Progressive Care Inc (OTCMKTS:RXMD) Continues To Trade Higher

Progressive Care Inc (OTCMKTS:RXMD) continues to be one of the best performers on the OTC markets. Shares keep steadily climbing higher and are one penny higher than last month and up over three cents from the end of last year. This comes as the company is rapidly growing revenues and management executes on its business plan.Progressive Care Inc., through its subsidiary PharmCo, LLC, is a South Florida health services organization and provider of 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.The pharmacy filled 16,700 prescriptions generating over $1.1 million in revenues during February, which is over a 34% and 18% increase respectively over the same month last year. PharmCo's production and performance have remained steady during the first 2 months of the year despite the traditional decrease in pharmaceutical prescriptions during what is commonly known as deductible season (the time period during which most deductibles are in effect before insurance benefits are paid to providers). PharmCo also dispensed dozens of 340B prescriptions in February 2016.To fill prescriptions faster, PharmCo has signed an agreement to purchase ScriptPro’s CRS 225 robotic prescription dispensing system, which is one of the newest additions to ScriptPro’s line of compact robotic machines. The CRS 225 can hold up to 225 individual medications and fill over 1000 prescriptions per day with 99.7% counting accuracy. This technology will eliminate human errors and be more cost effective for the company.The company has received architectural plans for the site expansion and expects to begin construction by then end of this month. The estimated time frame for project completion is 3 weeks from issuance of city permits at which time Script Pro will be able to deliver the pharmacy robotic system. This expansion will allow the company to aggressively market to long term care facilities and accelerate the work flow process. RXMD also filed licensing applications in New York, New Jersey, Pennsylvania, and Georgia.Last week, RXMD announced that as of March 24, 2016 the number of shares of common stock issued and outstanding has decreased by 3.55% and now stands at 339,545,107. This amount is net of 1,718,000 shares of common stock, which is the number of shares beneficially owned by Progressive Care through PharmCo, LLC. The reduction in shares outstanding is due to the return and retirement of 12,497,938 shares of common stock previously issued to Tarpon Bay Partners.Going forward, there’s a lot to look forward to from RXMD. This year, management’s goals are to expand the current operation to include a close-door pharmacy facility, increase filled prescription counts to 21,000 per month by December 2016, increase annual overall sales to $16 million, and to expand the pharmacy through establishing new locations or through mergers/acquisitions with similarly positioned independent pharmacies. The key here is that there exists the opportunity for a company like RXMD to roll up other specialty pharmacies. By doing so, it will make RXMD itself an acquisition target by one of the big players like Walgreen’s (NASDAQ:WBA) or CVS (NYSE:CVS).It seems more and more investors are discovering RXMD. Progressive Care received positive responses after presenting at the SeeThruEquity Conference on February 22, 2015. The company had several 1 x 1 meetings with potential investors who were pleased with the trajectory of the business and its current financial condition. Overall, we like RXMD and the specialty pharmacy business. It’s an industry ripe for consolidation. We will be updating Insider Financial as soon as we know more. For continuing coverage on RXMD and our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!Disclosure: We have no position in RXMD and have not been compensated for this article.