Progressive Care Inc (OTCMKTS:RXMD) Shares Dip Despite Upbeat Earnings

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Progressive Care Inc (OTCMKTS:RXMD) shares were down 0.70% to $0.0298 and an additional 3.32% in after-hours trading. The company has a market cap of $9.34 million at 24.41 million shares outstanding. Share prices have been trading in a 52-week range of $0.00 to $0.05.

Progressive Care Inc is a provider of prescription pharmaceuticals specializing in the sale of anti-retroviral medications and related patient care management, the sale and rental of durable medical equipment and the supply of prescription medications and DME to nursing homes and assisted living facilities. Aside from all that, the company also provides long term care solutions to skilled nursing facilities, assisted living facilities, retirement centers and communities, doctors’ offices and clinics. Progressive Care Inc also provides confidential prescription packaging that suits the individual patient’s needs and lifestyle.

In its latest earnings report, the company reported that it made $8.5 million in sales for the first six month of the year, yielding positive year-to-date earnings. The pharmacy has filed over 52,000 prescriptions during the second quarter of 2016, representing a 22% increase over last year. Its subsidiary, PharmCo, brought in over $4.5 million in net pharmacy revenues for the second quarter of 2016, representing a 38% increase from the same period a year ago.

We had an outstanding quarter. We are delivering results that are outpacing our initial expectations for the year. As we move forward into the two busiest quarters of the year, we will look to take advantage of our momentum and accelerate our growth and development,” stated Progressive Care Inc CEO S. Parikh Mars.

He added that they continue to see gains in demand for products and services, strengthening their track record for improving provider performance increases in visibility. The company was able to achieve several milestones in the past months, becoming current with OTC Markets and hiring EisnerAmper to conduct third party reviews of the Company’s financial statements.

 

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