November 16, 2020 (Viz Release) – – Progressive Care, Inc. Stock Symbol: (RXMD)
– Calling Dr. Service Being Integrated. Mirrors Business Model of GoodRX.
– Nine Month Revenues at $30.2 Million, Increase of 31% per year.
– New CEO and CFO Appointments with Extensive Experience.
– Enhancement of 340B National Third Party Administrator Services.
– Expansion of COVID-19 15 Minute Antigen Rapid Testing Services.
– Partnership with DeliverSTAT to Support and Expand Rapidly Growing Prescription Delivery Service.
Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a personalized healthcare services and technology company which provides prescription pharmaceutical services including testing, risk management and data analytics to healthcare organizations and providers. RXMD works to eliminate obstacles and inadequacies in care by delivering innovative, patient-centric services that improve the health and well-being of our communities.
– Nine Month Sales of $30.2 Million, Increase of 31% and Updates on September Performance
On November 5th RXMD announced preliminary topline performance data for the three- and nine-month periods ended September 30, 2020, reflecting strong overall growth in sales and prescriptions, breakout expansion in the Company’s 340B segment, and anticipated progress towards the launch of telemedicine services before year-end.
Significant Highlights included:
– Consolidated gross sales across all locations during the nine months ended September 30, 2020, totaled $30.2 million, representing a 31% increase in total revenues compared to the nine months ended September 30, 2019.
– Monthly gross sales across all locations for the month of September 2020 increased 8% on a year-over-year basis
– Prescriptions filled during the month of September 2020 were 45,162, representing a 6% jump in total prescriptions on a year-over-year basis
So far this year, RXMD has nearly equaled its total gross sales from all of last year, with still a quarter to go. This is certainly a notable accomplishment as RXMD is continuing to pick up steam in its telemedicine and health data management initiatives with a nationwide target reach. RXMD anticipates a full live launch of its enhanced telemedicine platform later this quarter, with the initial launch focused on the Florida market, and a wider nationwide launch to follow shortly thereafter.
– New Partnership with MyApps Software Provider
MyApps Corp. (“MyApps”) (myapps.solutions) is a leading developer of healthcare software, which includes the emerging telehealth service app CallingDr (callingdr.com). RXMD has been engaging MyApps to accelerate development of software platforms for ClearMetRX, a wholly-owned RXMD data management subsidiary, and its divisions.
On October 29th RXMD announced that the company will work with MyApps as partners, and the companies’ near-term priority will be to integrate CallingDr, the popular telemedicine and telehealth platform developed by MyApps, into the RXMD PharmcoRx digital platform and work together to enhance the RXMD ClearMetrX data analytics and data management services.
RXMD will be taking necessary regulatory steps to participate in the prescription drug business in all 50 US states on a mail-order basis. In-house research suggests that nearly one-third of all prescriptions in the US are filled on a mail-order basis, suggesting that this transition will increase RXMD total addressable market by over $200 billion (based on company data along with data from the US Department of Health and Human Services).
GoodRX (NASDAQ GDRX) in the pharmacy services space, recently filed for an IPO with a pre-IPO valuation of $2.8 billion on under $390 million in 2019 sales, trading at nearly 7 times trailing sales. The 2019 acquisition of ‘HeyDoctor’ appears to be an important part of its growth plan and future valuation. Pairing pharmacy services with a powerful telehealth platform unlocked the prospect of fresh growth potential relative to the space, especially as federal and state regulations on telemedicine were stripped from the equation after the onset of the pandemic health crisis in March.
The RXMD CallingDr service is actually a superior telemedicine platform. RXMD management believes it has an even more potent mix of assets that present a similar formula for powering shareholder value over the coming decade. Yet, RXMD shares trade under 0.5 times 2019 sales. With enormous year-over-year growth, a coming $200 billion expansion in total addressable market.
– Appointment of Permanent CEO and New CFO
On October 26th RXMD announced its Board of Directors appointed Alan Jay Weisberg as Chief Executive Officer. Mr. Weisberg had served as the Company’s interim Chief Executive Officer since August 2020, and as the Company’s Chairman of the Board of Directors since October 2010. Mr. Weisberg has been the Chief Financial Officer of QuikByte Software, Inc., Chief Financial Officer of Getting Ready Corp., and Chief Financial Officer of Longfoot Communications Corp., and has more than thirty years of accounting experience. He is a principal in Weisberg and Company, a Boca Raton, Florida, accounting firm, and has served as an adjunct professor of introductory finance at Florida International University. The new CEO has goals of uplisting RXMD to a major exchange and reaching over $100 million in sales. For 2020 RXMD is already on track to reach the $40 million sales level.
Also, Ms. Cecile Munnik has been appointed Chief Financial Officer for RXMD. Ms. Munnik has served as the Company’s Director of Finance and Accounting since July 2020. She has over fifteen years of accounting and finance experience and has served in finance and accounting leadership positions for companies and business units with annual revenues ranging from $100M to $3B. Prior to joining the Company, Ms. Munnik served as Director of Asset Management at Unified Women’s Healthcare, Director of Finance at The Service Companies and Manager of Financial Planning and Analysis at Lennox International.
– RXMD to Expand 340B Third Party Administrator Services Nationwide
On October 22nd RXMD announced that ClearMetrX Inc., a wholly-owned subsidiary of the Company, has completed an automated 340B data feed integration to expand the total addressable market available to ClearMetrX Inc. as a third-party administrator (“TPA”) for 340B healthcare providers nationwide.
The RXMD 340B TPA business has grown more than 333% so far in 2020 and management believes this integration offers the potential for further acceleration of the segment’s growth due to the expanded market footprint it is expected to provide.
– RXMD Expands COVID-19 Testing With 15 Minute Antigen Rapid Tests
On October 8th RXMD announced an aggressive expansion of its COVID-19 testing service registered through the FDA under its Emergency Use Authorization (“EUA”) guidelines, featuring an Antigen testing system that produces rapid detection of the SARS-CoV-2 virus with market-leading accuracy in 15 minutes.
RXMD has already rolled out expanded rapid results testing services in the Miami metropolitan area, and it intends to expand this service to all PharmCo locations over coming weeks. Management notes that the Company’s testing service already shows signs of regional market leadership, as indicated by its related website now trending at or near the top in internet search results for COVID-19 testing in Miami.
– Progressive Care Partners with DeliverSTAT to Support and Expand Rapidly Growing Prescription Delivery Service
On September 22nd RXMD announced a new partnership with DeliverSTAT, a provider of an all-in-one pharmacy delivery logistics solution. RXMD will continue to make deliveries through its in-house team of drivers, but the DeliverSTAT platform will provide best-in-class integrated functionality to streamline costs, expand margins, and widen Progressive Care’s industry edge in pharmacy delivery customer satisfaction.
The RXMD technology’s customer-facing solutions will provide patients with increased convenience and visibility, including notifications of delivery and estimated time of delivery through text or email, a seamless secure payment solution, and an additional direct line of communication with pharmacy staff. On the back end, the platform will provide PharmcoRx Pharmacies with improved functionality, including proof of delivery, route optimization, signature tracking, and increased communication for physicians, all while maintaining HIPAA compliance and the latest COVID-19 safety precautions.
For more information on Progressive Care, Inc. (RXMD) visit: https://www.progressivecareus.com
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