Progressive Care Inc (OTCMKTS:RXMD) was a notable decliner during Monday’s trading session. The stock collapsed by close to 2 percent on relatively high volumes. The stock has been unable to breach above the resistance zone at $0.190 due to lack of buying interest at higher levels. The stock currently trades above all daily moving averages. The indicator for relative strength has given a fresh sell signal indicative of lack of strength. The MACD oscillator is showing first signs of a reversal, which is considered to be bearish. Trades see the stock heading to levels of $0.109 in the near term.
Amid growing market conditions, Progressive Care Inc (OTCMKTS:RXMD) announced financial results for the recently concluded 3Q2015 as well as nine months period. As per the reports, the overall revenues for the first nine months touched a whopping $10 million milestone.
When it comes to quarterly revenues, Progressive Care posted an excellent growth of 14% YOY and reported $3.3 million revenues.
Insights of The Matter
Progressive Care operates through its wholly-owned subsidiary named Pharmco LLC, which is based in South Florida, and provides prescription pharmaceuticals. It’s one of the leading names in the health practice risk management and known for selling anti-retroviral medications to customers via multiple channels. Apart from this, Pharmco is also known for selling durable medical equipment as well as prescription medications.
With this announcement, Progressive Care had enjoyed the fourth continuous month in a series when the revenue exceeded market expectations. Reports claim that the Pharmacy filled more than 17,000 prescriptions in the previous month, up 3.4% from the month before and 28% higher than the prescriptions recorded during the same month in 2014.
If the prescriptions filled over the entire 3Q2015 are taken into consideration, one can see that the total number of prescriptions crossed 50,000 mark without any hassle, making it the best quarter ever.
The senior management team of the company is delighted to have announced these results and gives the entire credit to improved market conditions, and enhanced service support of the company. According to Shital Parikh Mars, COO, this year has been fantastic for Progressive Care and Pharmco. Some numbers that looked difficult once were achieved during the year, which shows how actively did management team as well as all the key people served their purpose.
Mars further added that Pharmco had come up with first-time marketing initiatives to enhance the sales, and they all paid off in the best possible manner. Motivated by these results, the company will continue taking such initiatives in the future as well.
