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Last $0.0080 USD
Change Today 0.00 / 0.00%
Volume 4.9M
As of 8:10 PM 08/31/15 All times are local (Market data is delayed by at least 15 minutes).

progressive care inc (RXMD) Snapshot

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01/30/15 - $0.08
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progressive care inc (RXMD) Details

Progressive Care, Inc., through its subsidiary, Pharmco, LLC, provides prescription pharmaceuticals to individuals and institutions in south Florida. The company operates a retail pharmacy that specializes in the sale of anti-retroviral medications and related patient care management; the sale and rental of durable medical equipment (DME), such as hospital beds, oxygen supplies, power wheelchairs, scooters, walkers, and other related equipment and accessories; and the supply of various prescription medications to long term care facilities. It also provides long term care solutions to skilled nursing facilities, assisted living facilities, retirement centers and communities, doctors’ offices, and clinics. In addition, the company purchases, repackages, and dispenses prescription and non-prescription pharmaceutical products for its long term care customers. Further, it offers computerized maintenance of patient prescription histories; third party billing; and consultant pharmacist services consisting of evaluation of monthly patient drug therapy and monitoring the institution's drug distribution system, as well as home service and maintenance, defective product replacements, and free home installation and instruction services. Progressive Care, Inc. was founded in 2005 and is based in North Miami Beach, Florida.

31 Employees
Last Reported Date: 04/1/13
Founded in 2005

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progressive care inc (RXMD) Key Developments

Progressive Care Announces Revenue Results for the Month of June and Second Quarter of 2015

Progressive Care announced revenue results for the month of June and second quarter of 2015. For the month, the company reported collected pharmacy revenues of approximately USD 1.1 million. For the second quarter, the company reported net pharmacy revenues rose 24% over the prior year reaching just under USD 3.3 million after adjustments for new compound billing instructions by insurance carriers.

Progressive Care, Inc. Announces Revenue Results for May and for April Through May 2015

Progressive Care, Inc. announced revenue results for the May and for April through May 2015. The company recorded revenues of over USD 2.3 million for the two month period April through May 2015. To date, the company has provided the company with its strongest prescription revenues, with an average of 13,800 prescriptions filled per month, of which approximately 45% are newly authorized prescriptions. The company has generated USD 1.4 million in revenues in May alone. With only a 28% increase in filled prescriptions over the same period last year, the company grew revenues by over 30%.

Progressive Care, Inc. Announces Earnings Results for the First Quarter Ended March 31, 2015

Progressive Care, Inc. announced earnings results for the first quarter ended March 31, 2015. The company reported a net revenue increase of 17% for the year-over-year, from approximately $2.66 million to approximately $3.12 million. Pharmacy revenues represented approximately 99% of total revenues for the quarter. Despite the loss in DME revenue, the company's sales continued to rise throughout the quarter due to strong marketing efforts and focus on compounding medications. Net loss from continuing operations before other income and income taxes decreased nearly 99% for the quarter ended March 31, 2015 as compared to the quarter ended March 31, 2014, from approximately $180,000 to approximately $2,700, effectively break even. Despite an increase in bad debt expense, this significant improvement in operating performance was a result of higher gross margins associated with compounded medications and a more efficient operational structure. Net loss increased by 29% to just under $300,000 but remained relatively constant at 9% of revenues. This increase in net loss was substantially due to approximately $550,000 in interest expense and from the derivative liability calculated on the securities linked to the Tarpon 3(a)(10) transaction.


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