High Noon to buy: Record Sales! Uplisting! Small SS! Audited! 14 State Licences!
Progressive Care Reports Stellar Third Quarter Results
https://ih.advfn.com/p.php?pid=nmona&article=76101390
MIAMI, Nov. 15, 2017 (GLOBE NEWSWIRE) -- Progressive Care Inc. (RXMD), through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management, announces financial results for the third quarter and provides updates on the Company’s strategies.
The company dispensed a total of 163,000 prescriptions during the nine months ended September 30, 2017, an increase of 2.5%. Revenues for the third quarter increased 5% to just over $5.1 million. Revenues increased 14% for the nine months ended September 30, 2017 to over $15 million. The Company continues to grow its patient base by marketing to doctors’ offices and clinics who refer their patients to the pharmacy. Healthcare providers are increasingly recommending PharmCo because of its high standards of patient care and attention to performance measurements and their implications.
Operating income decreased by approximately $250,000 in 2017 as compared to 2016. Third quarter operating income was negatively impacted primarily by increases in DIR fees. “DIR” stands for “direct and indirect remuneration” and was initially a term coined by the Centers for Medicare and Medicaid Services (CMS) related to the Medicare Part D benefit to address price concessions that would ultimately impact the gross prescription drug costs of Medicare Part D plans that were not captured at the point of sale.
Today, DIR fees are effectively PBM clawbacks of reimbursements based on factors that vary from plan to plan. These fees lack transparency and are extremely difficult to predict and accrue. DIR fees are often applied retroactively, which has caused the cost of DIR fees to be nearly 200% higher than in the second quarter of the year. DIR fees through September 30, 2017 was over $300,000, over half of which was incurred in the third quarter. Some PBMs may reduce or return DIR Fees based on the performance of the pharmacy within their network.
Q & A Updates
New States – The Company has renewed its efforts to acquire state licenses. PharmCo has licenses pending in three new states: Utah, Arizona, and Rhode Island.
Investor Relations – First Look Equities is tasked with PR distribution. Their distribution platform is designed to increase the number of readers of the Company’s press releases and information which would ultimately have a positive impact on trading volume and shareholder value. The Company is also looking to recruit its own in-house IR team that would work to increase shareholder value.
TelePharmacy – The Company is working on a proprietary platform that would deliver technician or pharmacist consultation services direct to patients or healthcare providers through a secure digital live stream. This platform is currently being tested in Century Village of Pembroke Pines and has had an impact on company recognition, brand loyalty, and prescription processing efficiency.
OTCQB – The Company has submitted all required paperwork to OTC Markets for its review of the Company’s OTCQB application. The CEO recently submitted follow-up information to OTC Markets as part of its review. The process is ongoing, but the management expects the change in listing tier to be completed before the end of the year.
“PharmCo over the years has become known for its unique delivery of patient care,” stated S. Parikh Mars, CEO. “We see growth every month from clinics and healthcare providers who need and rely on what PharmCo does in the pharmacy industry that no other company does. We are leading the way despite headwinds from PBMs and regulatory uncertainty. We have accomplished a great deal this year so far and we know that there is so much more that we need to do. We will grow, we will outperform our peers and we will deliver value to our shareholders.
Progressive Care Submits Application for OTCQB Listing
https://ih.advfn.com/p.php?pid=nmona&article=75801456
MIAMI, Oct. 05, 2017 (GLOBE NEWSWIRE) -- Progressive Care Inc.(RXMD) , through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management, has submitted its application for OTCQB listing.
During the 3rd quarter of the year, Progressive Care(RXMD) worked to meet the listing requirements of OTCQB which include a minimum bid price of $0.01, not being in bankruptcy, being timely and current with reporting standards, 2 independent board members, and a majority independent audit committee. With the addition of Mr. Jervis Hough and Mr. Oleg Firer as independent board members and members of the audit committee, the Company met all of the initial requirements to file an application with OTC Markets for a change in listing tier to OTCQB. This application has been submitted to OTC Markets for review.
