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Progressive Care, Inc. (RXMD)

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0.1200-0.0010 (-0.83%)
As of 10:36AM EDT. Market open.
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Previous Close0.1210
Open0.1200
Bid0.0000 x 0
Ask0.0000 x 0
Day's Range0.1200 - 0.1290
52 Week Range0.0230 - 0.1950
Volume488,851
Avg. Volume4,771,875
Market Cap58.292M
Beta (5Y Monthly)0.43
PE Ratio (TTM)N/A
EPS (TTM)-0.0160
Earnings DateApr 01, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Progressive Care Achieves Record COVID-19 Testing Revenues
    GlobeNewswire

    Progressive Care Achieves Record COVID-19 Testing Revenues

    MIAMI, FL, April 05, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – 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 surpassed $1 million in revenues directly driven by its COVID-19 testing program. “We are truly grateful for the opportunity to be a part of the solution and help our community confront what promises to be a long-term battle with the virus, an elusive and formidable adversary,” commented Alan Jay Weisberg, CEO and Chairman of Progressive Care. During 2020, the Company conducted over 4,700 COVID-19 tests that resulted in $599k in revenues. For the three months ended March 31, 2020, the revenue run rate associated with COVID-19 testing has accelerated, with approximately 2,900 tests, resulting in over $400k in revenues related to testing. Mr. Weisberg continued, “We have recently added more testing equipment and analyzers and we hold a market-leading position in rapid results PCR and antigen-based testing systems. We are looking forward to continuing to expand our market share in COVID-19 testing throughout Florida State.” 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 PharmCoRxhttps://www.facebook.com/pharmcorx/https://twitter.com/PharmCoRx ClearMetrXhttps://www.clearmetrx.com/https://www.facebook.com/clearmetrx/ About Progressive Care: 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. Cautionary Disclosure Regarding Forward-Looking Statements Forward-Looking Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance, and opportunities that involve substantial risks and uncertainties. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Public Relations Contact:Carlos Rangelcarlosr@pharmcorx.com

  • Progressive Care Announces 2020 Annual and Quarterly Financial and Operational Performance Highlights
    GlobeNewswire

    Progressive Care Announces 2020 Annual and Quarterly Financial and Operational Performance Highlights

