Progressive Care Inc. (OTC QB: RXMD) has made a name for itself after focusing their efforts on medication therapy management (MTM). This proactive approach has proved to be a winner for both RXMD and its wholly owned subsidiary PharmCo LLC. Cementing this fact in August, when the personalized healthcare services and technology company announced that it managed to meet all three of their performance measures, as evaluated by Humana Inc.’s Rx Quality Network program.
CEO S. Parikh Mars was able to comment on the company’s achievements in the Q2 earnings call, including the maximum payout granted by Humana Inc. for meeting their high standards. However, she wasn’t able to cover all of the questions that arose on the call and wanted to give shareholders the additional information they asked for here. Learn more about how they’re increasing their revenues and growing their company below.
RXMD has seen their hard work pay off in so many different ways that when asked for the most positive change in the company, Mars couldn’t pick just one accomplishment. After filling more than 67,000 prescriptions in Q2, RXMD posted a 21.45% increase compared to Q2 last year, making the past six months the largest six-month revenue period in the company’s entire history. Their assets are currently valued at more than $3.5 million, a 43% improvement from last year!
The Humana Inc. acknowledgment is also extremely important to show doctors just how effective their strategy is. Humana Inc. has only made their metrics more difficult for pharmaceutical companies to meet, and most don’t manage to get there. After posting a 98% adherence score, Mars realized just how much their hard work was paying off. In recent weeks, the company is seeing an uptick in interest by everyone from the medical community to the mainstream media outlets.
The Success in Palm Beach
RXMD recently acquired the Touchpoint Rx pharmacy out of Palm Beach and they’re pleased with how the pharmacy is performing since they took over. In addition to hiring new employees, they’ve also managed to improve consistently flat sales on a per-month basis. Says CEO Mars, "We were able to go from $100,000 in sales [per month] to almost $140,000 sales." That’s a 40% growth spurt in just a few months. (For reference, they were hoping to grow the company between 20 – 30% by the end of the year!)
Considering how the Palm Beach location is performing, Mars can’t wait to branch out even more. By acquiring an additional pharmacy in West Palm Beach, she can increase her company’s radius and get the space she needs to serve more patients across Florida and beyond. She can also get to work finalizing the details on her acquisitions, unifying her branding strategies and notifying the many insurance companies and regulators of their presence and methods.
SEC and NASDAQ Compliance
Regarding RXMD and their compliance regulations, Mars wanted to clear up any confusion for investors in the recent interview with SmallCapVoice.com. Currently, the company is hard at work to change their reporting status with the SEC so they’re fully compliant by early 2019. While they’re still gathering the data they need, they expect to stay on track with this goal. They’re also looking into the requirements for a higher NASDAQ listing as well, though Mars admits she’s cautious. Her first priority is the SEC before she finalizes the details for NASDAQ.
Finally, RXMD is currently working with local providers to bring their patients the 340B program to grow their reach even further. Even though the base centers may be located in far-away cities, RXMD looks for every possible avenue to bring their patients the prescriptions they need. They see working with not-for profit and charitable organizations as a way to bridge even more gaps and increase adherence for at-risk populations. As they expand, they expect to be granted more recognition and opportunities to continue serving more people and growing their revenues even higher.
About the Author
Stuart Smith is the CEO and Founder of SmallCapVoice.com. SmallCapVoice.com. is a recognized corporate investor relations firm, with clients nationwide, known for its ability to help emerging growth companies build a following among retail and institutional investors. SmallCapVoice.com utilizes its stock newsletter to feature its daily stock picks, audio interviews, as well as its clients’ financial news releases. SmallCapVoice.com also offers individual investors all the tools they need to make informed decisions about the stocks they are interested in. Tools like stock charts, stock alerts, and Company Information Sheets can assist with investing in stocks that are traded on the OTC BB and Pink Sheets. To learn more about SmallCapVoice.com and their services, please visit https://smallcapvoice.com/blog/the-small-cap-daily-small-cap-newsletter/