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Which website do you use to get these updates so quickly? Edgar is very delayed. OTC filings updates are quicker, but I haven’t seen these two yet.
Yes. All these filings are required for the company to be listed on Nasdaq.
They are updating these filings for the directors one by one.
The small wall at 5 collapsed again. Finishing at 6.25?
Since when you turned into such a sour one.
Mr. Fernandez concluded, “Our team continues to focus on leveraging the power of the NextPlat platform to help our customers and partners create new revenue sources and rapidly grow their businesses. Through additional investments into our organic growth and selective acquisitions and joint ventures, we believe there are many near-term opportunities to deepen our technology capabilities and expand our offerings, unlocking the true value of e-commerce.”
https://app.quotemedia.com/data/downloadFiling?type=HTML&webmasterId=91112&ref=317685672
Progressive Care Inc. Announces Record Second Quarter 2023 Results with Revenues of $11.6 Million and Gross Margins of 31% 340B Contract Revenue Drives Quarterly Top-Line Growth as Operating Income Reaches Record Levels
https://www.otcmarkets.com/filing/html?id=16860723&guid=PrN-kpFM6oxHJth
Miami, FL – August 14, 2023 – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology provider, today announced financial results for the second quarter ended June 30, 2023. The Company experienced record quarterly revenues of $11.6 million, a 16% growth from the second quarter ended June 30, 2022.
“Over the past few months, our team was focused on ensuring that Progressive Care had a strong financial foundation, one that could support its continued growth while enabling it to capitalize on the large untapped potential we see in the pharmacy and healthcare markets. I am pleased to report that through our efforts, at the end of the second quarter, not only has the Company continued to grow, but we successfully eliminated the Company’s outstanding convertible debt and increased the cash available to operate the business,” said Charles M. Fernandez, Chairman and CEO of Progressive Care Inc. “Looking ahead, we remain committed to further building upon our improved balance sheet, driving growth and better positioning the Company to create shareholder value.”
On July 1, 2023, NextPlat Corp (“NextPlat”), Charles M. Fernandez, and Rodney Barreto exercised common stock purchase warrants and were issued common stock shares by the Company. Charles M. Fernandez serves as the Chairman and Chief Executive Officer of the Company and the Chief Executive Officer, Executive Chairman and Director of NextPlat. Rodney Barreto serves as the Vice-Chairman of the Company and a Director of NextPlat. NextPlat exercised common stock purchase warrants on a cashless basis and was issued 402,269 common stock shares. NextPlat also exercised common stock purchase warrants on a cash basis and paid consideration in the amount of $506,000 and was issued 230,000 common stock shares. Mr. Fernandez exercised common stock purchase warrants on a cashless basis and was issued 211,470 common stock shares. Mr. Barreto exercised common stock purchase warrants on a cashless basis and was issued 130,571 common stock shares. After the exercise of the common stock purchase warrants, NextPlat, Messrs. Fernandez and Barreto collectively owned 53% of the Company’s voting common stock. As of June 30, 2023, prior to the exercise of common stock purchase warrants, NextPlat and Messrs. Fernandez and Barreto collectively owned approximately 46% of the Company’s voting common stock.
Also, on June 30, 2023, NextPlat, along with Messrs. Fernandez and Barreto, entered into a voting agreement whereby at any annual or special shareholders meeting of the Company’s stockholders, and whenever the holders of the Company’s common stock act by written consent, Messrs. Fernandez and Barreto agreed to vote all of the common stock shares (including any new shares hereafter acquired or acquired through the conversion of securities convertible into Common Stock) that they own, directly or indirectly, in the same manner that NextPlat votes its Common Stock and equivalents. The voting agreement is irrevocable and perpetual in term.
As a result of the common stock purchase warrant exercises and the entry into the voting agreement, the Company concluded that there was a change in control in the Company under the voting interest model in U.S. GAAP. As of July 1, 2023, NextPlat has the right to control more than 50 percent of the voting interest in the Company through the concurrent common stock purchase warrant exercises and voting agreement noted above.
https://www.otcmarkets.com/filing/html?id=16858686&guid=PrN-kpFM6oxHJth
Who cares, that part of biz is being spun off.
NXPL. lol
This is also the reason Progressive’s CFO’s last day with the company is July 1, 2023 and becomes the full time employee of NextPlat on the same day.
“NextPlat to include in its financial reporting Progressive Care's financial position, results of operations, and cash flows beginning July 1, 2023.”
https://www.investorbrandnetwork.com/clients/nextplat-corp/?qmodStoryID=8391881674811504
RXMD financials will be combined with NXPL beginning July 1, 2023.
Tell me what’s left in NXPL after spinoff of Orbisat? They have to combine so both can trade on Nasdaq.
They will combine. So these new business news will be for newly combined NXPL/RXMD. Orbisat will be spun off. Adding RXMD will go 100% to the combined entity.
“The Company is currently engaged with multiple potential customers who are interested in utilizing NextPlat to facilitate the sale of various products such as pharmaceuticals, nutraceuticals, and veterinary products, to consumers in China. E-commerce development programs will be announced as soon as they are finalized.”
Mr. Fernandez concluded “Through additional investments into our organic growth and selective acquisitions and joint ventures, we believe we there are many near-term opportunities to deepen our technology capabilities and expand our offerings, unlocking the true value of e-commerce."
