Progressive Care Inc (OTCMKTS:RXMD) shares rose 3.47% to $0.0179 and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.01 to $0.04. The company has a market cap of $6.18 million at 345.05 million shares outstanding.
Progressive Care Inc reported approximately $5.2 million in revenues during Q2 2017, a 15% increase over the same quarter in 2016. The company dispensed a total of 108,000 prescriptions during the six months ended June 30, 2017.
However, operating income decreased by $246,000 in 2017 as compared to 2016 due to increases in DIR fees. These comprise direct and indirect remunerationrelated to the Medicare Part D benefit to address price concessions that would ultimately impact the gross prescription drug costs of Medicare Part D plans that were not captured at the point of sale.
Apart from that, operating income was also mpacted by the hiring of additional operations personnel associated with the continued growth and development of the company as well as costs totaling approximately $145,000.
“The company is committed to providing shareholders with results and value driven by continued expansion into new market territories, concentrated efforts towards developing our adherence services to medical providers, and enhancement of technological opportunities,” stated S. Parikh Mars, CEO of Progressive Care Inc. “Progressive Care is determined to push forward with unmatched capabilities coupled with innovation as the company continues to evolve across our enterprise.”
Progressive Care Inc is a health services company engaged in providing prescription pharmaceuticals specializing in health practice risk management, compounded medications, the sale of anti-retroviral medications and related medication therapy management, and the supply of prescription medications to long term care facilities.
It is a health services organization focused on developing the PharmCo brand. The company also provides 340B services to community organizations, patient health risk reviews, free same-day delivery and serves as a case management access point. PharmCo specializes in formularies, such as non-narcotic topical pain creams, wound care creams, scar gels and hormone replacement therapies. It offers EnovaRx, which are FDA-approved manufactured pain creams that are readily available with a prescription.