Progressive Care Inc (fka RXMD)

[Turbomunkey]

Again, nice close. Still a ways for me to break even.

[stockforce]

This one is huge. Phillip Frost is a highly recognized and successful entrepreneur in Healthcare industry for the past 60 years. His personal investment of $6M in NextPlat’s healthcare sector and RXMD is a clear signal where the company is going. The first thing you see on the front page of NextPlat website is “Digitalizing Healthcare”. Over $14M have been moved into RXMD by NextPlat, including the investment from Phillip Frost. What’s about to come will be a game changer plan for both companies.

[Bearslayer]

Link


https://ir.nextplat.com/sec-filings/all-sec-filings/content/0001493152-23-017501/0001493152-23-017501.pdf

[Bearslayer]

Taken from the sec filing in the Q.


The Company raised $6.0 million through a private offering of its common stock priced above the market. The new growth capital will support the expansion of its offerings into the rapidly growing healthcare sector through its previous strategic investment in Progressive Care Inc., a provider of personalized healthcare services and technology, and support additional business development programs, partnerships, and marketing activities.

[CaptHowdy]

No references in the Frost filings on April 14th about RXMD, I believe what you are referring to is the PowerPoint presentation created by NXPL last month. SEC filings are what matter most, not a slideshow created by an NXPL graphic artist within their Marketing Dept.

[vp_007_99]

It makes sense why this "diamond in the rough" and a NASDAQ (for now) company that one or two people claim will be great for us are floundering shareprice wise. The street doesn't trust companies run by SEC/FINRA tainted people!

[CaptHowdy]

Phillip Frost is another con-man just like Fernandez, birds of a feather flock together apparently. Frost was prohibited from trading penny stocks after 2019 litigation settlement. Clearly he can't be trusted either.

"In January 2019, the Southern District of New York approved a settlement entered into by OPKO and the SEC to resolve civil litigation filed by the SEC. Under the terms of the settlement, Dr. Phillip Frost and FGIT, and without admitting or denying any of the allegations in the Complaint, Dr. Phillip Frost agreed to injunctions from violations of Sections 5(a) and (c) and 17(a)(2) of the Securities Act of 1933, claims which may be satisfied by strict liability and negligence, respectively, and Section 13(d) of the Exchange Act, also a strict liability claim; to pay a civil monetary penalty, disgorgement and pre-judgment interest, which have been paid; and to be prohibited, with certain exceptions, from trading in penny stocks."

[James salmon]

And RXMD was top of the list as to what that money will be used for,see filing.

[CaptHowdy]

Its NOT for RXMD, no way of knowing that to be factual. The $6M investment being referred to, consisting of 3.4M shares, was an NXPL purchase by Frost, not RXMD.

See NXPL filings for additional details.

[CaptHowdy]

Agreed, from one silent period to the next. Doesn't make sense why some beleive there will be a sucess story here following the reverse split. Never have I ever see an RS that benefited common shareholders.

Its ALWAYS the insiders buying at a discounted PPS that reap those rewards. I beleive it speaks volumes that zero insider buying has occured since Fernandez took the helm. Prior to that we saw management team members such as Cecile buying on open market. Everyone is underwater here, including the insiders.

[stockforce]

Remember the $6M investment from the healthcare billionaire Phillip Frost. It’s for RXMD.

[Turbomunkey]

Nice close.

[stockforce]

This is how quickly RXMD will rise once big news drop.

[vp_007_99]

Hard to argue with results...or lack thereof.

[CaptHowdy]

Zero shareholder value added since CEO took over nearly 7 months ago. The self proclaimed wizardry of RXMD has lost his mojo.

#weakSauce #notMyCEO #ChuckyCheezHead

[CaptHowdy]

Another delinquent NASDAQ company partnered with RXMD is at risk of being delisted as it currently trades @ .23 cents, well below the requirements for remaining NASDAQ compliance.

Just look at that double black diamond downhill ski slope chart heading further south day after day.

Armen and Jay sure can pick em, with NXPL onboard soon to bogart RXMD as their own and MDVL looking like another bad decision as PPS is in a death spirial.

So what does RXMD and these partners have in common?? All have a declining share prices since sneaky CEO Fernandez began pretending to be the wizard savior for RXMD. New CEO is the antithesis of GoldFinger here.

GE HEALTH is a better investment in this sector, 40% gains in portfolio since they began trading earlier this year.

[Truth022809]

I mean my god…180 shares traded

[garrox]

MIAMI & MISSISSAUGA, Ontario & PHOENIX, October 26, 2022--(BUSINESS WIRE)--MedAvail Holdings, Inc. (Nasdaq: MDVL) ("MedAvail") a technology-based retail pharmacy company, and Progressive Care Inc. (OTCQB: RXMD) ("Progressive Care") a personalized healthcare services and technology company, are excited to announce a technology agreement to deploy five MedAvail MedCenters in Florida.

