Progressive Care Inc (OTCMKTS:RXMD) Has Its Eyes Set On NASDAQ

The month of January has been one that has delighted the shareholders of Progressive Care Inc (OTCMKTS:RXMD).The company’s share price, over this period, has risen from trading just shy of $.01 to their current share price of $.038, an over 300% rise in their share price. Furthermore, traded volumes have also spiked to over 25 million on some of the trading days as is seen in the chart below: RXMD Daily ChartGiven our opinion during our last review of the company – accessible here – that detailed the company as a ‘…Top Rebound Play’, it seems that our analysis was right. Back then, this was based on the value proposition the company was selling to the market.As such, we decided to review this proposition for the current times – especially given that their share price has risen to the levels which it has – and assess whether it has changed or progressed with time. This report is, therefore, an assessment of this proposition.Background to RMXDProgressive Care Inc was formed back in October 2006 and headquartered in Delaware.The company focused its attention on the medical field with their vision being in the provision of medical services as well as pharmaceutical products to its clients. Over time, the company grew large enough to acquire two subsidiaries which included PharmCo LLC and Smart Medical Alliance Inc.The role of these subsidiaries was to ensure that the company’s impact on the South Florida region was felt by the residents. This was especially so because of the specialization and detail the company places on patients suffering from HIV/AIDS.RMXD had a soft spot for patients on lifetime drugs and dedicated its time to the provision of high-quality services to these patients. This is seen in their dedicated workforce who ensure that such patients receive the best services available to them. Over time, this has had an impact on their financial performance as well as their goodwill from clients. The management at RMXD prides itself in this and is a firm believer in this trend being held long into the future.The DevelopmentsSince our last review, there have been some changes that have taken place – most being quite positive. These changes began in November.Back in November, the company announced a 15% increase in the number of prescriptions filled. The number which had risen from just over 18,000 now stood at over 21,000 prescriptions. The company attributed this growth to targeted marketing to doctors and new clinics within their operating regions and were hopeful that this trend would continue into their next quarter.This growth was also seen to have a significant impact on all divisions within the company as all these units experienced substantial growth over this period which went a long way in explaining the $1.7 million in revenues generated.With such stellar results, it was expected that the company would move vigorously into 2018 and that this prior performance foreshadowed the excellence the company would exude in 2018.This analysis, despite having a setback, was not wrong.The setback came on January 22, 2018a fantasticwhen Progressive Care Inc announced that they had terminated an agreement they had with Boustead Securities. The agreement – a placement agent agreement – would have seen Boustead Securities become a significant player in Progressive’s quest to become a listed company within the NASDAQ exchange.According to RMXD, the cancellation followed Boustead Securities’ inability to secure funding that would have allowed them to accomplish their pursuit of the expansion strategy they are currently seeking.The resolution was that RMXD would now actively be on the lookout for a new company that would have the same goal alignment with them and that would ensure that they achieve this vision they so desire.However, this was the only sad part.Days later, the company came back to the market with an announcement that they had engaged with Florida-based Mass Ventures Corp to ensure that their digital presence is felt. This would entail the company building both the technological aspects as well as the digital presence of RMXD and all its subsidiaries at a go. The former is especially important because it gives RMXD the ability to trade on an e-commerce platform thus allowing the company to market their clients online as well as increasing their reach to other clients around the globe.The above was echoed by Marcello Jaspan who said,

“We are thrilled about the opportunity to serve such an amazing group and to work closely to create engagement and social buzz. On the technical side, we have infinite possibilities for expansion…”

Source:Over time, the company expects that their growth will be felt and that they will venture into new markets around the globe. This platform has just come to lay the foundation for such growth to be achieved.Financial PerformanceThe company’s financial performance has been the driver of much of the rise in their share price.As previously stated, the month of October saw an increase in their revenues to $1.7 million, up 24% from August. The company, at an end of year report, announced that their revenue figure had risen to over $20 million. This was driven by the over 225,000 prescriptions filled over that period. The above was an 11% increase from their revenues in 2016.The above information postulates record breaking by the company as they seek to ensure that they grow financially. Over the coming quarters, the company is expected to grow further and this will soon be a key ‘NASDAQ-listed’ player within the pharmaceutical field. ConclusionRXMD is growing at an amazing rate. Furthermore, their vision seems quite stable. As such, it will not take long before their goal; a NASDAQ listing comes to fruition. As such, we remain bullish about this stock.We will be updating our subscribers as soon as we know more. For the latest updates on RXMD, sign up below!Disclosure: We have no position in RXMD and have not been compensated for this article.