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Can be finalized in as few as 3 months if not many comments.
An S1 is never a uplisting form. It is always a registration of security with the SEC. RXMD has stated many times they will as soon as S1 is approved then pursue uplist simultaneously through uplist process completely separate from S1 filing.
Just catching up, but That's what I have said from the beginning, if they propose a reverse split for purposes of uplifting, all my millions of shares are voting YES. That is an awesome event for this company and shareholders.
They meet all criteria for S1, that's the easy part.
Eye opening stuff, if you are an investor or listener standing on sidelines.
During May's conference call. Ms. Mars stated the revenues will not pick back up until end of May beginning of June when the physicians offices and hospitals ramp back up and we additionally will see the impact of the new patient base we acquired during the COVID time frame.
From sounds of call, u are absolutely correct. Everything she said,pointed to that.
End of July for S-1, was just stated on the Smallcapvoice call.
Recently, CEO Ms. Mars sat down with Stuart Smith from Small Cap Voice to offer The company is in the process of filing an S-1 registration statement and had its CEO Ms. Mars offer an interview to SmallCap Voice with an update.
Learn more https://www.smallcapvoice.com/6-22-20-smallcapvoice-interview-with-progressive-care-inc-rxmd/
Progressive Care Announces May 2020 Performance Data: 62% Y/Y Sales Growth on Robust Execution and Expanding Market Share
JUNE 23, 2020
MIAMI, FL – June 23, 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 May 2020, including strong year-over-year growth in the face of continued intense downward pressure from tightening provider prescription demand, with strong execution, patient growth, and expanding Federally Qualified Health Centers (FQHCs) dispensing fees driving robust systemwide performance.
• Consolidated monthly gross sales across all locations totaled $3 million, representing year-over-year growth of 67% compared to May 2019
• Prescriptions filled during the month came in at 40,062, representing year-over-year growth of 41% compared to May 2019
• 340B claim processing from FQHCs increased to $1.1 million, generating roughly $127K in agency fees.
• Three new FQHCs will come online in July 2020 under dispensing and data analytics contracts
• Consolidation into 400 Ansin location now underway, set to drive savings exceeding $300K in early 2021
“Once again, we are proud to turn in another very strong month of growth, with sales increasing approximately 67% y/y despite very clear exogenous obstacles,” stated S. Parikh Mars, CEO of Progressive Care. “According to our analysis, one might have reasonably expected a decline of 40% as an extrapolation in end-demand factors impacting performance a year ago. This performance data is a testament to our diversification and evolution as a company – something that will continue to define Progressive Care going forward.”
The COVID-19 pandemic has caused significant service suppression amongst patients and providers for maintenance medical care. This has resulted in fewer new prescriptions being generated by health practitioners as less patients are being seen. While the company had expected scaled-back operations, our expertise in contactless home delivery and safe health practices, resulted in an influx of new patients from new prescribers and new FQHCs, which has buoyed the financial performance of the pharmacies.
In May, the Company saw strong growth in dispensing and data management fees from FQHCs, with nearly $1.1 million in processed claims, driving nearly $127K in related fee-based revenues. This factor is rapidly expanding, and management believes it will continue to represent a growing piece of the equation with powerful implications for top and bottom-line performance going forward.
The Company also notes that it began transitioning toward consolidating its North Miami Beach and Davie locations into a single large-scale pharmacy operation at its new 400 Ansin location in May, which will allow for an expansion of the pharmacy services offered, while driving growth and efficiency. As noted in the Company’s release dated June 1, the consolidation is expected to drive cost savings of more than $300K, to be realized in Q1 2021 financial data.
Recently, CEO Ms. Mars sat down with Stuart Smith from Small Cap Voice to offer The company is in the process of filing an S-1 registration statement and had its CEO Ms. Mars offer an interview to SmallCap Voice with an update.
Learn more https://www.smallcapvoice.com/6-22-20-smallcapvoice-interview-with-progressive-care-inc-rxmd/
For more information about Progressive Care, please visit the company’s website.