MedAvail MedCenter’s unique medication dispensing technology will allow PharmcoRx, a subsidiary of Progressive Care, to provide pharmacy services in any state where Board of Pharmacy laws allow remote medication dispensing through digitally integrated kiosks. Patients visiting these care sites in the future will be able to consult virtually with a pharmacist and fill their prescriptions at the point of care through a touch screen, eliminating the need to make a separate trip to a pharmacy.

"Our partnership with MedAvail will further strengthen our ongoing commitment towards creating a more convenient, quicker, and secure way for patients to receive their medication. With the implementation of MedCenter’s wide-ranged pharmaceutical technology, it will further allow PharmcoRx pharmacies to thoroughly expand their prestigious concierge pharmacy services to a variety of states that permit the dispensing of remote medication. Patients who visit our clinical sites, long term care facilities or strategic healthcare locations in the future will be able to consult with our very own virtual pharmacist, give patients the satisfaction of having their prescriptions filled with the click of a button saving patients a trip to the pharmacy and allow caregivers in the LTC setting to administer lifesaving medications swiftly," said Birute Norkute, COO of Progressive Care.

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"We look forward to working with PharmcoRx and offering our differentiated technology solution to serve their patients with quick and convenient access to pharmacy services," said Mark Doerr, Chief Executive Officer at MedAvail. "One of our top priorities is to expand our technology business segment, and we are pleased to be broadening the reach of our MedCenter technology with this new partnership with Progressive Care."

About Progressive Care

Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a 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, and health practice risk management.

About MedAvail

MedAvail Holdings, Inc. (NASDAQ: MDVL) is a technology-enabled pharmacy organization, providing turnkey in-clinic pharmacy services through its proprietary robotic dispensing platform, the MedAvail MedCenter, and home delivery operations, to Medicare clinics. MedAvail helps patients to optimize drug adherence, resulting in better health outcomes. Learn more at www.medavail.com.



SOURCE MedAvail Holdings, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221026005283/en/

Contacts

Investor Relations (MedAvail Holdings, Inc.)
Ji-Yon Yi
Gilmartin Group
[e-mail]

Investor Relations (Progressive Care, Inc)
Carlos Rangel
[e-mail]


MDVL
-7.9600%


RXMD
+1.23%


View comm

[stockforce]

“We are happy to announce that we have dispensed over 1 million prescriptions across 11 states in the U.S. and Canada.

The MedCenter dispensing kiosk serves patients in urgent care, emergency departments, community health clinics, and college campuses.

The MedCenter allows greater access to patients through the ability to get first-fill compliance and live pharmacy counseling, all at the point of care or convenience. This technology is crucial to patient access as pharmacy deserts expand in rural and urban settings.

Currently, ADDS technology is approved for more than 70% of the U.S. Population. If you want to know if it's approved for your state, contact your pharmacy board or [e-mail].

www.medavail.com”

[JMCK6193]

No update, or at least I can't find it. There was one 7 months ago.

https://www.linkedin.com/feed/update/urn:li:activity:6991047108984250369?updateEntityUrn=urn%3Ali%3Afs_feedUpdate%3A%28V2%2Curn%3Ali%3Aactivity%3A6991047108984250369%29

[RIOgrande44]

Medavail just hit a million prescriptions dispensed, some should be ours.
There is a update on LinkedIn, maybe someone can share it here

[JMCK6193]

Spot on Jagman, that's why I've bought both RXMD and NXPL a win-win for me.
I owned 2m shares (RXMD) before RS and have bought a few thousand after.
But most of my buys now are going towards NXPL, especially on the dips.

$RXMD and $NXPL

[gedi8]

Exactly. Fernandez and company have already said that they want to increase their stake in Rxmd so that they own more than 50%. When that happens things should start moving fast. A bit more volume today and we jump 14%.

Fernandez isn’t going to play games on the otc.

[Jagman5]

I agree with your end result but let me paint it a little differently.

You say Fernandez hasn't done anything. I disagree. He is carefully executing his grand plan whereby NXPL, he, and Baretto suck up as many shares of RXMD as they can without touching the open market. That way they get them for cheap. I expect to see another offering from RXMD for, oh, $6M or so. Once they are done buying I expect a merger and, no, it won't be hostile because they will own the vote (and the BOD). Any money they put in they get back after the merger.

Only AFTER the merger will good things happen for the business unit we now call Progressive Care.

$RXMD

[Truth022809]

Still waiting to see this “value for shareholders”

[CaptHowdy]

Quickly approaching 7 months and they still "sitting on all that cash" , puh-lease SF... if they had a grand plan it would have been executed by now. So much for the wizardy reported about how great the new CEO is. If this dudes business acumen is worthy of the braggadocious within that PR he should have taken some action by now. At a minimum shareholders deserved an annual conference call, which he failed to hold just like with NXPL until the SEC cracked the whip and warned of being delisted. Not the guy anyone wants running RXMD, in my opinion. He's all show and no go, flaky Fernandez just can't seem to do very much other than throw money around.

