High Noon at Affordable PPS: Record Sales! Uplisting! Small SS! Audited! 11 State Licences! Progressive Care Submits Application for OTCQB Listing
GLOBENEWSWIRE 8:30 AM ET 10/5/2017 https://ih.advfn.com/p.php?pid=nmona&article=75801456
MIAMI, Oct. 05, 2017 (GLOBE NEWSWIRE) -- Progressive Care Inc.(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, has submitted its application for OTCQB listing.
During the 3rd quarter of the year, Progressive Care(RXMD) worked to meet the listing requirements of OTCQB which include a minimum bid price of $0.01, not being in bankruptcy, being timely and current with reporting standards, 2 independent board members, and a majority independent audit committee. With the addition of Mr. Jervis Hough and Mr. Oleg Firer as independent board members and members of the audit committee, the Company met all of the initial requirements to file an application with OTC Markets for a change in listing tier to OTCQB. This application has been submitted to OTC Markets for review.
“We are excited to get the uplist process started,” stated S. Parikh Mars, CEO. “We expect OTC Markets to review our application quickly as we are prepared to comply with all document requests and listing standards. We believe that the change in listing tier on OTC Markets will help the company reach a wider audience and give our shareholders increased confidence.” 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.
With its current market cap of just 6M RXMD is 15xfold undervalued compared to hundreds of listed companies in this sector http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/psdata.html
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.
Progressive Care (RXMD) through its 100% owned subsidiaries PharmCo and Smart Medical Alliance is quickly becoming one of South Florida's leading health services organisations
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. 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
CEO also just announced two new appointments to the Board of Directors
among those Oleg Firer. Oleg Firer is regarded as one of Florida most successful businessman and a Wall Street heavy hitter. He takes companies like Progressive Care (RXMD) to the next level. Check out these awesome recognitions he has received! http://investorshub.advfn.com/boards/read_msg.aspx?message_id=135023809
Progressive Care (RXMD) has been awarded a 5-Star Rating
based on the ratings provided by various insurance carriers
. Rated among the top 10% of all Pharmaceutic Benefit Networks in the NATION Progressive Care (RXMD) is right there with the big players and a major buyout target in the State of Florida.
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 https://www.youtube.com/watch?v=P-YQDkMS4y8