“We are excited to get the uplist process started,” stated S. Parikh Mars, CEO. “We expect OTC Markets to review our application quickly as we are prepared to comply with all document requests and listing standards. We believe that the change in listing tier on OTC Markets will help the company reach a wider audience and give our shareholders increased confidence.”
With its current market cap of just 6M RXMD is 15xfold undervalued compared to hundreds of listed companies in this sector
http://pages.stern.nyu.edu/~adamodar/New_Home...sdata.html
Market cap of a company in this sector (Drugs/Pharmaceutical) easily reaches 4x the P/S ratio...so for 22M revs in 2017 the RXMD pps fair market value, not even taking its constant market expansion into account, should be around 26+ cents.
Progressive Care (RXMD) through its 100% owned subsidiaries PharmCo and Smart Medical Alliance is quickly becoming one of South Florida's leading health services organisations
They have 14 state licenses approved or applied for. Expansion to 50 states within few years means revenue and profit multiplication!
https://ih.advfn.com/p.php?pid=nmona&article=76101390
http://finance.yahoo.com/news/progressive-car...26653.html
CEO also just announced two new appointments to the Board of Directors among those Oleg Firer. Oleg Firer is regarded as one of Florida most successful businessman and a Wall Street heavy hitter. He takes companies like Progressive Care (RXMD) to the next level. Check out these awesome recognitions he has received!
http://investorshub.advfn.com/boards/read_msg...=135023809
Progressive Care (RXMD) has been awarded a 5-Star Rating based on the ratings provided by various insurance carriers . Rated among the top 10% of all Pharmaceutic Benefit Networks in the NATION Progressive Care (RXMD) is right there with the big players and a major buyout target.
The ScriptPro Pharmacy Automation System is online and fully operational
http://ih.advfn.com/p.php?pid=nmona&artic...ymbol=RXMD
The Company will ship medications from its Florida facility to other states
http://www.streetinsider.com/Press+Releases/P...08843.html
Interview with the CEO:
is a must read not only for investors but to understand the market, the sector, the needs, the future of the healthcare platform in developed countries
https://www.youtube.com/watch?v=P-YQDkMS4y8
Progressive Care Reports Stellar Third Quarter Results
https://ih.advfn.com/p.php?pid=nmona&article=76101390
MIAMI, Nov. 15, 2017 (GLOBE NEWSWIRE) -- Progressive Care Inc. (RXMD), through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management, announces financial results for the third quarter and provides updates on the Company’s strategies.
The company dispensed a total of 163,000 prescriptions during the nine months ended September 30, 2017, an increase of 2.5%. Revenues for the third quarter increased 5% to just over $5.1 million. Revenues increased 14% for the nine months ended September 30, 2017 to over $15 million. The Company continues to grow its patient base by marketing to doctors’ offices and clinics who refer their patients to the pharmacy. Healthcare providers are increasingly recommending PharmCo because of its high standards of patient care and attention to performance measurements and their implications.
Operating income decreased by approximately $250,000 in 2017 as compared to 2016. Third quarter operating income was negatively impacted primarily by increases in DIR fees. “DIR” stands for “direct and indirect remuneration” and was initially a term coined by the Centers for Medicare and Medicaid Services (CMS) related to the Medicare Part D benefit to address price concessions that would ultimately impact the gross prescription drug costs of Medicare Part D plans that were not captured at the point of sale.
Today, DIR fees are effectively PBM clawbacks of reimbursements based on factors that vary from plan to plan. These fees lack transparency and are extremely difficult to predict and accrue. DIR fees are often applied retroactively, which has caused the cost of DIR fees to be nearly 200% higher than in the second quarter of the year. DIR fees through September 30, 2017 was over $300,000, over half of which was incurred in the third quarter. Some PBMs may reduce or return DIR Fees based on the performance of the pharmacy within their network.
Q & A Updates
New States – The Company has renewed its efforts to acquire state licenses. PharmCo has licenses pending in three new states: Utah, Arizona, and Rhode Island.
