GregFolin

$RXMD Set for Another Major Breakout?

Long
OTC:RXMD   PROGRESSIVE CARE INC
RXMD

The RXMD chart continues to look ripe for potential upside. The key to this pattern is the pivot 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 trend line . The stock has been ripping in recent days and looks set to try for a test of the dime area ahead.

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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.”

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