Progressive Care Inc (OTCMKTS:RXMD) Delivers A Record Breaking Month

Progressive Care Inc (OTCMKTS:RXMD) is a picture of financial and operational health right now.The firm has taken measured steps to ensure growth, and after recording its first year of profits in some time, it has made strategic and decisive investments to boost its already high sales. When it is factored in that just last month, the firm broke its record for the number of prescriptions filled by 10% just in January for the second time in four months. It is clear that Progressive Care Inc. is definitely on the up.Take a look at its price action in the last year: RXMD Daily ChartCompany ProfileProgressive Care, Inc. was established in 2005 and has its office located in North Miami Beach, Florida. The firm focuses on developing pharmaceutical treatments. Through one of its subsidiaries, the firm provides health care while it also offers prescription drugs which are specialized in risk management for health and medical practices, compounded medications, the sale of anti-retroviral medications and the supply of prescription medications to long-term care facilities. The firm provides many other services to communal establishments ranging from free and same day delivery to patient health risk.For more information, take a look at our previous posts here.Recent DevelopmentsIn January 2018, the firm broke its record for the number of prescriptions filled in a single month. In the month, PharmCo, LLC filled no less than 23,000 prescriptions which brought in net sales of $1.8 million. The increase was an increase of 34% compared to the January 2017 and 10% above its previous highest sales month which was back in October 2017. It also culminated in an increase in revenue by 9% compared to January 2017. In total, the firm filled above $0.45 million worth of prescriptions for more than 300 entities in January, which brought in slightly more than $20,000. This growth could be attributed to the expansion of its operations into Palm Beach County, the success of its medication therapy administration and compliance programs, a digital marketing movement done with Mass Ventures Corp and the conspicuousness of the firm’s high quality of service rating among doctors patients and pharmacists all around South Florida.Chief Executive Officer, S. Parikh Mars outlined management’s excitement over the impressive start to the New Year, attributing it to the foundations which had been built in the previous year.Mars added that in the last year, the firm has been strategically positioned to up opportunities rising as a result of the changing landscape of the healthcare industry. In recent times, more doctors have begun to notice the effects PharmCo and its model adds to their financial results. This has quickly led to an increase in the demand for its services, both to enhance service to clients, but to improve their bottom lines as well.In February 2018, the firm announced that its retail pharmacy would officially begin accepting payments with Bitcoin. In other words, customers would be given the option to make payments using bitcoin asides cash, credit cards or other online payments methods.PharmCo, LLC has agreed to use third-party payment providers such as BitPay, for the processing of all Bitcoin payments. The compliance experts for Bitpay sanctioned the firm for its Tier 2 volume processing limit in February 2018. This tier delivers daily cash settlements in USD with an annual limit of $0.5 million which will enable the pharmacy to access more customers who are increasingly using cryptocurrencies in payment for their daily transactions. It is intended that Mass Ventures Corp will go on to develop and integrate Bitcoin processing into the firm online business platform for smooth and easy use.Parikh Mars highlighted the firm’s commitment to transforming the pharmacy’s operations using technology. It is intended that PharmCo joins the sparse number pharmacies which have set up their systems to accept cryptocurrency payments. Company FinancialsTotal revenues recorded for the financial year were $18.3 million, a 34% increase from the previous year revealing its impressive sales results in the year, due to its increased marking and product diversification efforts. In spite of the increase in its SGA costs in the year, the firm was able to record an operating profit for the first time in over two years. The impressive performance continued all the way to its net profit where the firm recorded positive figures for the first time in years of $0.2 million.Its balance sheet also revealed that the firm is very heavily leveraged, with a gearing ratio of 8.3, which is likely to have contributed to the firms relatively stable liquidity of 1.05.ConclusionProgressive Care Inc is taking giant steps in its industry which would lead to massive payoffs, but still holds an element of risk. However, news of its increasing sales shows that the firm remains headed in the right direction and if its investments pay off, it could yield massive results for investors.We will be updating our subscribers as soon as we know more. For the latest updates on RXMD, sign up below!Disclosure: We have no position in RXMD and have not been compensated for this article.