Progressive Care Inc Breaking Out By Alex Carlson
Post# of 1525
Posted On: 05/25/2016 6:51:33 AM
Progressive Care Inc Breaking Out
By Alex Carlson / in Biotech & Pharma, Momentum Stocks, Stocks / on Tuesday, 24 May 2016
http://www.insiderfinancial.com/progressive-c...ut/115620/
We at Insider Financial have been covering shares of Progressive Care Inc (OTCMKTS:RXMD) since the start of the year. It’s a company that caught are attention because of its tremendous revenue growth and its specialty pharma business model. Shares more than doubled since we started covering RXMD and are now making another move higher after consolidating for over a month. We think this is just the start of another bull run for RXMD.
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.
In the first quarter, PharmCo brought in close to $4 million in net pharmacy revenues. This is a 27% increase over the same quarter in 2015. The compounded medication division continues to be the primary driver of revenue growth in addition to expanded marketing campaigns to large clinics and physicians networks. The pharmacy filled nearly 51,000 prescriptions during the first quarter of 2016, which is a 32% increase over last year. During the first quarter, the Company marked its strongest month to date (March 2016) with over $1.5 million in net pharmacy revenues.
This is the first quarter, since 2010, in which the Company has recorded consolidated profits. Net income for the quarter was nearly $100,000 or 2% of net revenues. This is a result of the elimination of all debt in 2015 and the ability of management to control and reduce fixed costs and extraneous liabilities. The company currently does not have any debt or derivative liabilities on its balance sheet.
In addition, this is also the first quarter since 2011 which has undergone third party review from a PCAOB auditing firm. EisnerAmper completed its review of the first quarter and did not find any material modifications to financial statements. The Firm will continue to review the Company’s financial statements as well as consult on accounting and control procedures.
RXMD has started the second quarter off strong. During the month of April, the pharmacy filled just over 16,500 prescriptions resulting in approximately $1.4 million in revenues. Prescriptions filled increased nearly 20% and revenues increased over 35% when compared with the same month last year. Current sales drivers include compounding and expanded marketing efforts to new clinics and facilities.
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).
As of May 10, 2016 the number shares of common stock issued and outstanding stood at 339,545,107 shares. This amount is net of the number of shares owned by PharmCo, LLC of 1,718,000. The reduction in shares outstanding is due to the return and retirement of 12,497,938 shares of common stock previously issued to Tarpon Bay Partners.
Currently trading with a market cap of $15 million, RXMD continues to beat expectations and outperform each month. We expect the company to meet its goal of $16 million in revenues this year and 21,000 prescription fills per month by the end of the year. With the growth the company is posting, it’s safe to say that RXMD remains undervalued at current levels. We will be updating Insider Financial as soon as we know more. For continuing coverage on RXMD, sign up for our free newsletter today and get our next hot stock pick!
By Alex Carlson / in Biotech & Pharma, Momentum Stocks, Stocks / on Tuesday, 24 May 2016
http://www.insiderfinancial.com/progressive-c...ut/115620/
We at Insider Financial have been covering shares of Progressive Care Inc (OTCMKTS:RXMD) since the start of the year. It’s a company that caught are attention because of its tremendous revenue growth and its specialty pharma business model. Shares more than doubled since we started covering RXMD and are now making another move higher after consolidating for over a month. We think this is just the start of another bull run for RXMD.
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.
In the first quarter, PharmCo brought in close to $4 million in net pharmacy revenues. This is a 27% increase over the same quarter in 2015. The compounded medication division continues to be the primary driver of revenue growth in addition to expanded marketing campaigns to large clinics and physicians networks. The pharmacy filled nearly 51,000 prescriptions during the first quarter of 2016, which is a 32% increase over last year. During the first quarter, the Company marked its strongest month to date (March 2016) with over $1.5 million in net pharmacy revenues.
This is the first quarter, since 2010, in which the Company has recorded consolidated profits. Net income for the quarter was nearly $100,000 or 2% of net revenues. This is a result of the elimination of all debt in 2015 and the ability of management to control and reduce fixed costs and extraneous liabilities. The company currently does not have any debt or derivative liabilities on its balance sheet.
In addition, this is also the first quarter since 2011 which has undergone third party review from a PCAOB auditing firm. EisnerAmper completed its review of the first quarter and did not find any material modifications to financial statements. The Firm will continue to review the Company’s financial statements as well as consult on accounting and control procedures.
RXMD has started the second quarter off strong. During the month of April, the pharmacy filled just over 16,500 prescriptions resulting in approximately $1.4 million in revenues. Prescriptions filled increased nearly 20% and revenues increased over 35% when compared with the same month last year. Current sales drivers include compounding and expanded marketing efforts to new clinics and facilities.
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).
As of May 10, 2016 the number shares of common stock issued and outstanding stood at 339,545,107 shares. This amount is net of the number of shares owned by PharmCo, LLC of 1,718,000. The reduction in shares outstanding is due to the return and retirement of 12,497,938 shares of common stock previously issued to Tarpon Bay Partners.
Currently trading with a market cap of $15 million, RXMD continues to beat expectations and outperform each month. We expect the company to meet its goal of $16 million in revenues this year and 21,000 prescription fills per month by the end of the year. With the growth the company is posting, it’s safe to say that RXMD remains undervalued at current levels. We will be updating Insider Financial as soon as we know more. For continuing coverage on RXMD, sign up for our free newsletter today and get our next hot stock pick!
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