentially drive revenues for the company.
Going forward, there’s a lot to look forward to from RXMD. This year, management’s goals are to expand the current operation to include a close-door pharmacy facility, increase filled prescription counts to 21,000 per month by December 2016, increase annual overall sales to $16 million, and to expand the pharmacy through establishing new locations or through mergers/acquisitions with similarly positioned independent pharmacies. The key here is that there exists the opportunity for a company like RXMD to roll up other specialty pharmacies. By doing so, it will make RXMD itself an acquisition target by one of the big players like Walgreen’s (NASDAQ:WBA) or CVS (NYSE:CVS).
To fill prescriptions faster, PharmCo has signed an agreement to purchase ScriptPro’s CRS 225 robotic prescription dispensing system, which is one of the newest additions to ScriptPro’s line of compact robotic machines. The CRS 225 can hold up to 225 individual medications and fill over 1000 prescriptions per day with 99.7% counting accuracy. Under the terms of the agreement, the machine will be installed in PharmCo’s facility upon completion of the site expansion build-out, which is currently in the permitting phase of completion. This technology will eliminate human errors and be more cost effective for the company.
February 17, 2016 by Alex Carlson
http://www.insiderfinancial.com/progressive-c...un/114531/
Progressive Care Inc (OTCMKTS:RXMD) has been on quite a bull run since November and has become one of the best performing stocks on the OTC markets. This comes as new CEO Shitah Mars is delivering for her shareholders by growing revenues and formulating a long-term growth plan for the company. Judging by the latest numbers from the company, it looks like its growth is just getting started.
Progressive Care Inc., through its subsidiary PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals specializing in health practice risk management, compounded medications, the sale of anti-retroviral medications and related medication therapy management, and the supply of prescription medications to long term care facilities.
The pharmacy filled nearly 180,000 prescriptions in 2015, which is a 28% increase over last year. During the fourth quarter, PharmCo filled over 48,000 prescriptions resulting in record revenues for the quarter at $3.9 million. In 2015, PharmCo brought in over $13.5 million in net pharmacy revenues. This is almost a 24% increase over 2014. Revenue growth accelerated during the final month and quarter with over 61% and 35% increases in revenues, respectively, when compared to the same time periods last year. The compounded medication division is the primary driver of revenue growth in addition to major additions to company’s marketing team and expanded marketing campaigns with large clinics and physicians networks.
Last month, the company brought in over $1.3 million in pharmacy revenues for the first month of the year. The pharmacy filled over 15,500 prescriptions during January, which is a 24% increase over the same month last year. Historically, prescription counts are lower during the first quarter of the year as patients and doctors defer new prescription therapies until after the patient has met his/her deductible, yet PharmCo’s revenues remained steady. The Company also began dispensing 340B prescriptions in January 2016. Only a few prescriptions were filled during the month to complete logistical tests. The Company is now strengthening its relationship with Empower U and is ramping up its 340B department.
We think the best news is what CEO Shitah Mars said in the press release. “We continue to move forward with our agenda to expand our pharmacy and health care service capabilities. We have begun the process gaining licensure in additional states as well gaining permits for the buildout of our current facility. Completion of these objectives will allow PharmCo to dramatically increase its capacity and patient base.” Expanding into other states will exponentially drive revenues for the company.
Going forward, there’s a lot to look forward to from RXMD. This year, management’s goals are to expand the current operation to include a close-door pharmacy facility, increase filled prescription counts to 21,000 per month by December 2016, increase annual overall sales to $16 million, and to expand the pharmacy through establishing new locations or through mergers/acquisitions with similarly positioned independent pharmacies. The key here is that there exists the opportunity for a company like RXMD to roll up other specialty pharmacies. By doing so, it will make RXMD itself an acquisition target by one of the big players like Walgreen’s (NASDAQ:WBA) or CVS (NYSE:CVS).
To fill prescriptions faster, PharmCo has signed an agreement to purchase ScriptPro’s CRS 225 robotic prescription dispensing system, which is one of the newest additions to ScriptPro’s line of compact robotic machines. The CRS 225 can hold up to 225 individual medications and fill over 1000 prescriptions per day with 99.7% counting accuracy. Under the terms of the agreement, the machine will be installed in PharmCo’s facility upon completion of the site expansion build-out, which is currently in the permitting phase of completion. This technology will eliminate human errors and be more cost effective for the company.
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