Progressive Care Inc. (RXMD)

Progressive Care Inc. (OTC.QB: RXMD), through its PharmCo, LLC, is a South 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.

In September, the company reported a total of $1.6 million in net revenue, a 7% increase from the same month last year, and a 40% increase in prescriptions filled during the same month last year, totaling more than 24,300 filled prescriptions.

Progressive Care Builds Sustainable Revenue Streams Through Cutting Edge Technologies and Superior Services for Doctors and Their Patients

Progressive Care’s wholly-owned subsidiary PharmCo, LLC saw a record month for prescriptions filled in September, reporting a 23% increase in prescriptions filled over the same month last year, totaling more than 21,350 prescriptions. The company’s newest PharmCo facility, Touchpoint Rx (dba PharmCo Rx 1002), reported just over 3,000 prescriptions filled during the month of August and nearly $100,000 in revenue. The growth is a result of Progressive Care’s continued development of the company following the completed acquisition of the pharmacy in early July of this year.

Recent Highlights and Investment Considerations:

  • The company announced over $20 million in net revenues for 2017, an 11% increase over 2016, and it filled approximately 225,000 prescriptions in 2017.
  • The company announced a record number of prescriptions filled in August 2018, with a 44% increase in prescriptions filled during the same month last year.
  • RXMD launched Tele-PharmCo: the new multi-platform technology software will facilitate two-way video conferencing between patients, healthcare professionals, and PharmCo’s team of pharmacists and pharmacy technicians through a secure video interface. Tele-PharmCo will allow patients and their care providers to connect and interact with licensed pharmacists and pharmacy technicians in real time and speak directly about medications, prescription refills, adverse reactions, and other concerns.
  • Notable international media coverage in top pharmacy industry publication Pharmacy Times around the company’s proprietary new Tele-PharmCo platform.
  • RXMD subsidiary Pharmco, LLC entered into definitive agreement to purchase a property in Broward County, Florida that will double as the new corporate headquarters and as its third retail pharmacy.
  • In June, RXMD announced largest six-month revenue period in Company History.

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