Progressive Care Inc (OTCMKTS:RXMD) through its subsidiary unit Pharmco LLC reported record revenues last month. The subsidiary is a health services group and provider of prescription pharmaceuticals with a focus on health practice risk management, the sale of anti-retroviral drugs, compounded medications, and associated medication therapy management.
The highlights
Progressive Care subsidiary reported record revenues for June 2016. On more than 18,000 prescriptions submitted, the firm posted revenue of $1.7 million. The compounding segment continues to boost revenue growth as the firm has increased strength of sales team and commenced shipping compounds to increased states. The firm is working on the unresolved requirement with Miami-Dade County to release the building licenses for the warehouse space. It projects permits to be released before the month’s end and the build-out to commence shortly thereafter.
Parikh Mars, the CEO said that it is thrilling to not only fulfill the revenue objectives for the month, but to surpass them. The company is moving forward with its growth goals with increased state applications submitted, new sales staff engaged, increased growth in 340B and MTM divisions, and the impending issuance of its building permits. The company remain resolute in its commitment to delivering results, generating earnings and building cash.
The industry buzz
As we talk about the performance of Progressive Care, the one name that cannot be ignored in the same space is CVS Health Corp (NYSE:CVS). Focusing on quality firms that provide hearty dividend returns brings investors to CVS Health as it has increased dividend payout for 13 successive years. The company operates nearly 10,000 retail drugstores in the U.S., Brazil and Puerto Rico.
As per the S&P Capital IQ, the firm was accountable for submitting nearly 22% of the nation’s prescriptions in 2015. CVS acquired Target Corporation (NYSE:TGT) pharmacy in last December. This acquisition added over 80 store clinics and 1600 pharmacy locations, giving them an extended base. Read more HERE
