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Investors' Presentation
Progressive Care Issues Corporate Update
September 16, 2020
MIAMI, FL – September 16, 2020 – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to provide current and prospective shareholders with an update on the hiring process for its new CEO and its acquisition of MyApps Corp. (“MyApps”) (myapps.solutions), a leading developer of healthcare software, which includes the emerging telehealth service app, CallingDr™ (callingdr.com).
New CEO Process
The Company is also now in advanced discussions regarding the hiring of a new Chief Executive Officer with the experience and skill set to take Progressive Care to the next level. The Company is focused on installing a CEO able to drive financial strength, cultivate constructive communication with the business and investment community, and reinforce core values, with the ultimate goals of uplisting to a major exchange and taking the Company to over $100 million in sales.
“We expect revenues of more than $40 million in 2020 at this point, given our growth rate and what we have accomplished so far this year,” noted Alan Jay Weisberg, interim CEO and Chairman of the Board at Progressive Care. “Several years ago, when our revenue was $15 million, we saw our path to $40 million in sales and described this to our shareholders. Now, we are running at over $40 million on the top line and see a path to $100 million and beyond as a basic extrapolation of our organic growth curve paired with our strategic agenda, which provides for an open run to serve all 50 states in prescriptions and data management, capitalize on strong deregulatory tailwinds. We are deep in the process of establishing this new leadership, and we have strong reason to believe we will have an exceptional executive team in place, with the experience, skills, and drive to foster that next step, very soon.”
MyApps Acquisition
As announced in its release dated September 8, Progressive Care is in the process of acquiring MyApps, a leading commercial-stage app developer that has full control over CallingDr, a complete telehealth platform providing multiple levels of service with a suite of products currently in use in single-physician clinics, multi-physician clinics, emergency room centers, nursing homes, and home health setups across multiple US states. While working towards the completion of the acquisition, Progressive Care will be taking necessary regulatory steps to participate in the prescription drug business in all 50 US states (the Company is currently licensed in 14 US states) on a mail-order basis. In-house Company research suggests that nearly one-third of all prescriptions in the US are filled on a mail-order basis, suggesting that this transition will increase Progressive Care’s total addressable market by over $200 billion (based on Company data along with data from the US Department of Health and Human Services).
According to information from MyApps management, MyApps serviced 3,448 new patients over the six months between March 1 and September 1, 2020, with some having multiple sessions, amounting to over 10,500 remote healthcare sessions in the past six months.
Along with CallingDr™, MyApps also has a portal named FindingDr™, which helps providers connect with new patients. Following the closing of the acquisition, Progressive Care will be able to offer healthcare providers across the country and in its network of business with access to this portal to connect them with new patients.
Weisberg added, “GoodRX, which is comparable to a stock in the pharmacy services space, recently filed for an IPO with a pre-IPO valuation of $2.8 billion on under $390 million in 2019 sales, trading at nearly 7 times trailing sales. The 2019 acquisition of `HeyDoctor` appears to be an important part of its growth plan and future valuation. Pairing pharmacy services with a powerful telehealth platform unlocked the prospect of fresh growth potential relative to the space, especially as federal and state regulations on telemedicine were stripped from the equation after the onset of the COVID-19 pandemic health crisis in March. We believe CallingDr is a superior telemedicine platform. We also believe we have an even more potent mix of assets that present a similar formula for powering shareholder value over the coming decade. Yet, Progressive Care shares trade under 0.5 times 2019 sales. I believe that our valuation has been greatly impacted by recent trading volume, which is not a result of insider selling. With enormous year-over-year growth, a coming $200 billion expansion in total addressable market, and the acquisition and integration of an active cutting-edge telehealth platform with a national customer footprint already established, and with the goal of uplisting to a major exchange, Progressive Care continues to aggressively strive toward leadership as an innovative technology and personalized healthcare company.”
Management also notes that, according to a recent report by Fortune Business Insights, the global telemedicine market is projected to grow from $34.28 billion in 2018 to $185.66 billion by 2026, exhibiting a CAGR of 23.5% over that period. Another report from Global Market Insights notes that nearly half of this overall market size and growth is attributable to activity within the US market alone. According to multiple market research publications, the mail-order prescription market is growing nearly twice as fast as any other segment of the prescription drug market.
For more information about Progressive Care, please visit our website.
Connect and stay in touch with us on social media:
Progressive Care Inc.
https://www.facebook.com/ProgressiveCareUS/
https://twitter.com/ProgressCareUS
PharmCoRx Pharmacy
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx
ClearMetrX
https://www.clearmetrx.com
https://www.facebook.com/clearmetrx/
About Progressive Care Inc.
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.
Cautionary Statement Regarding Forward-Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance, and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding corporate update and potential telemedicine acquisition. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
Investor Relations Contact:
Armen Karapetyan,
Progressive Care
Senior Advisor Business Development
Armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com
Public Relations Contact:
Carlos Rangel carlosr@pharmcorx.com/
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ERLGO, Shares paid for and still showing green on past profits with no liability. So?????? Should I sell now, lol
Go SECI$$$$$$$$$$$%
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Progressive Care Reports July 2020 Performance Data: $3.62M in Gross Sales, and 106% Monthly Growth in 340B Income
Read more
MIAMI, FL – August 24, 2020 – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce operational performance data for July 2020, which continued to demonstrate a trend of robust growth in sales, prescriptions, and 340B income in both sequential monthly and year-over-year terms.