Still radio silence from CEO Chucky Cheesehead, I guess he'll keep throwing millions at RXMD until something good sticks. This foolish CEO has invested 20% of the reported $40m YoY revenues and still nothing to show for it nor has it added any shareholder value/confidence.

Smells to me there is going to be a NXPL hostile takeover of RXMD in the near future. IMO all signs pointing toward that as their end game.

[stockforce]

"It is through our unique capabilities and reach that we are creating value for our customers, partners, and shareholders as we continue our efforts to expand our focus into healthcare through our strategic investment into Progressive Care and into additional consumer segments in large markets including China later this year."

https://ir.nextplat.com/news-events/press-releases/detail/104/nextplat-announces-first-quarter-2023-results

[stockforce]

Exactly: “will support the expansion of its offerings into the rapidly growing healthcare sector through its previous strategic investment in Progressive Care Inc.”. That’s $6M! What are they gonna do with it?!

[James salmon]

So from NXPL PR re earnings, we now know where the 6 million investment from Dr Frost is going;

“The Company raised $6.0 million through a private offering of its common stock priced above the market. The new growth capital will support the expansion of its offerings into the rapidly growing healthcare sector through its previous strategic investment in Progressive Care Inc., a provider of personalized healthcare services and technology, and support additional business development programs, partnerships, and marketing activities.”

[gedi8]

Yes SF - Saw that in the 10-Q. Very interesting.

[stockforce]

NextPlat is currently "providing management and administrative services to Progressive Care" according to their 10Q and "will terminate upon (i) the liquidation or dissolution of the Company, (ii) the sale of all or substantially all of the assets of the Company to a third party or (iii) the sale of control of the Company, whether by sale of membership interests, merger, reorganization, consolidation or otherwise, to a third party."

So, NextPlat already has taken over the management and administrative services based on their agreement.

https://www.sec.gov/Archives/edgar/data/1058307/000149315223017186/ex10-1.htm

[stockforce]

NextPlat 10Q just came out. "We own approximately 38.4% of the total outstanding voting securities of Progressive Care, and we expect to exercise and/or convert such portion of the convertible and exercisable Progressive Care securities we own to increase its equity holdings in Progressive Care to more than 50% of Progressive Care’s issued and outstanding voting securities. "

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001058307/000149315223017186/form10-q.htm

It's 100% clear now RXMD will become a subsidiary of NextPlat after they reach 50% ownership and NextPlat will spin off the currently unprofitable satellite business and will focus on healthcare business.

[stockforce]

Phillip Frost’s $6M investment in NextPlat’s healthcare business is another reason RXMD will go up from here.

[J1989]

Love the little Jump but wish it was from 10 dollars instead of 3 … should of never been this low … hope the juice is worth the squeeze

[James salmon]

We be profitable next Q, just got rid of interest charges.

[Jagman5]

I agree with everything you said, SF. My point was that we would be profitable now if not for those crooks.

$RXMD

[stockforce]

PBMs are being regulated in Florida as we speak. So their fees will only go down. The most important is NextPlat is exploring innovative new offerings into the healthcare business that will depend much less on PBMs. Being profitable is a very feasible goal.

[RIOgrande44]

Or will keep the price in this range until they have all the shares they want?

[Jagman5]

I notice in today's financial summary of the 10Q that our net loss for the quarter was $130k. I also noticed that PBM fees for the quarter rose $400k. Guess where our profits are going? Crooks.

$RXMD

[James salmon]

Absolutely agree and I think we can see that share price will move up very quickly with any news.

[stockforce]

Now is the bottom for RXMD. NextPlat partnership news and their “array of innovation plans for healthcare” should be forthcoming.

[James salmon]

Well I added a few hundred more, been doing that each week.

Now need NXPL to tell us the plan.

[stockforce]

This week is the turning point for RXMD. More eyes will be on this one again. Record revenue, higher profit margin. NextPlat is on some big plan with over $8M investment in RX. People are getting very curious.

[gedi8]

Exactly right RIO.

[Truth022809]

He can easily be taken care of as well.

[stockforce]

True. But what about Armen?

[Truth022809]

With voting control over rxmd shares, they can still screw over all of us long term shareholders

[JMCK6193]

Happy Mother's Day to all you Mothers out there, have a blessed and wonderful day.
God bless our mothers.

[Turbomunkey]

I agree JMCK. Im in a predicament. I think it would be wise to add some shares, but ive already dumped so much here at higher prices.

There has been speculation the second half of this year could get rough for everyone. I have told myself that my current goal was saving money. Another factor is the possibility that my employer, the family business, may move toward closing down. Dad has been having health issues, and its just getting tiresome dealing with the various elements of the place.

I would love for this to increase and value and give me some financial confidence.

[stockforce]

I get it how you feel, truth, but the sad days are coming to an end, try to look for some hope in them. I guess now is the new start.