NEW YORK, NY / ACCESSWIRE / March 9, 2018 / SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced it has issued an update on Progressive Care, Inc. (OTCQB: RXMD).
The report is available here: RXMD June 2016 Update.
Progressive Care, Inc. (OTCQB: RXMD, "Progressive Care") is a health services and technology company based in Miami, FL. Through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, the company provides a range of health services including administration and practice management, utilization management, quality assurance, Electronic Health Records (HER) EHR implementation, billing and coding, health practice risk management, prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), and the supply of prescription medications to long-term care facilities. The company also provides tele-pharmacy services under the name Tele-Pharmco.
Highlights from the update include:
- Progressive Care has taken significant strides since the last update issued by SeeThruEquity on the company, with the business eclipsing $20mn in revenues in 2017 and several new initiatives intended to drive growth and improve operations in the future. Highlights include:
- RXMD reported revenues of $20mn for the full year 2017, representing an increase of 9% over $18.3mn in 2016.
- Management reported that it is off to a strong start to 2018, with record prescriptions filled in January, generating $1.8mn in revenues.
- RXMD renewed efforts to expand its presence as its PharmCo unit filed applications to operate in Arizona, Rhode Island, and Utah. PharmCo now has 13 states.
- RXMD has also resumed plans to add complementary and accretive acquisitions to drive growth. The company announced on March 1, 2018, that it had executed a letter of intent to acquire a pharmacy based in Palm Beach, FL, which will increase its delivery area and solidify its presence in the Palm Beach market and surrounds.
- On February 15, 2018, RXMD announced that it had integrated BitCoin payments into its retail pharmacy unit, which will allow customers to choose to pay using BitCoin in a similar payment process as customers using credit cards or PayPal.
- RXMD uplisted shares to the OTCQB Venture Market in December 2017, as management executed on this goal set during 2016.
- RXMD hired Mass Ventures Corp. to enhance its digital presence and technology including social media, website enhancement, search optimization, and developing an e-commerce platform capable of accepting cryptocurrencies.
Increasing price target to $0.35 for RXMD
We are increasing our price target for RXMD at this time to $0.35 per share. Shares eclipsed our prior target of $0.10, as the company has continued to grow and execute in a challenging and competitive environment since our last update, with 2016 revenues of $18.3mn and 2017 revenues confirmed at above $20mn by the company in January. In the interim, the company has achieved multiple corporate objectives, including an uplisting to the OTCQB and the resumption of plans to expand its pharmacy operations to additional states. We see RXMD as an attractive growth story in the healthcare sector applying an innovative approach to the pharmacy business. It is also worth pointing out that healthcare and related companies offer some shielding against factors affecting the broader markets - given the important role of regulation and industry-specific. We would think this would be true for RXMD as well, if it is able to continue to execute on its business objectives and show continued growth.
Please review important disclosures at www.seethruequity.com.
About Progressive Care, Inc.
Progressive Care, Inc. (OTCQB: RXMD, "Progressive Care") is a health services and technology company based in Miami, FL. Through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, the company provides a range of health services including administration and practice management, utilization management, quality assurance, Electronic Health Records (HER) EHR implementation, billing and coding, health practice risk management, prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management (MTM), and the supply of prescription medications to long term care facilities. The company also provides tele-pharmacy services under the name Tele-Pharmco.
For more information, please visit the company's website at www.progressivecareus.com.
About SeeThruEquity
Since its founding in 2011, SeeThruEquity has been committed to its core mission: providing impactful, high quality research on underfollowed smallcap and microcap equities. SeeThruEquity has pioneered an innovative business model for equity research that is not paid for and is unbiased. SeeThruEquity is the host of acclaimed investor conferences that are the ultimate event for publicly traded companies with market capitalizations less than $1 billion.
SeeThruEquity is approved to contribute its research reports and estimates to Thomson One Analytics (First Call), the leading estimates platform on Wall Street, as well as Capital IQ and FactSet. SeeThruEquity maintains one of the industry's most extensive databases of opt-in institutional and high net worth investors. The firm is headquartered in Midtown Manhattan in New York City.
For more information visit www.seethruequity.com.
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SOURCE: SeeThruEquity