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NOTICE THIS REPORT CONTAINS ERRORS IN REGARDS TO THE INVOLVEMENT OF CHICAGO VENTURES. WE HAVE BEEN NOTIFIED BY LINDSAY KNIGHT AT CHICAGO VENTURES THAT THE PUBLIC INFORMATION WE RELIED ON IS INACCURATE. THE QUOTE HAS BEEN REMOVED.
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.
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. https://finance.yahoo.com/news/progressive-care-executes-letter-intent-132212747.html
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. https://finance.yahoo.com/news/parikh-mars-ceo-progressive-care-130000979.html
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. https://finance.yahoo.com/news/progressive-care-engages-mass-ventures-132318670.html
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.
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
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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