Tuesday, September 19, 2017 5:26:06 PM
Progressive Care Reports $1.8 Million Revenues on 20,000 Prescriptions in August
http://ih.advfn.com/p.php?pid=nmona&article=75677614&symbol=RXMD
MIAMI, FL -- September 19, 2017 -- InvestorsHub NewsWire -- Progressive Care Inc. (OTC PINK: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 over $1.8 million in net revenues during August 2017.
PharmCo, LLC filled over 20,000 prescriptions during the month of August, generating over $1.8 million in net revenues. Revenue increased approximately 3.7% while prescription counts remained flat year-over-year. The company is working on growing 3 keys segments: Palm Beach County prescription sales, 340B, and Medication Therapy Management (MTM). Though a small portion of the companys revenues, 340B income increased just under 50% in the month of August. PharmCo, has assigned more personnel to MTM to accommodate increasing demand for completed cases by insurance companies and providers.
The Company is in varying stages of the negotiating process with potential acquisition targets. The Company has focused on acquisition opportunities that have the ability to increase the service radius of the company in the state of Florida while also adding synergistic sales. The current outlook is to close on at least one opportunity before the end of the year.
Success is not for those weary of arduous progress, stated S. Parikh Mars, CEO. We set ambitious goals for ourselves at the beginning of the year and we have only added to those goals since then. We are determined to uplist to OTCQB and to close on an acquisition before the end of the year. Despite all of the twists and turns in the healthcare industry this year, we are still set on delivering growth and expansion in Florida and throughout the country. It will take a lot more than a hurricane to slow us down.
For the year ended December 31, 2016, the Company increased overall revenue to approximately $18.3 million, a 34% increase over the same period in 2015.
http://www.otcmarkets.com/financialReportView...;id=168586
Gross profit margins increased from 25% in 2015 to 28% in 2016, a 45% increase when compared to 2015. Operating income increased by approximately $845,000 in 2016 as compared to 2015 as result of increased sales achieved through effective marketing efforts to healthcare providers and increased compounding sales, partially offset by increased operating expenses.
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.
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/psdata.html
With its current market cap of just 6M RXMD is 15xfold undervalued compared to hundreds of listed companies in this sector.
They have 11 state licenses now. Expansion to 50 states within few years means revenue and profit multiplication!
http://finance.yahoo.com/news/progressive-care-delivers-record-sales-175126653.html
The ScriptPro Pharmacy Automation System is online and fully operational.
http://ih.advfn.com/p.php?pid=nmona&article=72964854&symbol=RXMD
The Company will ship medications from its Florida facility to other states.
http://www.streetinsider.com/Press+Releases/Progressive+Care%3A+PharmCo+Receives+New+York+Pharmacy+License/11508843.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
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