    MIAMI, FL, April 01, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Progressive Care Inc. (OTCQB:RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce the filing of the Company’s audited 2020 financial performance data, closing the books on a momentous year that featured strong execution in the face of historic obstacles, the establishment of new executive leadership, the successful establishment of new scalable strategies, and tremendous gains in net cash, EBITDA, and topline results, which have helped to drive shareholder value so far in 2021. Read more Financial Highlights for Quarter Ended Dec 31, 2020 Consolidated Revenue for the quarter was $10.1 million, representing an increase of 1% compared to Q4 2019. Prescriptions filled during Q4 totaled approximately 134,000, representing an increase of 1% compared to Q4 2019. 340B revenue was approximately $879k, representing a sharp increase of 200% compared to Q4 2019. EBITDA increased 104% to $667k in Q4 2020 when compared to the same period in 2019. Financial Highlights for Fiscal Year Ended Dec 31, 2020 Consolidated Revenue was $40.3 million, representing an increase of 22% compared to fiscal 2019. Prescriptions filled was approximately 530,000, representing an increase of 16% compared to fiscal 2019. 340B revenue was approximately $2.8 million, representing a sharp increase of over 300% compared to fiscal 2019. COVID testing revenue was approximately $600K, most of which was earned in Q4 2020. Realized positive EBITDA of $7K when compared to $479K negative EBITDA in 2019. Cash provided by operations was $1.1 million in 2020, compared to $600K cash used in 2019. Net Cash balances as of Dec 31, 2020 was $2.1 million vs $816K compared to 2019. Operational Highlights for the Year Ended Dec 31, 2020 Fundamental changes in management: Alan Jay Weisberg named CEO; Cecile Munnik named CFO. Finished year with 5-Star rating earning Humana bonus of approximately $904K. Paid off note for the building of $300K plus interest. Generated $700K in third-party administration fees through services provided to 340B Covered Entities. Strong execution and pro-growth strategic path resulted in shareholder value, with RXMD shares rising more than 300% during 2020. “We confronted adversity successfully in 2020, and we have hit the ground running in 2021,” commented Alan Jay Weisberg, CEO and Chairman of Progressive Care. “In addition to the pandemic and the associated challenges, we adjusted well to a headwind in the form of higher DIR and PBM fees. Over the past year, we have also expanded operations and our overall strategic path to position for a future that leans more heavily on scalable growth opportunities, including data management, telehealth and virtual healthcare services, and technology applications that leverage our built-in market advantages.” EBITDA and Net Cash Improvements. EBITDA increased by approximately $500K for the year ended December 31, 2020 when compared to the same period in 2019. This increase is primarily attributable to increased interest expenses offset by a favorable change in the fair value of embedded derivative exposure and funding received to cover certain payroll expenses during the pandemic. Net cash provided by operating activities totaled $1.1 million for the year ended December 31, 2020 compared to net cash used in operating activities of $600K for the year ended December 31, 2019. Operational cash flow was positively impacted by the increase in accounts payable and accrued liabilities for the year ended December 31, 2020, which was largely due to the significant increase in billing activity from 340B contracts. Net cash used in investing activities was $700K for the year ended December 31, 2020, which was attributable to equipment purchases, construction in progress at the Hallandale Beach and Orlando buildings, and leasehold improvements. Pharmacy Fees. DIR fees and other PBM fees continued to apply significant downward pressure on profitability. DIR fees are PBM clawbacks of reimbursements based on factors that vary from plan to plan. DIR fees are often applied retroactively, which has caused a significant increase in the fees charged. During the year ended December 31, 2020, DIR and other PBM fees were $1.4 million, an increase of over 285% when compared to DIR and other PBM fees of $400K in the same period in 2019. The increase in DIR and other PBM fees is primarily due to insurance carriers changing PBMs starting at the beginning of 2020, which has resulted in a high concentration of claims being processed by a single PBM with significantly higher DIR and other PBM fees. Management anticipates a positive shift to PBM fees due to imposed regulations on PBMs and changes in policies that can affect rates in the future. Any decrease in fees should have a positive impact on profitability. Physical Consolidation. In December 2020, the Company completed the move of its PharmCo 901 pharmacy into its new 11,000 square foot pharmacy facility in Hallandale Beach, Florida. PharmCo 901 will continue to operate at an approximately 1,050 square foot location at the North Miami Beach, Florida location. The consolidation of space is expected to save the Company approximately $130,000 annually in lease and associated occupancy expenses in 2021. In January 2021, we completed our move of our PharmCo 1103 Orlando location into its new 3,700 square foot location in January 2021. Management anticipates this expanded facility in Orlando to drive important performance gains, including advances in productivity, volume, and market reach due to expanded space and associated efficiencies. Covid-19 Testing and MyVax Operations. During the third quarter of 2020, the Company launched an aggressive expansion of its COVID-19 testing service registered through the FDA under its Emergency Use Authorization (“EUA”) guidelines, featuring Polymerase Chain Reaction (“PCR”) and Antigen testing systems that produces rapid detection of the SARS-CoV-2 virus with market-leading accuracy in 15 to 45 minutes. The Company has successfully tested approximately 5,000 patients, earning a reputation as a preferred provider for in-patient and out-patient COVID-19 Rapid Testing solutions, and driving approximately $600k in related revenues for the year ended December 31, 2020. In February 2021, the Company entered into a service agreement with EagleForce Health, LLC to integrate its proprietary telehealth platform, “myVax”. This will include a Digital Passport or Digital Wallet that is QR-coded for registration, verification, and documentation of COVID-19 vaccination and/or test results. Management anticipates this platform to be operational in the second quarter of 2021. The MyVax platform will include complete patient scheduling, telehealth, and tele-pharmacy platform services. 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 PharmCoRxhttps://www.facebook.com/pharmcorx/https://twitter.com/PharmCoRx ClearMetrXhttps://www.clearmetrx.com/https://www.facebook.com/clearmetrx/ About Progressive Care: 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. Cautionary Disclosure Regarding Forward-Looking Statements Forward-Looking Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance, and opportunities that involve substantial risks and uncertainties. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Public Relations Contact:Carlos Rangelcarlosr@pharmcorx.com

  • Progressive Care Announces Annual Audited 2020 Report Earnings Call and Business Update on April 1st, 2021
    GlobeNewswire

    Progressive Care Announces Annual Audited 2020 Report Earnings Call and Business Update on April 1st, 2021

    MIAMI, FL, March 29, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care,” the “Company,” “we,” “our”), is pleased to announce that the Company has scheduled an investor conference call at 4:30 PM ET on Thursday, April 1st, 2021. “We are looking forward to reporting our 2020 audited financials and updating our shareholders on our current and future initiatives and plans,” stated Chairman and CEO Alan Jay Weisberg. In addition, interested parties have the opportunity to submit questions concerning the Company prior to the call to Stuart Smith at SmallCapVoice.Com, Inc. via email: ssmith@smallcapvoice.com by 12:00 PM EST on Thursday, April 1st, 2021. Mr. Smith will compile a list of questions and submit them to the Company prior to the conference call. Which questions will be addressed will be based on the relevance to the shareholder base, and the question’s appropriateness in light of public disclosure rules. To access the call: Dial-In Number: 1-857-232-0157 Access Code: 422095 For those unable to participate in the live conference call, a replay will be available at https://www.smallcapvoice.com/clients/rxmd/. shortly after the call has concluded. An archived version of the webcast will also be available https://progressivecareus.com/news/. 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.progressivecareus.com/https://twitter.com/ProgressCareUS PharmCoRxhttps://www.pharmcorx.com/https://twitter.com/PharmCoRx ClearMetrXhttps://www.clearmetrx.com/https://www.facebook.com/clearmetrx/ 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. Cautionary Statement Regarding Forward-Looking Statements Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance, and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words “anticipate,” “believe,” “estimate,”“upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Public Relations Contact:Carlos Rangelcarlosr@pharmcorx.com For SmallCapVoice.com, Inc.Stuart T. Smith512-267-2430ssmith@smallcapvoice.comwww.SmallCapVoice.com