Investor Relations – First Look Equities is tasked with PR distribution. Their distribution platform is designed to increase the number of readers of the Company’s press releases and information which would ultimately have a positive impact on trading volume and shareholder value. The Company is also looking to recruit its own in-house IR team that would work to increase shareholder value.
TelePharmacy – The Company is working on a proprietary platform that would deliver technician or pharmacist consultation services direct to patients or healthcare providers through a secure digital live stream. This platform is currently being tested in Century Village of Pembroke Pines and has had an impact on company recognition, brand loyalty, and prescription processing efficiency.
OTCQB – The Company has submitted all required paperwork to OTC Markets for its review of the Company’s OTCQB application. The CEO recently submitted follow-up information to OTC Markets as part of its review. The process is ongoing, but the management expects the change in listing tier to be completed before the end of the year.
“PharmCo over the years has become known for its unique delivery of patient care,” stated S. Parikh Mars, CEO. “We see growth every month from clinics and healthcare providers who need and rely on what PharmCo does in the pharmacy industry that no other company does. We are leading the way despite headwinds from PBMs and regulatory uncertainty. We have accomplished a great deal this year so far and we know that there is so much more that we need to do. We will grow, we will outperform our peers and we will deliver value to our shareholders.
Progressive Care Submits Application for OTCQB Listing
https://ih.advfn.com/p.php?pid=nmona&article=75801456
MIAMI, Oct. 05, 2017 (GLOBE NEWSWIRE) -- Progressive Care Inc.(RXMD) , through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management, has submitted its application for OTCQB listing.
During the 3rd quarter of the year, Progressive Care(RXMD) worked to meet the listing requirements of OTCQB which include a minimum bid price of $0.01, not being in bankruptcy, being timely and current with reporting standards, 2 independent board members, and a majority independent audit committee. With the addition of Mr. Jervis Hough and Mr. Oleg Firer as independent board members and members of the audit committee, the Company met all of the initial requirements to file an application with OTC Markets for a change in listing tier to OTCQB. This application has been submitted to OTC Markets for review.
“We are excited to get the uplist process started,” stated S. Parikh Mars, CEO. “We expect OTC Markets to review our application quickly as we are prepared to comply with all document requests and listing standards. We believe that the change in listing tier on OTC Markets will help the company reach a wider audience and give our shareholders increased confidence.”
With its current market cap of just 6M RXMD is 15xfold undervalued compared to hundreds of listed companies in this sector
http://pages.stern.nyu.edu/~adamodar/New_Home...sdata.html
Market cap of a company in this sector (Drugs/Pharmaceutical) easily reaches 4x the P/S ratio...so for 22M revs in 2017 the RXMD pps fair market value, not even taking its constant market expansion into account, should be around 26+ cents.
Progressive Care (RXMD) through its 100% owned subsidiaries PharmCo and Smart Medical Alliance is quickly becoming one of South Florida's leading health services organisations
They have 14 state licenses approved or applied for. Expansion to 50 states within few years means revenue and profit multiplication!
https://ih.advfn.com/p.php?pid=nmona&article=76101390
http://finance.yahoo.com/news/progressive-car...26653.html
CEO also just announced two new appointments to the Board of Directors among those Oleg Firer. Oleg Firer is regarded as one of Florida most successful businessman and a Wall Street heavy hitter. He takes companies like Progressive Care (RXMD) to the next level. Check out these awesome recognitions he has received!
http://investorshub.advfn.com/boards/read_msg...=135023809
Progressive Care (RXMD) has been awarded a 5-Star Rating based on the ratings provided by various insurance carriers . Rated among the top 10% of all Pharmaceutic Benefit Networks in the NATION Progressive Care (RXMD) is right there with the big players and a major buyout target.
The ScriptPro Pharmacy Automation System is online and fully operational
http://ih.advfn.com/p.php?pid=nmona&artic...ymbol=RXMD
The Company will ship medications from its Florida facility to other states
http://www.streetinsider.com/Press+Releases/P...08843.html
Interview with the CEO:
is a must read not only for investors but to understand the market, the sector, the needs, the future of the healthcare platform in developed countries
https://www.youtube.com/watch?v=P-YQDkMS4y8