“On April 13, 2023, the Company completed a private placement of common stock, receiving gross proceeds of approximately $6.0 million. On May 11, 2023, NextPlat utilized a portion of the proceeds of this private placement to further solidify its position as a controlling shareholder of Progressive Care. The Company intends to utilize additional proceeds from this offering combined with working capital from operations to support continued growth of its e-commerce platform, its further expansion into the rapidly growing healthcare sector through its strategic investment in Progressive Care, and potential acquisitions and joint ventures.”
“The Company launched its e-commerce development program supported by a merchant sourcing agreement with Alibaba's Tmall Global, China's biggest business-to-consumer (B2C) e-commerce platform in April, enabling Florida-based companies to access the multi-billion-dollar Chinese consumer market. The Company is currently engaged with multiple potential customers who are interested in utilizing NextPlat to facilitate the sale of various products such as pharmaceuticals, nutraceuticals, and veterinary products, to consumers in China. E-commerce development programs will be announced as soon as they are finalized.”
This will be followed by the spinoff of OrbiSat and combination of Progressive this quarter.
Progressive Care revenue will be included in NextPlat beginning July 1, 2023!
“NextPlat increased its ownership in Progressive Care and, together with its CEO and one of its directors, controls an aggregate voting interest of 53% of Progressive Care's issued and outstanding voting stock. This will enable NextPlat to include in its financial reporting Progressive Care's financial position, results of operations, and cash flows beginning July 1, 2023.”
https://www.investorbrandnetwork.com/clients/nextplat-corp/?qmodStoryID=8391881674811504
Yes. It is a one time item recorded for Q2. Now they are debt free.
Gross profit margin increased to 31% from 20% reported in the second quarter of 2022 primarily due to the increase in 340B contract revenue which has higher margins than revenue generated from pharmacy operations.
The Company recorded the highest level of income from operations in recent history of $0.6 million during the second quarter of 2023, an increase of $0.8 million when compared to the prior year period.
Total revenues increased by $1.6 million, or 16%, to $11.6 million during the three months ended June 30, 2023, compared to $10.0 million in the prior year period. Total revenues increased by $0.2 million, or 2%, over revenue reported for the first quarter of 2023.
https://www.otcmarkets.com/stock/RXMD/news/Progressive-Care-Inc-Announces-Record-Second-Quarter-2023-Results-with-Revenues-of-116-Million-and-Gross-Margins-of-31?id=410596
Prescription revenue increased by $0.6 million, or 6%, to $9.9 million during the second quarter of 2023, compared to $9.3 million in the prior year period.
340B contract revenue was $2.1 million during the second quarter of 2023, an increase of $1.4 million, compared to $0.7 million in the prior year period. The increase was attributable to an increase in our existing 340B contracts.
The Company recorded the highest level of income from operations in recent history of $0.6 million during the second quarter of 2023, an increase of $0.8 million when compared to the prior year period.
Gross profit margin increased to 31% from 20% reported in the second quarter of 2022 primarily due to the increase in 340B contract revenue which has higher margins than revenue generated from pharmacy operations.
Cash balance as of June 30, 2023 was $7.4 million as compared to $6.7 million at December 31, 2022.
Organizational Highlights and Recent Business Developments:
On May 1, 2023, the Company appointed Dr. Pamela Roberts as Chief Operating Officer. Dr. Roberts formerly served as the Company’s Director of Pharmacy and Pharmacist-in-Charge.
On May 9, 2023, the Company successfully received an investment of $1.0 million from NextPlat Corp. (NASDAQ: NXPL).
On July 1, 2023, NextPlat Corp., along with two other shareholders, exercised common stock purchase warrants and were issued common stock shares by the Company. As a result, NextPlat Corp. and the two shareholders collectively own approximately 53% of the Company’s voting common stock.
On July 17, 2023, Progressive Care appointed Elizabeth Alcaine and Anthony Armas, both accomplished healthcare executives, as Independent Directors to serve on the Company’s Board.
Progressive's new directors are now added on their website with pictures and Bio.
https://www.progressivecareus.com/board-of-directors
NextPlat’s Florida program with Alibaba and their potential nationwide expansion can generate enormous amount of revenue for the company. The President of Alibaba personally went to NextPlat’s kickoff ceremony and met the whole NextPlat team in April. Charles was also on the US advisory committee for Alibaba.
You are right.
I wonder why he keeps buying with his own hard earned cash?! LMAO. People just keep mocking me but cannot see this coming.
WOW!!! Jervis is buying RXMD like crazy, even at $5.6!!!
Like I said. Nobody cares.
One thing I am 100% sure is Progressive’s 340B revenue will show another historic record with more 340B customers using their TPA service which gives them higher profit margin.
Who cares. Nobody is selling, nobody is buying. We’ll see what the Q says.
Because for the whole past month, there was literally nothing on ASK between $5 and $6. Someone simply knocked out the small wall at 5 and kissed 6 with 100 shares.
The first thing you see on their homepage is "Digitalizing Healthcare".
https://www.nextplat.com/
$5/share is a pure joke for the combination of the two, especially after the spinoff of Orbisat from NextPlat. The vision and their current work on creating NextPlat Digital to change and lead the digitalised healthcare industry is fundamentally revolutionary.
I agree. Charles is not a grasshopper. He's taking his time making big moves to change and lead the healthcare industry.
His own description does not sound like this platform is ONLY for PharmcoRx. It's a platform that serves the whole ecosystem of healthcare industry.
This new Head of Digital Transformation is currently also "Working on a system that will serve, and connects automatically medical providers, patients, pharmacies, and drugs manufacturers nationwide by integrating data into one platform." What is this platform? NextPlat Digital?
I think he is on his way out of the company, to be replaced by the newly added directors.