• Consolidated monthly gross sales across all locations during the month of July totaled $3.62 million, representing monthly sequential growth of 8% compared to June 2020, and 7% year-over-year growth compared to July 2019
• Prescriptions filled during the month of July was 47,573, representing monthly sequential growth of 8% compared to June 2020, and 3% year-over-year growth compared to July 2019
• July set a new all-time Company record for total prescriptions filled
• 340B claim processing from 340B covered entities produced roughly $473K in revenue in July 2020, up 106% on a monthly sequential basis. This includes ClearMetRx third party administrator fees of over $146,000
• Total 340B claim submissions booked in July grew to almost $3 million*
“July was another strong month for Progressive Care, featuring the continued emergence of our 340B strategy and a strong contribution from our ClearMetRx data analytics subsidiary,” commented Alan J. Weisberg, Interim CEO and Chairman of the Board of Progressive Care.
Management notes that the Company continues to see extremely encouraging signs from its 340B strategy, which saw more than a doubling of revenues on a sequential monthly basis in July driven by new client relationships and an increasingly productive integration of the Company’s new ClearMetRx third party administration business.
The Company continues to pursue increasing efficiency in its core pharmacy services business while establishing multiple technology solutions that present more scalable long-term growth potential, including nationwide healthcare data analytics. Looking ahead, management believes Progressive Care will benefit from new client acquisition on a national level in its data analytics strategy as well as new patient and provider market share gains due to its continued leadership in contactless same-day prescription delivery service.
Weisberg added, “With strong cash levels in place, multiple scalable growth strategies underway, and core trends continuing to support strong expectations for the second half of the year, we believe we are poised to capitalize on opportunities for further growth in the months ahead.”
*All claims processed for not-for-profit entities are conducted on an agency basis. The gross value of the submissions is excluded from gross sales. Transaction fees due to the Company as a result of these claims are included in gross sales calculations.
For more information about Progressive Care, please visit the company’s website.
Connect and stay in touch with us on social media:
Progressive Care Inc.
https://www.facebook.com/ProgressiveCareUS/
https://twitter.com/ProgressCareUS
PharmCoRx
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx
About Progressive Care Inc.
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.
Cautionary Statement Regarding Forward-Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance, and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words “anticipate,” “believe,” “estimate,”“upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
Investor Relations Contact:
Armen Karapetyan, ProgressiveCare
Senior Advisor Business Development
Armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com
Public Relations Contact:
Carlos Rangel
carlosr@pharmcorx.com
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She's an awesome lady and a pro. GL Ms Mars.
News out.
Awesome
Was wondering the same thing.
Been here for awhile. Quiet and like it.
Welcome back. Go $SECI
News out.
Nice DD. Thanks.
Thx.
Will neither agree or disagree on that comment. Not enough info. Just haven't made up my mind yet. I am a long term holder (not much) and am kind of enjoying the drama. What will be, will be.
Nothing, just riding the tide. Nothing to lose, maybe a gain. My sub penny in the slot machine.
OMG! Have you all ever read what you post and what you are saying. This forum is like kids at lunchtime.
Twitter is still up. Web was probably taken down because of attorney recommendations. Just a guess. Go $SECI it's getting hot in Utah.
I believe that the errors were on Twitter. So I'm not buying that answer.
Anyone know why the website is down?
Showed up a couple days ago.
Hashtag FBI, Hashtag UT....Nice.
Should have been discovered???????
Can't wait to see this car I have heard so much about. Do you think they will have it in the courtroom as defense item #1 for evidence? Lol
Here is what I would love to see.
Win in Utah
SEC Upgrade
Forward Split
RICO
Any Civil thoughts on this?
Lol, looks like both those occurred in 1987. Hmmm
I think I like mine better.
Only time will tell. I'm no lawyer. Thanks for the civil chat, rare on these boards.
That evidence, along with the whistleblower evidence gathered in 2018 and 2019, have helped our new legal teams reveal a consistent and conclusive crime: FRAUD (the one legal claim that the Utah brotherhood firms discouraged us from pursuing…)
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Time and technology have been Sector 10’s best allies a decade later. The latest evidence exposes and confirms a multifaceted FRAUD CASE, premeditated and executed by a web of individuals, corporations, organizations, law firms and LLC’s across various states and countries, and pointing all the way to Silicon Valley’s Band of Angels and the creation of PSIA.
I haven't heard anything about fraud until just recently. So, if SECI just discovered this the way I read it is the clock just recently started ticking. Tic toc Go $SECI
Nice volume today and good news from CEO regarding RS rumors. Going into power hour, Lets go $RXMD
Lol, go Fly
ROFL
Agreed
After a court-ordered mediation, the parties must report back to the court that ordered them to attempt mediation. ... Depending on when the mediation occurs, a case will resume being litigated. However, just because mediation fails, that does not mean a case will never settle.
Prospector, Lindy, Here Here. Nice posts and support for $SECI. All the way to fair judgement and prosperity.
Thanks for update.
Gap filled, lets go.
Ditto
Here, here