Progressive Care, LOI for Accretive Acquisition, Growing Revenue, and Company Outlook

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Progressive Care, Inc. (OTCQB: RXMD), through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals.

RXMD shares began 2018 at a price of $.014 and have a current price of $.18, a nearly 1300% increase.

The Company recently signed a letter of intent to purchase a pharmacy in Palm Beach County for $300,000.

The company announced over $20 million in net revenues for 2017, an 11% increase over 2016, and it filled approximately 225,000 prescriptions in 2017.


Recent Events

On March 2, 2018. The Company signed a letter of intent to purchase a pharmacy in Palm Beach County for $300,000. The Company is beginning the due diligence process with anticipated closing to occur in the second quarter of 2018. The acquisition target is located close to major highways in a 3,000 sq. ft facility. The operation has experienced staff, all applicable licenses, commensurate PBM contracts as PharmCo, LLC, and a Parata PASS 500-unit dose packaging system.


March 1, 2018. Progressive Care announced that 23,000 prescriptions were filled during the month of January, generating $1.8 million in net revenues. That is record for the Company and up 34% from the same month in 2017. RXMD is also proud of the work they are accomplishing with Mass Ventures Corp, a Florida company, who has significantly enhanced the digital presence and technology solutions for the company and all subsidiaries. Other important achievements include the expansion into Palm Beach County and the news that its retail pharmacy will officially begin accepting Bitcoin payments.


January 25, 2018. Progressive Care engages Mass Ventures Corp to initiate a digital marketing campaign for both Progressive Care and PharmCo, LLC. The principle of Mass Ventures will be located on-site to provide real-time updates as needed. The campaign consists of many features including, but not limited to, website upgrades, enhanced and updated content, blog posting, social media development, press release distribution, search engine optimization, etc.



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, 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, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, and health practice risk management.


Company Outlook

2017 Key Highlights

Change of listing tier to OTCQB

Addition of Independent Board Members: Jervis Hough and Oleg Firer

Majority Independent Audit Committee

Completion of 2016 Audited Financial Statements

225,000 prescriptions filled

Over 21,000 prescriptions filled in a single month

Over $20 million in net revenues

Secured Community AIDS Network 340B contract.

Doubled monthly 340B revenues since December 2016

Raised over $2.75 million for 340B charitable organizations

Reached over 50 employees

Developed a tele-pharmacy platform in conjunction with software provider MDFlow

Licensed in the following states: Colorado, Connecticut, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Pennsylvania, Texas, Utah, Arizona, Massachusetts

5-star rating

Opened first PharmCo Pharmacy Resource Center

Celebrated PharmCo’s 10-year anniversary


Strategic goals for 2018:

Achieve 25,000 prescriptions filled in a single month by December 2018

Increase annual overall sales to $22 million

Secure additional 340B contracts and long-term care facility relationships

Further expansion into Palm Beach County

Achieve accreditation for non-sterile compounding

Achieve full enterprise profitability and earnings growth

Publish 2nd year of audited financial statements and leverage these statements to secure new investment opportunities for mergers and acquisitions

Opening more Pharmco Pharmacy Resource Centers in retirement and long-term care communities.

Strengthening our tele-pharmacy platform


Financial Review, Q3 and 9 Months Ending September 30, 2017

For the three months ended September 30, 2017, the Company increased overall revenue to approximately $5.1 million, which resulted from 5% organic revenue growth over the same period in 2016. Gross profit margins decreased from 28% in 2016 to 23% in 2017, a 14% decrease when compared to the same period in 2016. Operating income decreased by approximately $90,000 in 2017 as compared to 2016.

For the nine months ended September 30, 2017, the Company increased overall revenue to approximately $15.1 million, a 14% increase over the same period in 2016. Gross profit margins increased from 26% in 2016 to 27% in 2017, a 16% increase when compared to 2016. Operating income decreased by approximately $254,000 in 2017 as compared to 2016.

Operating expenses increased $802,223 or 25% for the nine months ended September 30, 2017 as compared to the nine months ended September 30, 2016. Operating Expenses as a percent of sales increased to 27%, a 25% increase as compared to the same period in 2016.


Stock Influences and Risk Factors

Continuing increases in revenue could be a catalyst for RXMD shares;

The closing of the current pharmacy acquisition may be a positive for the company;

The company may need to raise cash beyond its credit facilities and could implement dilutive solutions;

Efforts to reduce reimbursement levels and alter health care financing practices could adversely affect the businesses;

The industries in which RXMD operates are extremely competitive and competition could adversely affect their business.



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