Progressive Care Inc (OTCMKTS:RXMD) Stock Corrects After Q2 Earnings

Progressive Care Inc (OTCMKTS:RXMD) and its subsidiaries are based in Florida and provide health services including prescription pharmaceuticals, provider of tele-pharmacy services, compounded medications, anti-retroviral medications, medication therapy management besides prescription medications to long-term care facilities.

Trading Data

On Friday, RXMD stock slid 4.35% to $0.0220 with more than 1.44 million shares, compared to its average volume of 645K shares. The stock moved within a range of $0.0220 – 0.0242 after opening trade at $0.0242. 

Progressive Care Reports Second Quarter 2022 Results Highlighted by 4% Growth to $10.0 Million in Revenue

Progressive Care Inc on August 12, 2022, announced financial as well as operational results ending June 30, 2022.

Some of the key financial highlights for three months ending June 30, 2022, include revenue surge of 4% to about $10.0 million, increase in prescription revenue by 13% to $9.3 million and cash balance of $2.2 million.

For the three months ending June 30, 2022, the company gained SEC reporting status and expanded into growing chronic care management besides remote patient monitoring markets.

Alan Jay Weisberg, Chairman and Chief Executive Officer of Progressive Care said that the company is witnessing improvements in multiple segments of the business. Weisberg added that its 340B covered entity business has improved due to revenues of dispensing prescriptions as well as third-party administration fees. The CEO also confirmed that the value-based pharmacy businesshas seen revenues increase to more than $9 million in the quarter, improvement of more than $1 million year-over-year from 2021. The company’s patient numbers have surged steadily quarter to quarter in 2022.

Weisberg also stated that the marketing and business development focus will be much profitable as the long-term care business, 340B third party administration services and 340B contract pharmacy services. He also said that the company will be developing services in remote patient monitoring and chronic care management. Progressive Care has also done an incredible work in identifying opportunities in the last few years, helping it during pandemic to improve liquidity. As per the CEO, the firm will be finalising development of RPM platform and will be ready for launch of RPM solutions by quarter three of 2022.

Progressive Care Announces Launch of New Logo as It Continues to Upgrade and Strengthen Its PharmcoRx Brand

Progressive Care Inc on August 8, 2022, announced the redesign and launch of a new logo for the data-driven pharmacy brand.

PharmcoRx pharmacy gives diverse and crucial services including innovative combination of clinical services,adherence tools, patient navigation as well as engagement. Furthermore, it gives real-time collaboration with medication reconciliation post-discharge, patient’s caretakers,monthly medication review and 24/7 access to clinical pharmacy support.

The logo redesign enables a modern and fresh look reflecting the approach taken by the firm in delivering 5 Star medication adherence performance pharmacy services. PharmcoRx is committed to help patients take prescription medication correctly and for the length of time prescribed by the physician.

Jay Weisberg, CEO of Progressive Care Inc said that the company has put emphasis on quality patient care since inception. He added that the company is initiating rebranding as well as reinforce logo as stronger and more compelling symbol demonstrates the impact it makes on the community.

Technical Data

RXMD stock is trading below the 20-Day and 50-Day Moving averages of $0.0251 and $0.0278 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0330. The company has a total market capitalization of $12.07 million. The stock is down 35% over the past month.