Progressive Care Inc (OTCMKTS:RXMD) Shows No Signs of Slowing Down

Just a few days ago, we analyzed Progressive Care Inc (OTCMKTS:RXMD) and gave reasons why we believe it has potential. In less than a week, its value humped again, from $0.078 to $0.12, a return of nearly 55% within a few days. In this piece, again examine the company and other steps it has taken to ensure it remains on the path of increasing shareholder wealth.Take a look at the stock’s price movement below: 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 announced that it had hired Mass Ventures Corp, a development firm in Florida to facilitate its plans to enhance the technology systems and digital presence of the company firm and its subsidiaries.Progressive Care Inc.appointed the firm to commence a digital marketing campaign for PharmCo, LLC and itself. Where necessary, Mass Ventures will bring on-site to provide updates on the fly or as required. The campaign is expected to have many features ranging from search engine optimization, social media development, enhanced and updated content, press release distribution, website upgrades, blog posting etc.Along with this, Mass Ventures was engaged to support the development of Progressive Care Company’s e-commerce system which will be built to accept different types payments ranging from credit cards to cryptocurrencies such as bitcoin. All of this was done in order to align with the company’s recent digital transformation program which aims to enhance the exposure of the firm’s public details, efficiency of its business processes and ease of interaction with stakeholders and customers.S. Parikh Mars, CEO of Progressive Inc. outlined that Mass Ventures Corp team has had a working relationship with the firm for over five years. This had made it all the more encouraging that they will be on-site to assist the commencement of a new phase of RXMD’s strategic development which focuses on building its online presence, developing technology solutions that will revolutionize all parts of the enterprise.It is firmly believed that efforts in that phase area will drastically influence the firm’s advancement strategies and how it sets itself apart as an organization with an eye on the future. This will alter the perspective of stakeholders, clients and prospective clients of the firm as well as their interactions with the firm. In the early stages of the transformation program, the effect has already been felt in market awareness and customer engagement.Owner of Mass Ventures, Marcelo Jaspan, added that both Progressive Care and PharmCo, LLC are at the right place to experience proper growth and success. And the firm was looking forward to the opportunity to work with them to create online awareness and broadcast its brand.Asides this, there are still innumerable opportunities to expand its business. Starting with the launch of Tele-Pharmco the firm plans to increase its applications for users and for business support as well. The long-term plan is to develop solutions that support and enable all parties related to the business.Company FinancialsAt the end of the year, the firm had recorded high sales figures of $18.3 million, a 34% rise from the prior year a fact that is only likely to excite the market and increase future expectations. Some of this can be attributed to the firm’s new investments in marketing and product diversification.As proof of operational newly found excellence the firm was able to record an operating profit for the first time in over two years in spite of the rise in its selling, general and administrative expenses in the year. Consequently, the firm had a positive net profit for the first time in years of $0.2 million.Its balance sheet also revealed that the firm is quite highly geared, with a gearing ratio of 8.3, a likely result of the firm’s relatively stable liquidity ratio of 1.05.ConclusionProgressive care is showing no sign of slowing down and is primed to break in prescription records again sometime in the year. The investment in marketing and online promotion is also likely to have a more positive impact on its success.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.Image courtesy of Mike Mozart via Flickr