Progressive Care Inc (OTCMKTS:RXMD) Stock Surges Following Q1 Earnings

Personalized healthcare services and technology provider, Progressive Care Inc (OTCMKTS:RXMD). on May 12, 2023, announced financial results for first one ending March 31, 2023. The firm experienced quarterly revenues of $11.4 million, a 13% growth from the quarter one of the previous year.

Trading Data

On Friday, RXMD stock moved up 9.62% to $2.8500 with more than 2.12K shares, compared to volume of 1.82K shares. The stock moved within a range of $2.7000 – 2.8500 after opening trade at $2.7000.

Progressive Care Inc. Announces First Quarter 2023 Financial Results and Record Quarterly Revenues of $11.4 Million

The firm’s Prescription revenue surged by $1.8 million, or 21%, to $10.4 million during quarter one vis-à-vis $8.6 million in the prior year period. Progressive Care’s contract revenues were $1.6 million during quarter one of the year, a surge of $1.2 million compared to the previous year. Its gross profit margin increased from 24% for the three months ending March 2022 to 28% for the three months ended March 31, 2023, especially due to higher margins than revenue generated from pharmacy operations. Cash balance was about $7.5 million in March 2023 as compared to $6.7 million on December 31, 2022.

The firm appointed Dr. Pamela Roberts as Chief Operating Officer on May 1, 2023. In the same month, the company completed a transaction of $1.0 million investment from NextPlat Corp.

The company’s Net pharmacy revenues increased by approximately $1.3 million during the three months ending March 31, 2023. This can be attributed to the surge in pharmacy revenue of about $1.8 million and an increase in 340B contract revenue of approximately $1.2 million.