The RXMD chart continues to look ripe for potential upside. The key to this pattern is the at the higher low around Thanksgiving in the nickel/share area. That came at the 61.8% Fib retrace zone with the 50-day MA providing support along with the retest of the broken down . The stock has been ripping in recent days and looks set to try for a test of the dime area ahead.
On growth, the action in shares of Progressive Care Inc . (OTCMKTS:RXMD) suggests a healthy and well-earned consolidation coming to an end following a big surge higher in November. Traders are looking for the next directional move, and the company may have just offered up a key catalyst that suggests that next direction is likely going to be “higher”.
Specifically, the company just reported its December performance data and pointed to a beat of $32 million in full-year 2019 sales.
In December, the company saw consolidated monthly gross sales across all locations totaling $3.1 million, representing year-over-year growth of 82% compared to December 2018. That came on about 45K filled prescriptions, which were also up big y/y (growth of 59%). In addition, the company set a new record for its third-party billing services for not-for-profit client organizations, generating an additional $1 million in total transactions during the month.
That helped it to better than $32 million in 2019 sales (up 54% y/y) on more than 450K prescriptions filled (up 50% y/y), with its recent FPRX acquisition contributing from June 1 through December 31, 2019 to boost those numbers.
“We closed out 2019 with another month of tremendous growth and execution,” commented S. Parikh Mars, CEO of Progressive Care . “December featured organic same-store growth in our core footprint in both sales and cash flows as well as additional strength from our seamless integration of recently acquired Family Physicians Rx ( FPRX ), which has begun to move the needle on all fronts. If we back in the FPRX impact on an annualized basis into 2019, that gives us a baseline of $38 million in annual sales as a point of reference from which to grow in 2020.”