As long as no Partnerships are in play, my best guess by end July
The next step forward. Been waiting for this announcement. 1 more to come. Let's get this SEC filing COMPLETED Ms. MARS and Daszkal Bolton LLP.
Progressive Care Changes Independent Public Accounting Firm to Daszkal Bolton LLP
JUNE 22, 2020
MIAMI, FL – June 22, 2020 – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, has engaged Daszkal Bolton LLP as its new independent public accounting firm as it undertakes efforts to transition to reporting under the Exchange Act Reporting requirements.
Effective June 22, 2020, the Company appointed Daszkal Bolton LLP ("Daszkal") as its independent public accounting firm for the Company’s fiscal year ended December 31, 2020. The Company’s decision to replace Berkowitz Pollack Brant Advisors and Accountants, LLP (“Berkowitz”) with Daszkal was approved and authorized by the Board of Directors of the Company upon the recommendation of the Company’s Audit Committee .
“Our decision to choose Daszkal Bolton was based on their team’s expertise in healthcare and SEC reporting standards,” said S. Parikh Mars, CEO. “As we begin our transition to filing reports with the Securities and Exchange Commission (“SEC”), we are confident that Daszkal Bolton will be a valuable asset in these future endeavors.”
The independent audit reports issued by Berkowitz on the Company’s annual financial statements for the years ended December 31, 2019, 2018, 2017, 2016 did not contain an adverse opinion or disclaimer of opinion, nor were such reports qualified or modified as to uncertainty, audit scope or accounting principles.
During the years ended December 31, 2019, 2018, 2017 and 2016 and through June 15, 2020, there were no disagreements with Berkowitz on any matters of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which, if not resolved to the satisfaction of Berkowitz, would have caused Berkowitz to make reference to the subject matter of the disagreement in their reports on the Company’s financial statements for such years.
“The Company is fortunate to have worked with the team at Berkowitz Pollack Brant over the last four and half years,” said Ms. Mars. “We knew once we began our move to full reporting status with the SEC, we would have to part ways. Our experience with Berkowitz has been nothing but positive and we are grateful for their support regarding this decision.”
Progressive Care Begins Construction at 400 Ansin Building and Satisfies Seller’s Note
JUNE 1, 2020
MIAMI, FL– June 1, 2020 – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”),a personalized healthcare services and technology company, is pleased to announce that the Company has selected Atlas Construction and Management LLC (the “Contractor” or “Atlas”)for the construction project at 400 Ansin Blvd in Hallandale Beach, FL.
The Company has begun the work to consolidate its North Miami Beach and Davie locations into a single large-scale pharmacy operation. The consolidation is expected to drive cost savings of more than $300K, which will be realized in Q1 2021 financial data.
Atlas provides general contracting services to both residential and commercial customers throughout South Florida. The firm has successfully completed over 1,500 projects in the region. Atlas worked with De mello Architecture of Boca Raton, FL, to establish the architectural plan driving the project. The project is expected to be complete in the early part of Q4 to allow for a seamless move before the end of the year.
S. Parikh Mars, CEO of Progressive Care, remarked,“The project at 400 Ansin has been in the planning stages for most of the past year and represents a cost-effective step for Progressive Care as we continue to refine our direct geographic footprint as part of our long-term growth strategy. Atlas has a spotless record and a well-earned reputation for first-class quality. We look forward to the project’s timely completion.”
The Company also announced it has satisfied the Seller’s note issued in December 2018 by the previous owners of 400 Ansin,thus reducing balance sheet liabilities by $300,000 plus interest. This is welcomed news to management as it finalizes its Form S-1 for submission.
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
PharmCo, LLC
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx
FiveStar RX
https://www.fivestarrx.com/
https://www.facebook.com/fivestarrx/
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.
Crazy last week, office flooded and got displaced, haven't had time to keep up here with RXMD other than reading. Yah our Pharmacy is in the basement unlike RXMD, they are well above ground and sitting pretty for 2020.
