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Progressive Care, Inc., through its subsidiaries Smart Medical Alliance, Inc. and PharmCo, LLC, is a South Florida health services organization providing administration, practice management, tele-pharmco, utilization management, quality assurance, EHR implementation, billing and coding, health practice risk management, prescription pharmaceuticals, compounded medications, anti-retroviral medications, MTM, and prescription medications to long-term care facilities.
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NextPlat Corp announces the acquisition of Outfitter Satellite Inc. to double North American technology e-commerce sales and recurring revenue. The all-cash transaction aims to enhance profitability, expand product offerings, and enter international markets.
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Progressive Care Inc. (RXMD) expands PharmcoRx's patient access to supplemental health insurance benefits for in-pharmacy purchase of OTC products. PharmcoRx announced an agreement with ProHealth Connect LLC to extend OTC benefits to qualifying members nationwide, including those with Medicare Advantage plans. The partnership allows members of leading MA plans such as United HealthCare, Humana, Devoted, Sharecare, and others to purchase OTC healthcare products and medicines using their plan benefits at all PharmcoRx pharmacies. CMS estimates a rise in MA enrollment from 31.6 million in 2023 to 33.8 million in 2024.
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PharmcoRx Pharmacy, a subsidiary of Progressive Care Inc (RXMD), expands in-pharmacy offerings through a partnership with the Mark Cuban Cost Plus Drug Company, offering patients access to low-cost generic and branded medications. The agreement includes PharmcoRx locations being listed as participating pharmacies in the Team Cuban Card provider directory, providing consumers with increased access to medications at reduced costs.
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Progressive Care Inc. (OTCQB: RXMD) Expands PharmcoRx Pharmacy's Ability to Provide Patients with Access to Additional Healthcare Benefits Covered by Medicare Advantage Plans
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NextPlat Corp (NASDAQ: NXPL, NXPLW) reports double-digit growth in both healthcare and e-commerce operations, with consolidated revenues of $15.3 million in Q3 2023. Gross margins increased to 30%, and net income was approximately $2.6 million. The company ended the quarter with $26.3 million in cash. The PR highlights the company's financial performance, strategic acquisitions, and expansion into the Chinese market through Alibaba's Tmall Global platform.
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Progressive Care Inc. (OTCQB: RXMD) reports record third quarter revenues of $12.4 million, a 22% increase from the prior year period. The company attributes the growth to strong performance in its PharmcoRx pharmacies and 340B contract business. Gross profit margin increased to 31% from 21% in the same period of 2022, and cash balance as of September 30, 2023, was approximately $7.0 million. NextPlat Corp, along with the Chairman and Vice-Chairman of Progressive Care, now collectively owns 53% of the company's voting common stock, signifying a change in control. The company looks forward to further capitalizing on growth opportunities and delivering value to patients, providers, and shareholders.
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Progressive Care Inc. announces record quarterly revenues of $11.6 million, a 16% growth from the same period last year. The company eliminated outstanding convertible debt and increased cash balance to $7.4 million. Gross profit margin increased to 31% due to higher-margin 340B contract revenue. The company appointed Dr. Pamela Roberts as Chief Operating Officer and received a $1.0 million investment from NextPlat Corp.
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Progressive Care Inc. (OTCQB: RXMD) reported its financial results for the year ending December 31, 2022, showing a 5% revenue increase to $40.6 million. Key highlights include a 7% rise in prescription revenue to $36.3 million and a $1.0 million increase in 340B contract revenue. However, gross profit margin decreased from 26% to 24%, primarily due to reduced COVID-19 testing revenue. The net loss expanded to $5.9 million, influenced by non-recurring expenses. The company successfully raised $5.4 million in capital and reduced convertible debt interest rates from 10% to 5%.
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FAQ
What is the current stock price of PROGRESSIVE CARE (RXMD)?
The current stock price of PROGRESSIVE CARE (RXMD) is $2.11 as of September 27, 2024.
What is the market cap of PROGRESSIVE CARE (RXMD)?
The market cap of PROGRESSIVE CARE (RXMD) is approximately 13.5M.
What services does Progressive Care, Inc. offer?
Progressive Care, Inc. provides administration, practice management, tele-pharmco, utilization management, quality assurance, EHR implementation, billing and coding, health practice risk management, prescription pharmaceuticals, compounded medications, anti-retroviral medications, MTM, and prescription medications to long-term care facilities.
What are the subsidiaries of Progressive Care, Inc.?
The subsidiaries of Progressive Care, Inc. are Smart Medical Alliance, Inc. and PharmCo, LLC.
What regions does Progressive Care, Inc. operate in?
Progressive Care, Inc. operates in South Florida.
When did Progressive Care, Inc. become a subsidiary of NextPlat Corp?
Progressive Care, Inc. became a subsidiary of NextPlat Corp on July 1, 2023.
What are the key financial highlights of Progressive Care, Inc.?
Progressive Care, Inc. reported record first quarter revenues of approximately $14.6 million, a 28% increase compared to revenues reported in the first quarter of 2023.
What recent developments have occurred with Progressive Care, Inc.?
Progressive Care, Inc. has announced a merger with NextPlat Corp, its majority owned subsidiary, which is expected to close in the third quarter of 2024.
PROGRESSIVE CARE INC
Nasdaq:RXMD
RXMD Rankings
RXMD Stock Data
13.49M
3.32M
48%
3.86%
Pharmaceutical Retailers
Healthcare
United States of America
Hallandale Beach