I BELIEVE YOU WILL BE CORRECT. Things should be relatively back to normal and we have the increases in patients, the new 340B contract pharmacy agreements that kicked off in April, and the additional Healthy Partners patients that we will be securing. That excludes online sales and Covid Antibody test kits. Most likely we have those setup for a 50-100% profit margin.
$RXMD $3 Million April NET REVENUES $40 Million for FY2020
Progressive Care Announces April 2020 Performance: Continued Strong Growth Amid Challenging Context
May 20 2020 - 07:27AM
www.progressivecareus.com/progressive-care-inc-investors-section
MIAMI, FL -- May 20, 2020 -- InvestorsHub NewsWire -- Progressive Care Inc. (RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce operational performance data for April 2020, which represented a very challenging context given clear COVID-19 factors, but also featured strong growth in net sales, prescriptions filled, 340B income, and total patients served, as well as the nationwide launch of our new e-commerce platform and antibody testing program.
1. Consolidated monthly gross sales across all locations totaled $2.97 million, representing year-over-year growth of 54% compared to April 2019
2. Prescriptions filled during the month came in at 41,637, representing year-over-year growth of 45% compared to April 2019
3. Same-store sales fell 12% on average as the COVID-19 measures impacted Key downside pressure related to reduced activity from health practitioners as patients clinics delay elective and routine healthcare
4. 340B income increased 111% as new contracts came online April 1
Strong Cash position, boosted to $2 million following PPP disbursement
5. 1000 new patients gained since lockdown measures were implemented
6. Successfully launched new e-commerce platform, seeing clear organic growth in traffic
Continue to expand recently launched new COVID-19 IgG/IgM rapid result antibody testing program
“April data was clearly impacted by COVID-19 policy measures and upstream delays at the provider level as clinics and patients pushed routine, elective, and diagnostic healthcare consumption out into the future, reducing the flow of new prescriptions,” stated S. Parikh Mars, CEO of Progressive Care. “However, we still saw strong overall growth, added new patients, secured support to improve our cash position, launched our e-commerce platform, and launched a COVID-19 antibody testing program. In addition, much of the pressure that hit our same store numbers likely represents a pent-up demand factor that may positively contribute to future performance.”
Management believes the Company fared extremely well relative to competitors and the overall business environment in April, managing to capitalize on its core advantages, including its contactless prescription delivery infrastructure. As a result, April data displayed very clear new patient growth underway suggesting growth in market share despite a temporary hit to same store sales data.
Mars continued, “We are in a great position.
Many other companies have suffered far more in the current environment than Progressive Care. Once restrictions ease and health care providers revert back to long-term trend levels on volume of care, we will reap the benefits of the groundwork laid during this period. Our pharmacies are increasingly seen as low-risk bedrock resources for critical pharmacy services in the communities we serve, and our reach continues to expand to new communities with new products and services.”
There was another 410K shares that popped up on the Bid at $.049 right before close too.
We are well prepared for this realization of RXMD/ProgressiveCare. Or at least I am and I know of many others.
Progressive Care Announces April 2020 Performance: Continued Strong Growth Amid Challenging Context
May 20 2020 - 07:27AM
www.progressivecareus.com/progressive-care-inc-investors-section
MIAMI, FL -- May 20, 2020 -- InvestorsHub NewsWire -- Progressive Care Inc. (RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce operational performance data for April 2020, which represented a very challenging context given clear COVID-19 factors, but also featured strong growth in net sales, prescriptions filled, 340B income, and total patients served, as well as the nationwide launch of our new e-commerce platform and antibody testing program.
1. Consolidated monthly gross sales across all locations totaled $2.97 million, representing year-over-year growth of 54% compared to April 2019
2. Prescriptions filled during the month came in at 41,637, representing year-over-year growth of 45% compared to April 2019
3. Same-store sales fell 12% on average as the COVID-19 measures impacted Key downside pressure related to reduced activity from health practitioners as patients clinics delay elective and routine healthcare
4. 340B income increased 111% as new contracts came online April 1
Strong Cash position, boosted to $2 million following PPP disbursement
5. 1000 new patients gained since lockdown measures were implemented
6. Successfully launched new e-commerce platform, seeing clear organic growth in traffic
Continue to expand recently launched new COVID-19 IgG/IgM rapid result antibody testing program
“April data was clearly impacted by COVID-19 policy measures and upstream delays at the provider level as clinics and patients pushed routine, elective, and diagnostic healthcare consumption out into the future, reducing the flow of new prescriptions,” stated S. Parikh Mars, CEO of Progressive Care. “However, we still saw strong overall growth, added new patients, secured support to improve our cash position, launched our e-commerce platform, and launched a COVID-19 antibody testing program. In addition, much of the pressure that hit our same store numbers likely represents a pent-up demand factor that may positively contribute to future performance.”
Management believes the Company fared extremely well relative to competitors and the overall business environment in April, managing to capitalize on its core advantages, including its contactless prescription delivery infrastructure. As a result, April data displayed very clear new patient growth underway suggesting growth in market share despite a temporary hit to same store sales data.
Mars continued, “We are in a great position.
Many other companies have suffered far more in the current environment than Progressive Care. Once restrictions ease and health care providers revert back to long-term trend levels on volume of care, we will reap the benefits of the groundwork laid during this period. Our pharmacies are increasingly seen as low-risk bedrock resources for critical pharmacy services in the communities we serve, and our reach continues to expand to new communities with new products and services.”
Today's PR must have been seen as good news. Those that sold might be changing their minds about this one real soon.
April numbers were uplifting for myself. I think in January we had like $3.2 million, Feb $2.8 million, March $3.6 million, and for April, another short month to reach $2.97 amid COVID shutdown, was just AWESOME! Kudos to PharmcoRx for going out and marketing their service designed for such an epidemic and stealing more market share. 1,000 patients is a 5% increase, per 12/31/2019 F/S where they state serving approximately 20k patients. Doing the math. That's an extra $2 million in Net Revenues annually.
I am a constant buyer!!
April numbers were an absolute positive. Let's say they should have been $3.4 million, so they were $400k short, but also had less cost of goods sold. Then they received a $1 million dollar PPP disbursement, that seems like a win to me.
I think the numbers look phenomenal considering the COVID-19, I sincerely expected much worse, nowhere approaching $3 million in sales, and a 12% temporary drop considering half of healthcare services were shut down is great. I work at hospital, and our census was cut to less than half compared to normal.
This goes to show that their provided service had a positive impact during these times, 1,000 new patients added. Especially since she stated on call, that individuals hoarded up a bit in March due to shelter in place concerns.
This was very positive news considering how most businesses have been impacted, show some immunity to outbreaks like this, hopefullywe never experience again of course. Great month here overall! To me this was an undersold by ProgressiveCare on conference call, but outperformed month for ProgressiveCare in terms of Revenues and prescriptions, and increased patient base by 1,000 thus far do
In case you missed it!
Join our CEO, Shital Mars, as she answers the most relevant questions related to COVID-19 regarding reopening, testing, second wave, and more.
https://www.progressivecareus.com/post/join-our-ceo-shital-mars-as-she-answers-the-most-relevant-questions-related-to-covid-19-regarding-reopening-testing-second-wave-and-more
Thank you.
Your right I am not concerned, the only way anyone lost money is if shares were sold for less than they bought them for. If they sold, presumably into the bid, then should anyone be blaming a long, or themself, or the posters who convinced others to sell the same way.
And if we have to do a reverse split to get off of OTC to NASDAQ, I don't care, I am voting Yes, fullheartedly with my millions of shares. The share price at that time is still undetermined. Heck 2 years ago it was $.27 after news of uplift to OTCQB and $20 million revenues.
They did a management and employee share bonus in jan 2018. It was for 43.5 million shares including Independent BOD shares of 1 million. The majority are restricted shares. The rest are debt to pay off acquisitions and facilty expansion buildouts, and new headquarters. How many independents pharmacies you know of with an 11,000+ sq ft headquarters.
Read again, that's what I said when I read your post. Huh, those numbers aren't even right. Lol
Who lost money?
The only time day traders mention RSI or gap here on RXMD, is after they have sold and looking for a reload.
There have been over 20 posted and quite frequently.
$RXMD $40+ MILLION REVS, SEC FILING SOON, PROFITS, THE NEXT RITE-AID
!!UPCOMING POST!!
REAL COMPANY - OTCQB – Penny Stock Exempt, 3 YEARS AUDITED FINANCIALS, Will be over 40+ MILLION NET ANNUAL REVS for 2020 – HUGE LONGTERM INVESTMENT POTENTIAL. Will double in Revenues, scripts, and assets in FY 2020 from FY 2018 when it ran to $.27.
OH MY, HOW RXMD HAS GROWN UP OVER THE YEARS
What's happening for RXMD?
10 things specifically come to mind, and they keep generating more "Game Changers" by the week.
1. $SEC S-1 filing to occur in the month of May 2020 (See 2 below)
2. RXMD Doubles March Sales, Successfully Utilizing Its Market Leading Contactless RX Delivery Due to Covid-19 Pandemic
Let the small $10,000 average DIR fees over 1 month give you an indication as to the size of RXMD core business as opposed to others.
ProgressiveCare monthly DIR Fees were $215,000 per month over 1st quarter FY2020. That's 21.5 Times larger than the average Independent.
A publicly traded company, with over $40 million NET revenues, that is about to obtain SEC compliance and then reportedly uplist to NASDAQ by end of year.
Amid COVID-19, Bipartisan Letter Calls for Pharmacy DIR Reform As Part of Relief
https://www.drugtopics.com/coronavirus/amid-covid-19-bipartisan-letter-calls-pharmacy-dir-reform-part-relief
Community pharmacy
ByGabrielle Ientile, Assistant Editor
April 27, 2020
A bipartisan letter has urged Congress to consider including provisions permanently prohibiting pharmacy direct and indirect remuneration (DIR) clawbacks by pharmacy benefits managers (PBMs) in future coronavirus relief packages.1
The published letter cited increased demand and existing financial strain being amplified during the current pandemic as reasons for the bipartisan push for pharmacy DIR reform. The letter was led by Representatives Buddy Carter (R-Ga), Peter Welch (D-Vt), Doug Collins (R-Ga), Raja Krishnamoorthi (D-Ill), John Rose (R-Tenn), and Vicente Gonzalez (D-Texas) and signed by 115 members of the US House of Representatives.1
Results published previously from a NCPA analysis reported that approximately 90% of community pharmacies are expected to apply for small business federal aid under the CARES Act due to the strain caused by the coronavirus.2
Pharmacists have been on the frontlines of the pandemic, addressing drug shortages and supporting their patients. In the letter, lawmakers wrote, “We cannot forget that prior to the pandemic, the pharmacy community was already facing extreme financial strain. Many of our districts have seen a wave of closures, with more than 2000 community pharmacies lost over the last 2 years.”1
In the previous analysis, 66% of independent pharmacies reported negative cash flow issues such as DIR fees, decreasing reimbursement, and expenses due to COVID-19.3
The report asserted that half of pharmacy owners have payed upwards of $10,000 in pharmacy DIR fees since March 1. At this rate, the average independent pharmacies could have over $100,000 clawed back by next April.3
“Independent pharmacies are stepping up to help their communities through the coronavirus crisis. They are expanding home delivery zones, putting their own health and safety on the line, continuing to provide a paycheck to thousands of workers–quite literally, they are doing more with less as PBMs claw back funds and reimburse prescriptions below the pharmacy’s cost,” B Douglas Hoey, chief executive officer of NCPA, said in the press release. “The majority of neighborhood pharmacies are already experiencing negative cash flow issues and, for their efforts to help through this pandemic, will get a big bill months from now as PBMs come calling for DIR fees. Eliminating these fees and reining in PBMs has never been more vital if pharmacies are to continue operating now and when this emergency passes. Our continued thanks to those policymakers who understand this and are fighting for PBM reform.”